Operational Risk RCA Enhancement Project
We delivered an enhanced RCA framework for a global bank, with substantially improved procedures and tools.
Our client found themselves in a situation where they were experiencing inconsistencies in approach, execution, governance and ownership of their internationally adopted risk and control assessment (RCA) model. This reduced the bank’s ability to manage risks and controls across their global business whilst increasing the likelihood of being exposed to operational losses and regulatory censure.
Our team was challenged to enhance the bank’s operational risk framework by strengthening their RCAs.
We worked with a large number of stakeholders across the bank’s global network to refine both their RCA framework and approach to execution. As well as a current state assessment, we analysed future state options, carrying out pilot implementations of the two favoured options across two regions and multiple processes.
After selecting the best option, our team established a set of minimum standard risk and control libraries and refined the bank’s approach to RCA execution with a brand new set of tools, templates and standardised training materials. We also standardised global reporting so that it focused on the bank’s top risks and KRIs, as well as structures and role profiles around the globe.
By utilising an expedient design process, our team quickly and effectively built consensus across a large group of regional stakeholders which, ultimately, proved vital to the overall success of the project.