Case Study: Large Financial Service Company achieves streamlined risk management and improved decision-making with Protiviti

Protiviti helps client improve decision-making and increase risk management efficiency

Large Financial Service Company, a firm with more than $200 billion in assets, engaged Protiviti to streamline its risk management operations and reduce the burden on business units for providing risk information. Protiviti’s Operational Risk team — together with internal audit, compliance and finance professionals — reviewed the client’s program and designed an integrated approach combining SOX, operational risk and compliance activities.

Protiviti delivered a conceptual redesign, role and training changes, a consolidated issue-tracking process and a proof-of-concept technology solution to house SOX, operations risk, compliance and audit information. As a result, the client reported better decision-making data and substantial efficiency gains: an 80% decrease in tracking-database issues, a 67% reduction in RCSA activities/templates/databases, a 50% faster time to quarterly sign-offs and a 30% reduction in corporate risk management staff per business line.