UK Investment Bank, involved in research, sales execution, and trading.

This investment bank had key challenges:

  • Spreadsheet Data was becoming quickly out of date and could become inaccurate
  • Unable to track data input
  • Reporting on data was time-consuming, with the use of spreadsheets and word documents

The adoption of the 1RS ERIC enterprise risk and compliance risk management suite of tools has enabled the bank to move away from its tactical spreadsheet-based solutions, providing a streamlined dashboard and central data repository for their operational risk events, risk and control libraries and corresponding risk and control assessments.

1RS ERIC has provided them with a more robust, well-supported platform for operational risk management and compliance, freeing up staff time to focus on core value tasks rather than maintaining legacy approaches, thereby reducing their end-user-computing risk.

The user-friendly dashboards provide a transparent overview of where their key operational and compliance risks lie and enable them to drill into and refine mitigating action plans, to ensure they are managed with their defined appetite.

1RS worked hand in hand with the bank from day one to establish an effective working relationship, which has ensured that there was a good adoption of the solution across the business. This working relationship has continued with the responsive technical team and has seen a joint effort on enhancements to the product which have been shared across the community.

 

 

risk risk management