Risk Function at a Global Bank
Global Bank (Risk Function)
The Story
The Challenge
Our Risk function is struggling to keep up with the rest of the organization as we move into the digital era with our products. We are spending more money than forecasted due to the delays of our Risk function being able to change the way they work as quickly as we need them to. We've identified there are emerging risks in digital delivery, and we need our Risk function to lean into these and be ahead of the curve and our competitors.
Our Approach
ADAPTOVATE and the client worked together to transform a banking Risk function, finding large efficiencies in approval times, documentation and cost.
- By utilising Design Thinking and Agile techniques, we asked the client to reimagine the problem and develop hypotheses
- We developed 3 new operating model prototypes
- We conducted several rounds of user testing and validation of prototype versions
- ADAPTOVATE designed a rollout plan for the client to embed the new model and conduct roadshows throughout the organization
- The ADAPTOVATE team upskilled the Risk team in Agile and Human-Centred Design (HCD) capabilities through masterclasses, training and coaching
Results & Impact
Outcomes
The transformed Risk function delivered a 6× reduction in standard risk approval time through a new risk operating model, an 8× reduction in the cost of standard risk approval, cut simple-issue approval from weeks to 15 minutes, and consolidated 20 risk artifacts down to 1.
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