A multinational corporation with operations in banking, finance, and insurance domain. As a large and complex organization, the organization has to adhere to a variety of regulatory requirements and manage various risks across its operations.
CHALLENGES
Prior to implementing ASPIA, the company struggled to effectively manage its GRC processes due to the following challenges:
- Lack of visibility:
Different business units used different systems and processes to manage GRC-related information, making it difficult to get a complete and accurate view of the company’s GRC posture. - Inefficient processes:
Manual and decentralized processes made it time-consuming and error-prone to collect, review, and report on GRC-related data. - Limited collaboration:
GRC teams across different business units had limited visibility and collaboration, leading to duplication of efforts and a lack of consistency.
SOLUTION
The organization implemented ASPIA to centralize and automate its GRC processes. The solution provided the following benefits:
- A single platform for managing all GRC-related information: ASPIA provided a centralized repository for storing and managing all GRC-related data, such as policies, procedures, risks, controls, and compliance requirements. This made it easier to get a complete and accurate view of the company’s GRC posture and identify potential gaps.
- Automated workflows for collecting, reviewing, and reporting on GRC data: ASPIA provided customizable workflows for collecting and reviewing GRC-related data, as well as automated reporting capabilities. This streamlined and accelerated the GRC processes and reduced the risk of errors.
- Collaboration and communication tools: ASPIA provided tools for GRC teams to collaborate and communicate effectively, such as discussion forums, document sharing, and notification alerts. This facilitated the sharing of best practices and the coordination of GRC efforts across different business units.
RESULTS
Since implementing the ASPIA, the organization has achieved the following benefits:
- Improved visibility and control: The centralized repository and automated GRC workflows provided by ASPIA have given better visibility and control over the organization’s posture. This has enabled the company to identify and address potential gaps and risks in a timely manner.
- Increased efficiency: The automation of GRC processes has reduced the time and effort required to collect, review, and report on GRC-related data, freeing up resources for more strategic tasks.
- Enhanced collaboration and consistency: The collaboration and communication tools provided by ASPIA have improved the sharing of best practices and the coordination of GRC efforts across different business units, resulting in greater consistency and effectiveness.
CONCLUSION
An integrated risk management and compliance solution from ASPIA effectively aligns with the specific complexity level, commercial potential, and regulatory needs of an organization. The implementation of ASPIA has allowed the organization to streamline and optimize its GRC processes, improving visibility, control, efficiency, and collaboration. As a result, the company has been able to better manage its regulatory requirements and risks, enabling it to focus on driving growth and innovation.
