Case Study
case study
Revolutionizing Risk Management: Our Game-Changing Approach
Context
The bank faced hefty fines from regulators due to processing transactions for sanctioned countries.
Challenges/Pain Points:
High reliance on manual controls led to inefficient risk management, exacerbated by the absence of an Operational Risk Framework (ORF).
Approach
We took charge, designing and implementing a comprehensive ORF across 47 markets. We streamlined reporting processes for both internal stakeholders, including top management, and external stakeholders like regulatory bodies such as RBI. Additionally, we implemented automated controls for high-risk manual processes, enhancing risk monitoring and procedural robustness.
Benefits / Value Delivered
Through meticulous analysis of group-wide audit themes and trends, we collaboratively achieved an impressive 80% reduction in overdue of elevated residual risks (ERR). We also significantly increased the rate of self-identified issues from 60% to an impressive 83%. Moreover, the development of the "Living Will" document for a business unit resulted in its approval by Prudential Regulatory Authorities, underscoring our expertise and impact in risk management.
