Assessing and implementing an Enterprise GRC platform supporting integrated Risk and Controls oversight for a U.S. bank.
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Synechron partnered with a leading U.S. bank to implement an Enterprise Integrated Risk Management solution using Governance Risk & Compliance tools to support all three lines of defense for risk mitigation and controls effectiveness rating.
We worked to understand and discover the business and technology requirements for all test types as Resource Allocation, Annual Planning, Risk Control Self-Assessment (RCSA), Incremental Compliance Testing, Targeted Testing, Validation and Remediation.
Our team undertook the documentation of design specifications and integration requirements.
During the delivery phase, we Implemented a robust policy, compliance and audit management solution, integrating with upstream/downstream applications and arranged ‘show back’ sessions with stakeholders.
We used a phased approach to increase ROI and enhance current processes and practices. Phase I: designing and implementing a systematic optimized and standardized workflow for ‘Enterprise Integrated Risk Management,’ per industry standards; Phase 2: implementing cognitive compliance using real-time analytics and data science, mapping risk and controls, and annual capacity planning to execute tests for calculating risk and controls effectiveness ratings.
Synechron maintains a global Center of Excellence for Governance, Risk & Compliance solutions. For our client, our teams channeled their deep domain understanding and expertise that spans 20+ years and state-of-the-art service delivery strategies, as well as methodologies that optimally leverage a global delivery model.