Risk and resilience software firm Protecht has been tapped by Mansfield Building Society to digitalise and automate its risk, compliance and operational resilience processes.
The new unified risk management system, Protecht claims, delivers the desired simplification of data capture for risk foresight and a long-term positive return on investment.
Prior to Protecht.ERM, Mansfield Building Society and its nearly 100 employees had been managing risk and compliance manually. This, Protecht stated, was becoming an inefficient and time consuming way to achieve organisational objectives and build operational resilience maturity to meet evolving regulatory demands.
Protecht claims its risk and resilience platform digitalises and streamlines all components of risk in an interconnected way – risks, controls, actions, compliance policies and plans and key indicators are all inter-linked.
This is expected to lead to a host of improved outcomes including better decision-making data, improved risk and compliance management, third party risk and resilience reporting, and enhanced regulatory relationships.
The efficiency business benefits will include effort saved through the automation and simplification of data capture and business processes, massively reduced time spent on pulling together stakeholder and risk committee reports and additional staff capacity to concentrate on challenge, risk framework maturity and horizon scanning
Mansfield Building Society risk executive Jim Stevens said, “Protecht.ERM was the only solution on the market that delivered all that we needed in one single platform, including third-party management and operational resilience.
“We now have a holistic, actionable view and structured processes around risk management that allows all our employees to be engaged in risk auditing and horizon scanning and ensures we are completely up to speed to meet incoming legislation. We expect to be able to track a measurable baseline of ROI in time by proactively and continuously being able to monitor risk.”
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