We were engaged by an insurance company to enhance the maturity of their Technology Risk Function. At the time the function was relatively new to Risk Management practices, and although there was a basic second line risk function in place, this was very basic and not all processes were well defined.
The client’s objectives were to establish a robust risk register, improve reporting to C-Suite and Risk Committee and map out their business processes. To achieve these goals we undertook the following steps:
- Identified the various Risk Owners withing the Technology Function
- Conduct meetings to identify risks, rate the severity of the risks and determine controls or processes to manage those risks
- Develop a comprehensive Risk Register specifically tailored for the Technology Function
- Highlighted risks that fell outside the established risk appetite
- Establish regular review meetings with the Chief Technology Officer (CTO) and Risk Owners
- Facilitate the creation of a monthly Technology Risk report and present at the Operational Risk Committee
This solution provided the Senior Leadership Team with assurance that risks within the Technology Function were being effectively identified, managed, controlled. It also enabled the identification of gaps in the Internal Control Environment (ICE), with appropriate mitigation actions being implemented. Additionally, the solution allowed senior management within the Technology Function to prioritise activities and resources accordingly.
If you are facing similar challenges or require assistance in managing and mitigating risks within your organisation, we would be delighted to discuss how our expertise and solutions can benefit your business.
Please feel free to contact us to schedule a consultation or learn more about out services. We look forward to the opportunity to assist you in strengthening your risk management practices and achieving your organizational objectives.
