Client Challenge
An international bank faced significant challenges with its existing GRC platform. Spanning many years, the platform had become fragmented, with multiple teams across compliance, operational risk, IT risk, and other areas working in silos. This lack of integration led to inconsistent data, redundant processes, and difficulties in maintaining compliance. The bank was also under two regulatory actions that mandated improvements in governance and risk management practices.
Our Solution
SureStep was engaged to conduct a comprehensive assessment using our GRC Forge methodology. Our team of experts performed an in-depth analysis of the bank’s GRC processes, identifying key pain points and areas for improvement. Our approach included:
- Conducting a detailed assessment of existing processes and platform usage across all teams.
- Designing a unified GRC strategy that streamlined relationships between modules, creating a cohesive and scalable platform.
- Rebuilding the GRC platform from the ground up using IBM OpenPages, with a modular design that allowed for integrated risk management across all functions.
- Migrating over 4.5 million records from the legacy environment to the new platform, ensuring data integrity and compliance.
- Orchestrating multiple SureStep teams to manage the transformation, covering strategy, platform design, data migration, and change management.
- Implementing a training program for all user groups to ensure effective adoption of the new platform.
Results Achieved
- A fully integrated, scalable GRC platform capable of supporting compliance, operational risk, IT risk, and other functions seamlessly.
- Compliance with the two regulatory actions, with all findings closed and confirmed by external auditors.
- A streamlined workflow for issue management, reducing duplication of efforts and ensuring faster resolution of risk-related issues.
- Improved data accuracy and visibility, allowing the bank to proactively manage risk and demonstrate compliance to regulators.
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