The Challenge:
The long-term rapid growth client needed assistance developing its high-priority Enterprise Risk Management (ERM) initiatives as well as developing risk and control policy standards and testing, including risk and control self-assessment (RCSA) capabilities for immediate implementation. Additionally, the Chief Risk Officer needed independent guidance to ensure that business units took active ownership of risks they were accountable for across the third-party risk management (TPRM) program.
The Solution:
Our team assessed the client’s risk and control environment, designing and implementing enhanced capabilities. We developed and executed a 30-60-90-day roadmap to prioritize key initiatives.
Our team created enhanced risk and control policies, a comprehensive control catalog, and improved TPRM policy, standards, and testing to meet regulations. They also modernized RCSA tools to enhance risk identification and visibility into control effectiveness. Finally, our team mapped risks to controls for scalable processes and reporting and developed a standardized control testing template for ongoing client use.
The Result:
Our team delivered our project on time and budget. Our efforts enhanced transparency and accountability across the business and risk management teams, enabling greater first and second-line cohesion across the client’s large and complex enterprise.
