Business Need

Ensuring the governance, risk management, and compliance of IT infrastructure supporting the business operations.

Business Challenge

Our client had a fragmented, manual and spreadsheet-based approach to manage risk, compliance, audit, policies and issues. This approach led to inconsistencies in risk data which, in turn, made it difficult to analyze risks at the enterprise level. The variety of siloed repositories, spreadsheets, and unassociated databases led to an inability to aggregate data at an enterprise level to drive risk-based decisions. The client struggled with the lack of a formal risk management process. Access to credit and capital increased regulatory overhead, uncertainty over economic growth and most importantly, transparency. This resulted in lack of visibility to the enterprise risk and compliance management process.

To keep pace with the times, the client wanted to build an efficient Governance, Risk, and Compliance (GRC) framework that could align IT activities and business goals. The idea was to revamp the existing analysis and communication framework, and build an enterprise-wide GRC model that could micro-manage the risks, enhance governance and maximize compliance with a specific focus on financial services. The client was looking for a solution that could increase scalability and eliminate silos.

Business Solution

The client was constantly facing challenges with this approach, and wanted to stay relevant in a highly dynamic capital market environment. They decided to adopt a federated approach to manage their GRC operations. After evaluating several GRC solutions, the client decided to go with NuSummit’s GRC framework to build a strong risk culture and enhance their brand and reputation.

Our GRC framework provided the client with a single version of truth, and featured the following solutions:

• Complete and accurate enterprise view into risk
• Compliance with myriad regulations across multiple geographies within cost and time constraints
• Mitigation of internal frauds
• Link risks to root causes, events, hazards and other elements of GRC
• Management of project risk and investment governance
• Single, integrated view of risk and compliance across the organization

Tech Stack

• Servicenow
• HashiCorp Terraform