Creating an Enterprise Governance Risk and Compliance (GRC) Platform
Supporting integrated risk and controls for a major US bank
2 minute read
The Challenge
Our client faced the challenge of implementing an enterprise integrated risk management solution using a governance risk and compliance (GRC) tool. This solution needed to support all three lines of defense to enhance risk mitigation and evaluate controls effectiveness in their organization. The client wanted to ensure that risk management processes were streamlined and cohesive across departments, improving accountability and responsiveness to emerging risks, while fostering a culture of compliance and proactive risk management.
The Solution
Our solution accommodates up to 1,200 users while processing around 100,000 annual testing records. It features a single platform supporting various testing types and integrates with a centralized risk and finance data source (RFDS). This ensures a systematic, optimized workflow, enhanced audit history, and effective document management. Additionally, it creates a comprehensive universe of risk, along with a sample methodology and a library of test scripts − significantly improving data integrity and facilitating ongoing maintenance.
The Challenge
Our client faced the challenge of implementing an enterprise integrated risk management solution using a governance risk and compliance (GRC) tool. This solution needed to support all three lines of defense to enhance risk mitigation and evaluate controls effectiveness in their organization. The client wanted to ensure that risk management processes were streamlined and cohesive across departments, improving accountability and responsiveness to emerging risks, while fostering a culture of compliance and proactive risk management.
The Solution
Our solution accommodates up to 1,200 users while processing around 100,000 annual testing records. It features a single platform supporting various testing types and integrates with a centralized risk and finance data source (RFDS). This ensures a systematic, optimized workflow, enhanced audit history, and effective document management. Additionally, it creates a comprehensive universe of risk, along with a sample methodology and a library of test scripts − significantly improving data integrity and facilitating ongoing maintenance.
The Results
Increased operational efficiency by 250%
Reduced overall complexity by 45%
Reduction in man-hours and decreased TCO by 25%
Our Process
We partnered with a leading US bank for an enterprise GRC solution to support all three lines of defense for risk control.
Discovery
We defined the requirements for resource allocation, annual planning, risk control self-assessment (RCSA), incremental compliance testing, targeted testing, validation and remediation.
Documentation
Our team undertook the documentation of design specifications and integration requirements.
Delivery and Implementation
During the delivery phase, we implemented a robust policy, compliance and audit management solution, integrating with upstream and downstream applications.
Deployment
We deployed an optimized workflow for integrated risk management, with cognitive compliance using real-time analytics, and annual capacity planning for risk and controls testing.
About Consulting
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Senior Consultants
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Active Engagements
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Core Capabilities
Our Service Offering
We define your current state, target state and roadmap for an optimal enterprise operating model for any business transformation, across people, processes, applications, data and technology.
We advise and manage the selection, development and implementation of fit-for-purpose IT systems to meet your goals for cost efficiencies, regulatory adherence and customer lifecycle experiences.
Our experts bring thought leadership and a unique view of how to turn regulatory challenge into business opportunities. We assess the regulatory impact on your products, services and operating model.
We offer a holistic approach to drive change initiatives related to sustainable finance and climate risk – where we leverage our digital solutions, ESG data experience, and compliance expertise.
We design and execute roadmaps for structural improvement, better control, and delivery of integrated architecture – enhancing your financial reporting and credit risk management.
Our Service Offering
Strategy, architecture and transformation
We define your current state, target state and roadmap for an optimal enterprise operating model for any business transformation, across people, processes, applications, data and technology.
Client lifecycle management and financial crime
We advise and manage the selection, development and implementation of fit-for-purpose IT systems to meet your goals for cost efficiencies, regulatory adherence and customer lifecycle experiences.
Regulatory change and compliance
Our experts bring thought leadership and a unique view of how to turn regulatory challenge into business opportunities. We assess the regulatory impact on your products, services and operating model.
Sustainable finance and ESG
We offer a holistic approach to drive change initiatives related to sustainable finance and climate risk – where we leverage our digital solutions, ESG data experience, and compliance expertise.
Finance and risk transformation
We design and execute roadmaps for structural improvement, better control, and delivery of integrated architecture – enhancing your financial reporting and credit risk management.
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