About
Enhancing compliance and risk management through improved process transparency and accountability at a leading Australian financial institution.
Problem
Following increased scrutiny from financial regulators, an Australian bank sought to improve its ability to monitor and manage risk controls embedded in processes across the bank. These controls and processes varied depending on product, channel, locality, and other factors. This made identifying, assessing, and improving risk management practises challenging.
Solution
The bank used Holocentric software to map key processes and associated risks and controls across its businesses. This mapping supported transparency and clarified risk management accountabilities among managers and executives.
The bank also mapped similar processes across different products, channels and localities to best practice. This allowed the bank to monitor and manage variations in processes and risk controls across the bank, as well as support deployment and change management of best practice as they are updated.
Holocentric continues to provide the toolset, implementation support and training as part of its ongoing partnership with the bank.
Result
The uplift in process and risk management capability enabled the bank to increase clarity and consistency in how risk management practices are applied across the bank. The Holocentric toolset continues to be actively used, and the bank is now exploring potential integration with risk systems to support more comprehensive risk reporting. This ongoing partnership has significantly enhanced the bank’s ability to manage and mitigate risks effectively.
