The Client: A multi-billion dollar financial services provider with operations across the world with millions of customers.
Being a complex organization with multiple business units and operations spread across geographies, the company found it increasingly complex to measure and monitor risks. Although risk assessments were being performed regularly in every business unit, complexities arose when it came to consolidating the results. Each business unit used different risk terminologies and languages, which made it challenging to get a holistic picture of risk at the enterprise level.
After analyzing the situation, the company chose to implement a federated approach to Operational Risk Management (ORM), supported and enabled by a workflow-based ORM solution. The approach was designed such that each business unit would be able to conduct their own independent operational risk assessments, while at the same time, the results would be automatically aggregated and rolled up so that the board and top management would gain a single, comprehensive view of risk across the enterprise