BankProv’s asset base grew, so did their regulatory reporting requirements. Manual tasks such as incident management, user access controls, and vendor management became integrated into Risk Cloud, streamlining operations and improving efficiency.
Before the Incident Management Application was implemented in Risk Cloud, internal employees would submit reports for various concerns, including customer complaints and customer account fraud. This would be completed by sending an email with a PDF of the customer complaint attached, which would then need to be parsed out manually by the compliance team. Now through Risk Cloud, an incident report automatically triggers a workflow to review the content, ascertain the relevant risk owner, assign the incident to the appropriate person, and maintain follow-up until resolution. Since the implementation of automated processing, resolution time of the average customer complaint has been reduced by 60%.
User Access Controls
Previously, access to relevant systems was approved or removed via email or the bank’s help desk ticketing system. As employees transitioned in and out of BankProv, maintaining accurate records of permissions was a challenge as the employee base grew. Now, as new hires join, automatically generated notifications confirm access requirements and permissioning. Through Risk Cloud, BankProv maintains instant access to critical data that is considered a key FDICIA control for all financial institutions with assets greater than $1B.
In line with their vision to be a lean and agile institution, BankProv migrated their vendor management system to Risk Cloud. What was previously done manually through Smartsheets and legacy systems is now automated to efficiently contact third parties, gather relevant financial 4and legal documentation, and maintain appropriate records all within the Risk Cloud platform. BankProv can now ensure its third-party relationships remain in compliance without requesting updates manually via email.
The compliance team built new capabilities and strengthened oversight by designing purpose-built reports for a variety of uses, including escalation, compliance committee meetings, audits summaries, or leadership presentations. Today, Angelina can aggregate the relevant data, review the content and formatting, and download a finished report in a fraction of the time that it took to do it manually.
Working with a lean team, Angelina was able to accomplish a lot with the help of Risk Cloud by leveraging its automation capabilities to reduce manual processes. As BankProv continues to grow, the team is looking for ways to integrate additional processes, including business continuity planning and enterprise risk management.Angelina stated, “I have definitely benefited a lot from the collaboration. In banking, there is often a way of thinking ‘That’s the way we’ve always done it’. It’s nice to have people from the outside look at your process and the way you’ve done things and ask ‘If you did it differently, how would it impact things?’”The Risk Cloud is an intuitive platform that supports BankProv’s continued growth. By pairing BankProv’s processes and workflows with Risk Cloud’s prebuilt templates and automated tasks, the compliance team has streamlined operations, regaining time and resources that they can now spend on more proactive risk management.