In today’s rapidly evolving digital and regulatory landscape, financial institutions face numerous challenges when it comes to managing policies effectively. This case study explores how Connected Risk®‘s Digital Policy Management solution has revolutionized policy practices for a leading global bank, enhancing policy management, addressing redlining concerns, streamlining user groups, and creating a comprehensive policy center that meets global regulatory requirements.
Our client, a Tier 1 global bank with over $1 trillion in assets, recognized for its strong commitment to innovation and regulatory compliance, recognized the need to optimize its policy management practices. In collaboration with Empowered Systems® and its Connected Risk® holistic GRC solution, the bank aimed to implement a robust digital policy management program that would proactively address existing challenges and improve its policy framework.
How We Helped
Connected Risk®’s Digital Policy Management solution offered a transformative approach to addressing emerging regulatory obligations as well as policy review and authoring with an automated approach to managing the bank’s compliance footprint.
How User Groups in a Global Bank Were Leveraged in a Digital Environment
Managing user groups effectively in a digital environment is critical to ensure proper policy enforcement and information security. Connected Risk®’s digital policy management solution provided the bank with robust user management capabilities, enabling precise control and monitoring of policy access across various user groups.
Through the implementation of granular user access controls, the bank was able to define specific policy permissions for different user groups, ensuring that policies were accessible only to authorized personnel. This enhanced security measure significantly reduced the risk of policy breaches and unauthorized access, safeguarding sensitive information and bolstering the bank’s overall compliance posture.
Proactive Policy Practices
Connected Risk®’s Digital Policy Management solution empowered the bank to adopt a proactive approach to policy practices. The solution’s automated monitoring and alerting capabilities allowed the bank to stay ahead of evolving regulatory requirements and promptly identify policy gaps or inconsistencies.
By leveraging real-time data insights and analytics, the bank gained the ability to proactively address emerging risks and implement necessary policy changes. This proactive approach not only improved regulatory compliance but also enhanced operational efficiency by reducing manual efforts in policy monitoring and updates.
Enhanced Policy Center for Global Regulatory Requirements
As a global bank, complying with diverse regulatory requirements across jurisdictions was a complex undertaking. Connected Risk®’s solution played a pivotal role in establishing a significantly enhanced policy center that catered to the bank’s global operations and regulatory obligations.
The solution provided a centralized repository for policies, streamlining policy creation, distribution, and updates across the organization. By implementing robust version control and audit trail functionalities, the bank achieved greater transparency, accountability, and traceability in policy management.
Furthermore, Connected Risk®’s solution enabled the bank to customize policies based on specific regional requirements while maintaining a cohesive global policy framework. This flexibility allowed the bank to adhere to local regulations without compromising global policy consistency.
Results and Benefits of Using Connected Risk’s Digital Policy Management Solution
The adoption of Connected Risk®’s Digital Policy Management solution brought about several tangible benefits for the bank:
Improved policy governance and compliance
The solution provided a comprehensive framework for policy governance, ensuring adherence to regulatory requirements and promoting ethical practices across the bank’s operations.
Enhanced risk mitigation
By leveraging advanced analytics and machine learning capabilities, the bank could proactively identify and mitigate risks, reducing the likelihood of regulatory penalties and reputational damage.
Streamlined policy management
The solution’s user-friendly interface and automation features streamlined policy creation, distribution, and updates, saving time and effort for policy administrators.
Greater operational efficiency
Automated monitoring and alerting capabilities minimized manual efforts in policy compliance monitoring, allowing the bank’s resources to focus on value-added activities.
Strengthened security and data protection
The solution’s robust user management features and access controls enhanced information security, mitigating the risk of unauthorized policy access or breaches.
Connected Risk®‘s Digital Policy Management solution has played a crucial role in transforming policy management practices for this Tier 1 Global Bank. By addressing regulatory concerns, streamlining user groups, and establishing an enhanced policy center, the bank has experienced improved governance, compliance, and risk mitigation. The solution’s proactive approach and advanced capabilities have empowered the bank to navigate the evolving regulatory landscape efficiently while ensuring ethical practices and maintaining its status as a global leader in the financial industry.
References are available on request for this client.