The software risk2value has been used by the LGT Group for many years for various GRC processes. Among others a risk event database has been set up to create additional value for the company.
LGT, which has been owned by the Princely Family of Liechtenstein for over 80 years, has vast experience in managing family assets. In both its business and investment strategies, the company focuses on long-term perspectives. Due to its ownership arrangement, LGT has a clear and efficient organizational structure that enables fast, independent decision-making.
* as of June 30, 2019
LGT has been a client of avedos for many years and uses risk2value to support various GRC processes. One of these applications is ORED, a group database for assessing and evaluating operational risk events along with their financial and non-financial effects. This project stemmed from the idea to harmonize the existing risk management with the internal control system and consolidate disparate local solutions. Implementing regulatory requirements with the greatest-possible benefits for the business processes also played a decisive role.
Although regulatory requirements were the primary driver for the project, the company profits from having access to timely information on operational risk events throughout the group from a single, central location. This lays the foundation to logically link information with other applications and ensure an integrated, consistent view of operational risks. Nonetheless, some resistance to the selected approach has emerged. The changes are also bringing about cultural change, which demands ongoing support.
LGT profits from ORED in many ways:
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