Enhancing Risk Management and drastically reducing costs by rebuilding and eliminating redundancies in Risk and Control
Client: Global Financial Service Organization
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Objective
A global financial service organization was found to have serious deficiencies in its risk and compliance function:
Duplicate/redundant processes, risks and controls aligned with control owners of different compliance plans;
Weak linkages of processes, risks and obligations with its existing suite of controls, leading to inefficient assurance practices;
Lack of standardisation in control articulation across business areas;
High cost/resources deployed to manage, assess and report the existing suite of controls;
Significant time and efforts required to handle decentralised data.
The objective of the engagement was to map end-to-end processes, identify duplications and eliminate redundencies, and otherwise rationalise the framework to enhance efficiency and performance.
CRISIL's Solution
Performed rationalisation by identifying duplicate and redundant processes, risks and controls;
Assessed whether control satisfies linked obligations/risks/processes, highlighting any control gaps for master controls;
Identified and updated control and obligation/risk/issue linkages;
Standardised the control articulation in line with the policy, enterprise risk management framework and industry best practices;
Updated the GRC system using rationalised data.
Client Impact
Achieved 52% risk and control rationalisation
End-to-end process mapping - risks, obligations and controls (baselining to 30 key processes)
Created an end-to-end rationalisation methodology document for internal training purposes
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