Leveraging the Risk Cockpit to Manage Risk in Financial Services
Introduction:
Our client is a leading middle and back-office service provider to tier 1 banks. They are responsible for managing a wide range of business units and processes that involve significant risk. To effectively manage this risk, our client needed a comprehensive risk management tool that could track potential risks and help them respond quickly and effectively.
Challenges:
The client faced several challenges when it came to managing risk. These challenges included:
- Managing a large number of risks across multiple business units and processes
- Ensuring timely and accurate risk identification and response
- Communicating effectively with stakeholders across several hundred users
- Reporting on risk management activities to senior leadership and other key stakeholders
Solution: To address these challenges, we recommended the use of the Risk Cockpit, a comprehensive risk management tool. The Risk Cockpit provides a centralized platform for tracking risks and related incident, control, and resulting initiative information. It also allows for automated data feeds to feed metrics and create incidents, which helps ensure timely and accurate risk identification and response.
The Risk Cockpit is highly configurable, allowing the client to tailor it to their specific needs. This includes the ability to assign and monitor tasks related to risk management, which helps ensure that risks are being addressed in a timely and effective manner. The tool also provides a range of reporting and dashboarding capabilities, which allows the client to effectively communicate risk management activities to stakeholders across the organization.
Results: Since implementing the Risk Cockpit, our client has seen significant improvements in their risk management activities. These improvements include:
- The ability to track over 1,500 risks across multiple business units and processes
- The ability to quickly identify and respond to potential risks before they become significant issues
- Improved communication and collaboration among stakeholders across several hundred users
- Effective reporting on risk management activities to senior leadership and other key stakeholders
- A significant reduction of risk incidents
Conclusion: The Risk Cockpit has proven to be a highly effective tool for managing risk in financial services. By providing a centralized platform for tracking risks and related information, the tool has enabled our client to improve their risk management activities across multiple business units and processes. The tool’s highly configurable nature and reporting capabilities have also allowed for effective communication and collaboration among stakeholders across the organization. Overall, the Risk Cockpit has helped our client manage risk in a more effective and efficient manner, and we highly recommend it to other organizations in the financial services industry.
