Protiviti helps client improve decision-making and increase risk management efficiency
Our client, a large financial services company with more than $200 billion in assets, was looking to streamline its risk management operations
Our internal audit, compliance and finance professionals partnered with the client to review their current risk management program
As a result of our efforts, the client reports better risk management information for decision-making
Our client, a large financial services company with more than $200 billion in assets, was looking to streamline its risk management operations and reduce the burden on business units for providing risk information.
Our internal audit, compliance and finance professionals partnered with the client to review their current risk management program and determine a solution to make the program more efficient, while also improving information for decision-making. This process included:
- Developing a conceptual design for integration of risk management planning, risk assessment, monitoring and testing and reporting activities.
- Creating a process to integrate Sarbanes-Oxley (SOX), operations risk and compliance risk assessment activities.
- Redesigning roles and responsibilities and creating training for corporate and business-line risk managers.
- Developing a “proof of concept” technology solution to house all risk information for SOX, operations risk, compliance and audit.
- Developing a process and template for consolidated issue tracking.
As a result of our efforts, the client reports better risk management information for decision-making. In addition, they are experiencing efficiency improvements in the following areas:
- 80 percent decrease in issues with tracking databases
- 67 percent decrease in RCSA activities, templates and databases
- 50 percent decrease in time to achieve quarterly sign-offs
- 30 percent reduction in corporate risk management staff per business line
How We Help Companies Succeed
Operational risks are taken regularly by organisations as a normal cost of doing business. The key is to effectively manage these risks within a tolerable range of performance and avoid the rare but potentially catastrophic headline-grabbing situations that can threaten organisational existence. Operational risks must also be managed in an efficient and increasingly integrated manner, reflecting the growing stakeholder and regulatory demands for additional assurance processes.
Protiviti’s Operational Risk team helps organisations design and implement effective and efficient operational risk management programs. We have reduced organisational efforts by up to 67 percent through effective integration of Sarbanes-Oxley, operational risk management and compliance processes. We have managed and advised on the selection and implementation of operational risk management software packages. Risk and Control Self-Assessment (RCSA), scenario analysis and key risk indicator methodologies have been assessed, designed and implemented by our experienced team. Our clients’ risk measurement capabilities also have been improved through our assessment and validation of operational risk capital models.