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Operational risk is a key consideration in the financial services industry. All companies must have systems in place to demonstrate an awareness and management of all risks and what steps are in place to mitigate these risks. They must also be able to demonstrate that they have the regulatory capital available to continue trading for the benefit of their customers.
Through this project, the customer targeted a unified approach to handling operational risks, enabling the two businesses to merge effectively and achieve ongoing success for the future. They needed a solution that would enable them to move away from the existing legacy systems as they could not provide a cohesive solution to the businesses’ challenges. Any solution must enable the customer to closely monitor risks, controls, breaches and incidents for the purposes of safeguarding the business and maximising success. If not managed effectively, the company exposes itself to potentially disastrous outcomes, such as financial losses or reputational damage.
Another key consideration was a solution that could be customised and changed to incorporate bespoke concepts as the business and its requirements develop. The customer approached Katalyze Data, experts in risk, compliance and governance, as the partner of choice for this project.
With just eight months to design and implement an effective solution, the Katalyze Data team had to work quickly to formalise a company-wide risk governance and compliance framework. In response to the customer’s needs, Katalyze Data implemented a solution that provided a range of benefits.
Complex framework redesign: The implementation of an entirely new operational risk framework, fit for purpose for the combined organisation, to further their capabilities and allow analysts to effectively monitor and manage risks, controls, breaches and incidents as they arise. This comprised:
Solution training: Katalyze Data wrote and delivered bespoke training to enable users to maximise the value generated from their new solution.
This new operational risk solution has enabled the customer to generate substantial improvements in the way it manages its operational risk, including: