Transforming the Risk and Compliance function of a Global Bank
Client: Global Bank
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Objective
Transform the Risk and Compliance function of a global bank that was found to have ineffective governance of process, risks and obligations. The bank’s documentation of process, risk and obligations was inconsistent and data was housed across multiple systems, lacking any integrated view for senior management.
CRISIL's Solution
CRISIL designed and implemented a new operating model for an integrated risk and compliance management functional value chain. The CRISIL team developed integrated policies, frameworks and processes and integrated the process architecture system with the GRC system, while ensuring consistency in documentation of process, risks and obligations to enable end-to-end reporting and governance. The team also identified additional areas of opportunity for process optimisation.
CRISIL executed the engagement through the following process:
Process reference architecture
Created a common consistent process language across the Group
Designed the Process Activity Library
Defined the relationship between roles, activities, systems and their impact within the Group
Processes mapped in the Group’s central process repository - Process Knowledge Warehouse – Process
Model, Process Map, RACI and SOPs
Embedded Risks, Obligations and Controls from the Business Risk Profiles in Process Documents
End-to-end process governance
Established (charters and tools) of governance structure that enables informed decision making considering end to end customer journey
Analysed and identified key performance measures
Defined dashboards and reports to assist with process performance metrics
Line of sight between strategy and process socialised with Business
Embed process management
Identified optimisation (simplification, standardisation, rationalisation and automation) opportunities
Futures state processes optimised to support business strategic drivers
Developed roadmap outlining the initiatives, business impact, logical sequence and interdependencies to support the delivery of future state processes
Set up BAU Productivity team to drive process improvement mind-set
Client Impact
The risk and compliance transformation executed by CRISIL unlocked significant potential value for the global bank, including $30 million through right sourcing, $10 million through process improvement/excellence, and $10 million through digitization.
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