Global Investment Bank selects ViClarity for Governance, Risk & Compliance Automation

September 24, 2024

ViClarity’s platform provided the bank with the tools needed to maintain its reputation as a leader in the financial services industry while ensuring robust compliance and risk management across its global operations.

End to End Governance, Risk & Compliance Automation

A leading global investment bank with operations in multiple countries recently embarked on a digital transformation project that involves multiple components of its Governance, Risk, and Compliance (GRC) frameworks.

The bank’s diverse portfolio includes wealth management, investment banking, asset management, and trading services. The complexity and scale of its operations necessitate stringent risk management, compliance, and vendor oversight to ensure regulatory adherence and operational efficiency.

Significant Challenges Eased with Automation

The bank faced significant challenges in managing its risk, compliance, and vendor management processes. With operations in multiple jurisdictions, the bank needed to comply with various regulatory requirements. This created a complex compliance landscape with varying standards, timelines, and reporting requirements.

The bank’s risk management and compliance processes were largely manual, leading to inefficiencies, errors, and delays. Data related to vendors and outsourcing was stored in disparate systems, making it difficult to gain a comprehensive view of third-party risks.

The manual nature of processes increased the risk of human error, leading to potential compliance breaches, financial penalties, and reputational damage. As the bank expanded its operations, the existing processes struggled to scale, resulting in longer response times, increased costs, and a greater burden on staff.

The Added Value of Automation

To address these challenges, the bank implemented ViClarity’s automated solutions for Risk Management, Compliance, Vendor, and Outsourcing processes. ViClarity’s platform provided a unified, configurable, and scalable solution that transformed the bank’s approach to governance, risk, and compliance (GRC).

The implementation of ViClarity delivered significant benefits to the bank. Automation of multiple processes reduced manual efforts by 56%, allowing staff to focus on higher-value activities.

The banks reports are now in real time using ViClarity’s embedded Power BI reporting suite. With Power BI available in the software the team have the flexibility needed to see reports across their various departments and geographies in real time.

Click Here to learn more about our GRC offering for the investment management and financial services sectors.