Case Study: Transforming GRC Maturity in a Legacy Tech/BPO FS Environment
Background: FS company, struggling with legacy tech risks and operational challenges, sought to improve its Governance, Risk, and Compliance (GRC) maturity to meet industry standards and regulatory requirements.
Challenges:
- Legacy technology posed significant risks and affected operational performance.
- Existing GRC frameworks were inadequate, requiring a comprehensive overhaul.
Approach:
- GRC Diagnostic: Conducted a thorough assessment to identify gaps and ensure current run and change the business risk and compliance obligations were met.
- 12-Month Maturity Plan: Developed a strategic plan ensuring GRC frameworks were aligned with best practices, UK banking sector regulatory expectations, and the client’s specific business context and strategy.
- Education & Policy Development: Implemented educational programs and authored new risk policies and processes framework, establishing a single risk taxonomy and deploying risk management systems.
- Culture Reset: Initiated a shift in company culture, starting with executive leadership, to promote accountability and integrate risk management into daily operations.
- Governance Models: Established effective governance frameworks to embed risk into management practices and encourage independent challenge.
Results:
- Enhanced GRC maturity aligned with industry and regulatory standards.
- Improved operational performance through effective risk management.
- A robust risk-aware culture fostering proactive risk conversations and accountability.
Case Study: Digital Transformation and Risk Management Excellence
Background: A leading financial institution undertook a digital transformation to modernise payment systems and migrate operations to the cloud, aiming to enhance infrastructure, resilience and service efficiency.
Challenges:
- Transitioning to digital and cloud systems posed risks in data security, service continuity, and compliance.
- Execution risks needed effective identification and mitigation.
- Ensuring operational standards for continuity and resilience was crucial.
- Existing risk frameworks require updates for new technologies and control systems.
Approach:
- Program Assurance: Identified execution risks and developed mitigation strategies early on, that required regualr monitoring.
- Operational Acceptance: Implemented testing for continuity and resilience, aligning with industry standards.
- Framework Recalibration: Updated ERM frameworks to address current and future risks.
- Change Risk Minimisation: Monitored change management to ensure smooth transitions.
Results:
- Successful digital and cloud transformation with minimal disruption.
- Strengthened risk management frameworks.
- Enhanced service continuity and operational resilience
Case Study: Navigating Regulatory Challenges in a Fast-Growing Financial Services Scale-Up
Background: A rapidly expanding global financial services scale-up entered the UK market with an ambitious and innovative growth strategy, aiming to disrupt established norms and capture market share swiftly.
Challenges:
- The aggressive growth strategy quickly drew attention, leading to regulatory audit concerns regarding risk management and control frameworks.
- The company faced potential hurdles in maintaining compliance while pursuing rapid expansion.
Approach:
- Remediation Taskforce: Assembled a dedicated team of regulatory and risk experts to address audit concerns. This task force was tasked with designing and implementing robust risk and control frameworks tailored to the dynamic needs of a scale-up.
- Framework Development: Developed comprehensive frameworks that included practical risk assessment tools, clear control processes, and compliance monitoring mechanisms to ensure ongoing regulatory adherence.
- Stakeholder Engagement: Engaged with regulatory bodies to demonstrate commitment to compliance, involving regular updates and transparent communication to restore confidence.
- Training and Culture Shift: Launched company-wide training programs to embed a culture of compliance and risk awareness, ensuring employees at all levels understood their roles in maintaining regulatory standards.
Results:
- Resolution and Confidence Restoration: Within 12 months, the remediation task force successfully addressed all regulatory concerns, restoring confidence among regulators and stakeholders.
- Robust Compliance Foundation: Established a strong compliance foundation that supported the company’s ongoing operations and growth ambitions.
- Continued Growth Trajectory: With regulatory challenges mitigated, the company resumed its aggressive growth strategy, leveraging its solid risk management and control frameworks to sustain momentum and navigate future market expansions confidently.
Case Study: Achieving Rapid Compliance for a Payment Provider
Background: A payment provider aimed to retain major UK banking clients by demonstrating bank-grade audit evidence and achieving ISAE/SOC 1 and SOC 2 readiness swiftly.
Challenges:
- Needed to provide comprehensive audit evidence to retain banking clients.
- Required readiness for ISAE/SOC 1 and SOC 2 within a tight three-month timeline.
Approach:
- Control Framework Assessment: Conducted a rapid assessment to identify control gaps.
- Prioritised Remediation: Focused on addressing critical areas swiftly.
- Test Audit & Evidence Pack: Prepared a complete evidence pack to support a test audit, achieving auditor readiness in eight weeks.
Results:
- Secured contracts by demonstrating readiness ahead of schedule.
- Established a durable control framework for ongoing compliance and audit needs.