Origen Financial Services Implements AdaptiveGRC Risk Manager Module

Challenge

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Origen Financial Services is one of the UK’s largest financial consultants with over 240 employees servicing private clients, small and medium sized corporate customers as well as some of the largest organisations in the UK. As a subsidiary of a major organisation, Origen Financial Services is required to operate their risk and other processes in alignment with global corporate standards, balanced with their own operational needs. 

In the past, this had left the company either: 

  • using solutions that just partially met their needs, requiring extensive manual effort outside the system, or 
  • operating from several spreadsheets – with information sharing challenges, problems with receiving regular updates, and difficulties avoiding branch versions. 

The absence of an easy risk collaboration tool also meant that tracking progress and completion of associated countermeasures and actions was extremely labour intensive and only able to be compiled for high value reviews and meetings. 

Solution

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AdaptiveGRC Enterprise Risk Manager was selected by Origen Financial Services as a way to ensure compliance with their parent company’s corporate standards and risk management approach. As well as improving efficiency and accuracy of the company risk registers and promoting risk awareness. It was a bonus that the system automated most tasks, and enhanced reporting and management of risks. 

The main goals of the implementation were: 

  • analyzing the existing risk register selection criteria from and populated the AdaptiveGRC dictionaries to operate in the same way; 
  • configuration the application to meet all of Origen Financial Services Ltd needs and to bring the greatest value; 
  • importing all of the legacy register into the system; 
  • getting much better visibility of their risks overall; 
  • understanding and evaluating their risk measurement parameters and expanding their method of measurement (new category of risk measurement implemented, designed for AdaptiveGRC Enterprise Risk Manager – “Risk Manageability”); 
  • naturally increasing the speed with which the risk is elaborated and analysed; 
  • generating efficiency savings, reducing administration work, improving  action resolution, and leading to decreasing risk. 

Key benefits and outcome

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  • The automation of the Risk Management process providing greater efficiency (no longer reliant on spreadsheets and other time-consuming manual processes) 
  • Reduced possibly of error – having a more automated process with all data stored 
    into one location as opposed to multiple spreadsheets and locations. 
  • Greater ownership by the business of key risks creating significant time savings for the risk team. 
  • Allowing the Risk team to focus on analysing risk data and providing valuable oversight and challenge.
  • More accurate reporting and data analysis capabilities as and when required without the need to collate data from various locations around the business.
  • Better overall management and visibility of key operational risks.