A leading client in the Financial Services industry
The Challenge
- The client had decentralised and inconsistent GRC processes across the organisation with limited oversight from top management to ensure confidence in compliance.
- Enormous burden on the GRC teams from manual and spreadsheet-based activities working in a highly-regulated environment.
- Lack of individual accountability and responsibility for GRC activities.
- Relied on emails, manual checking and numerous chasers to monitor and track actions, resulting in delays, overdue and missed deadlines.
The Solution
- An end to end integrated Governance Risk and Compliance (GRC) system covering Risk, Compliance task management (such as Gifts and Hospitality), Policy Management, Regulatory Liaison, Regulatory horizon scanning and Action tracking.
- Ability to generate compliance tasks, risks, actions and policies to individuals to encourage accountability and responsibility across all levels of the organisation.
- Integrated workflow for governance, risk management and compliance (GRC) processes, ensuring appropriate approval is obtained, as dictated by aspects including risk rating and severity.
- Real-time dashboard reporting for each module, including filtering to create bespoke reports and the ability to drill down into data.
The Outcome
- Facilitates a comprehensive understanding of the governance, risk and compliance landscape by linking related content and utilising golden source data.
- Single source of the truth for GRC activities, including evidence of regulatory compliance, and active notifications of changing or proposed regulations
- Common action tracking module across the solution standardises and simplifies processes for individuals using the solution.
- Reduces administrative burden of tracking items to completion and compiling MI, freeing up management time for value add activities.
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