What value do you get out of the (potential) maze of multiple, disjointed frameworks to manage risk and compliance? The proliferation of multiple frameworks for incident and regulatory breach management has led to duplicative efforts and confusion.
The benefits of streamlining this complex ecosystem are significant. By integrating these frameworks, financial institutions can enhance their risk management capabilities, improve transparency on actual risks, and ensure the effectiveness of the control environment. This consolidation also leads to cost-efficient risk and compliance management, alleviating the workload for business users and risk and assurance functions. Additionally, a centralised source of "official" incident data strengthens regulatory position and provides clients with a structured and transparent error management process. To illustrate the benefits,
- x4 number of reported incidents, through improved transparency.
- 80-90% of incidents reported within 24h of identification, enabling fasting mitigation of key issues.
- 10FTEs+ savings incl. on training, optimising your cost base.
The key to achieving these benefits lies in adopting an Opportunity Assessment Framework (OAF) and is part of the wider Integrated Risk Framework. The OAF helps identify and assess the capabilities or processes that would deliver the most value if enhanced, transformed, or simplified. By applying the OAF to incident and regulatory breach management processes, financial institutions can prioritise functional improvements and facilitate cost/benefit analyses.
Implementation of a streamlined incident and breach management process can be achieved within 12-18 months, potentially faster if leveraging existing risk solutions. While challenges may arise, such as dealing with historical data or perceived regulatory obstacles, a common vision aligned with business, regulatory, and client outcomes can guide the transformation journey.
Unlocking the benefits of stronger risk management, increased transparency, and cost reduction requires the bold step of simplifying the risk and compliance environment. If you're interested in exploring this opportunity for your firm, feel free to reach out!
So, I invite you to consider the possibility of partnering with Aevitium LTD to achieve your strategic objectives. Should you wish to get in touch, please feel free to reach out to me directly at julienhaye@aevitium.com or call me at +44 7700 160052.
Read more - https://lnkd.in/eNhyxTvM
#risk #operationalresilience #riskmanagement #risks #riskintelligence #oversight #chiefriskofficer #operationalrisk #riskleadership
Chief Experience Officer at Aniline Inc.
10moWell done, Ben and WTW analytics team!