The client had several UK legal entities with specific business activities, whose risk management had to be implemented by a new dedicated risk oversight function. The challenges identified for this new risk function were:
Avantage Reply was called to review and improve the processes and the respective policies relevant for these legal entities. Given the wide scope of the project, the work was designed as a long-term assignment, broken down into two distinct work streams: (i) the review and update of the elements identified as lacking consistency, and (ii) embedding these changes in the BAU activities (i.e. going beyond changing the policies and ensuring that new metrics or new methodologies are used).
APPROACH AND SOLUTION
The first step in our approach was to review the existing structure, policies, procedures and all related processes which were undertaken by the risk management department. The review was followed by the implementation of appropriate changes to the relevant policies, processes or tools. Having that done, the changes were embedded in the BAU processes.
The performed activities included:
To ensure that the changes were embedded in the BAU activities, Avantage Reply supported the teams performing BAU processes and communicated corresponding updates to the relevant stakeholders.
RESULTS AND BENEFITS
The project was performed under the direct supervision of the Chief Risk Officer and the Risk Management Committees of the legal entities to ensure the changes provided the desired benefits. The enhancement put in place helped in particular by: