Objective

To assist a global financial services organization in its digital transformation by enhancing its risk control framework.

Key Challenge

A bank embarked on a digital transformation journey to enhance customer experience and conduct risk management, optimize costs, and improve risk and compliance performance. To complete this transformation, the client first needed to upgrade a fragmented and isolated risk control framework.

CRISIL's Solution

To enhance the bank’s conduct risk framework, CRISIL:

• Reviewed the existing framework’s governance, policies, risk appetite, processes and management dashboards to identify gaps/areas of weaknesses and challenges;
  
• Conducted benchmarking of current controls, including market, customer, organizational, people and external, to identify gaps/areas of improvement;
  
• Documented processes to create end-to-end customer and employee journeys in the bank and identified potential misconduct drivers;
  
• Enhanced existing policies and procedures to embed conduct risk controls;
  
• Designed key risk indicators by aligning them with the bank’s approach towards its value chain risk-setting statements and the current control environment;
  
• Designed a management dashboard for the bank’s risk council after factoring in the five Cs: customer feedback, control environment, compliance obligations, employee commitment and crisis.
  

Client Impact

CRISIL's upgrade of the risk control framework allowed the regional bank to successfully complete its digital transformation, leading to an enhanced customer experience, reduced costs and improved risk and compliance performance.

Questions

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