Eliminating information silos and viewing ERM information in an interconnected way nurtures a positive risk culture
London, 17 October 2023 – Protecht, leaders in risk and resilience software, today announces its Enterprise Risk Management (ERM) solution has been chosen by Target Group, an FCA-regulated business and provider of business process servicing and operational transformation for more than 30 top-tier financial institutions globally.
Protecht ERM was chosen by Target Group for its unrivalled capabilities to centralise risk management activities for all of its 800 colleagues to gain a holistic view of their risks in real-time, via an intuitive and user-friendly interface and analytics dashboards. Another key deciding factor in the selection process was Protecht team’s support, as highly experienced risk professionals with decades of hands-on experience in financial services markets helping organisations achieve strategic objectives through better understanding of risk management.
The Protecht ERM platform digitises and streamlines all components of risk in an interconnected way – risks, controls, event management, actions, compliance assurance and internal audit plans and key risk indicators are all inter-linked. The immediate benefits include saving time, avoiding human error and simplifying data capture for actionable decision making and to aid a positive risk culture.
“Protecht ERM was the only automated solution on the market that enabled our whole organisation to swiftly move away from manual processing and put risk at the centre of every part of the business, including the management of third-party data,” says Peter O’Connor, CEO of Target Group. “Guided by the Protecht team, highly knowledgeable risk professionals that understood the nuances of our business, the implementation process of Protecht ERM was seamless. Our colleagues were quickly onboarded and fully engaged, taking ownership of their own risk as well as flagging potential risk to our clients, to help them stay on top of evolving regulations and compliance. Agility, is key and with the modernisation of our risk processes thanks to Protecht we are now able to proactively manage and monitor risk and are in good stead to respond to any changes or future challenges ahead.”
Gary Lynam, Managing Director EMEA at Protecht comments: “Target Group, as an FCA-regulated business with an esteemed reputation for providing digital transformation services, was unsurprisingly acutely attuned to the strategic importance of upscaling to a holistic and effective risk management framework that engages everyone in the organisation. We are pleased to be working with such a forward-thinking organisation and implementing the purpose-built system and full suite of modules including Risk & Events, Control Testing, Auditing, Compliance, Business Continuity Management and bespoke Third Party Management tools.”
Protecht ERM will provide the Target Group with extensive long-term benefits and foresight, such as:
- Empowering employees to make informed decisions and manage risk remediation.
- Driving a positive and proactive risk culture within the organisation – from front line and risk owners to the executive board.
- Building operational resilience maturity to meet evolving regulatory demands.
- Increasing efficiencies and savings in risk management processes and risk event reduction.
- Encouraging collaboration with strategic suppliers to mitigate risk and maintain operational resilience.
- Bringing reputational value to its customers.