Globally operating financial expert Vontobel relies on the integrated GRC-software risk2value. Michele Luongo, Head of Operational Risk, Executive Director shares his experience with risk2value and provides an outlook for potential developments.
Vontobel, a global investment advisor with strong roots and a solid capital base, specializes in asset management for private clients and institutional investments as well as investment banking.
“At Vontobel, we actively shape the future. We create and pursue opportunities with determination. We master what we do – and we only do what we master. This is how we get our clients ahead.”
Fast facts (as of December 2018)
Operational risk management (OpRisk) and the internal control system (ICS) were previously mapped in an Excel and Access solution, which had been developed in house. Over the years, the system had become impractical and needed to be replaced.
In order to meet the challenging market requirements and promote active risk management, the bank saw the need to improve transparency, consistency and efficiency. To optimize these criteria sustainably, it began its search for a software solution that not only supported its current requirements, but also offered attractive possibilities for ongoing development. The main requirements included:
At the end of the software evaluation process, the decision-making panel selected the GRC platform risk2value from avedos.
“We first started with OpRisk and ICS in risk2value knowing very well that other areas can follow and the extensible, future-proof system is a safe investment.” Michele Luongo, Head Operational Risk, Executive Director
Following a successful project, which was finished in budget and on time in Spring 2018, risk2value went into operation. The feedback from the employees who work with the system has been very positive. This is primarily due to the solid prep work from the department, which offered workshops, created a user manual, and set up a telephone hotline.
“Working with the tool is really a pleasure because it is straightforward, intuitive and modern.” Michele Luongo, Head Operational Risk, Executive Director
The implementation of the GRC software fulfilled the high expectations at Vontobel:
In addition, the department has been able to reduce the number of hosted workshops by 75-80%. This saves a great deal of time so it can focus on its core responsibilities.
The GRC platform has gotten off to a great start and the positive experiences throughout the three lines of defense are paving the road to further levels of GRC maturity. In the next step, Vontobel will implement the General Data Protection Regulation (GDPR) in risk2value. Other potential use cases include:
risk2value has laid the foundation for Vontobel to integrate information from various GRC applications and profit from well-founded decisions across the company.
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