CalQRisk / Unio Case Study

Abstract

When Unio first engaged with CalQRisk they had been using spreadsheets and other documents to manage their risk and compliance framework. At that time much of their risk assessment, task tracking, monitoring, and audit programmes were paper-based and they found that extracting the data and trends they needed to support reporting could not be done using real-time information.

Unio wanted to source a system that would integrate several different processes across the organisation; they also wanted a solution that would ensure that the processes around their risk assessment and other programmes would remain consistent.

Automated Risk Register creation, Compliance Monitoring, and Audit Findings tracking were some of the key requirements Unio wanted from their new solution. Following market analysis, they made the decision to license CalQRisk and implement it across the organisation, thus enabling the automation of their manual processes.

Today, Unio continue to experience increased operational efficiencies thanks to the automation and integration that is enabled by CalQRisk. Significant time savings are made on a daily basis as they manage, report, and communicate their risk and compliance positions using CalQRisk and utilise the instant access to that information that CalQRisk allows. In addition, Unio now has a streamlined audit programme in which findings and actions can be logged, tracked, and reported at the touch of a button.

MicrosoftTeams-image (4)

Darrin Harty,
Head of Risk & Compliance

‟CalQRisk is essential for any organisation that needs a risk management & compliance solution that will evolve with their business and provide them with the essential ingredients that will allow them manage their risk and compliance framework on an on-going basis ‟

Unio

Unio is the coming together of three leading wealth management and employee benefit companies with the backing of Great-West Lifeco (GWL). The combined expertise and heritage of Invesco Limited, Acumen and Trust and APT, stretching back to 1991, oversees circa €14bn of assets on behalf of personal and corporate clients

Challenges faced by Unio

Unio is a Central Bank of Ireland (CBI) regulated firm and operates within a highly regulated environment. Having to comply with numerous regulations and processes while also being subject to regular internal audits and ensuring compliance with CBI regulations, data protection legislation, and more puts significant demands on resources – requiring the conducting of continuous risk assessments as well as an ongoing cycle of compliance monitoring. This is all in addition to the challenges of managing risks to the organisation’s strategic and operational objectives (e.g. cybersecurity, recruitment, etc.)

The tools Unio were using did not satisfy their governance, risk management and compliance ambitions. The effort of generating meaningful and timely reports for the management team was a drain on time resources. Getting meaningful insights from all of their manual processes proved difficult, and Unio became frustrated with the inefficiency of their existing solutions.

Unio were looking for an integrated approach to both risk management and compliance. They also wanted to involve staff across the firm in their risk management and compliance monitoring programme, so an easy-to-use solution was critical.  It was also important to Unio that they could demonstrate to external parties such as regulators, auditors and clients that risk management is taken seriously and adopting an appropriate software solution was key to doing this.

The Solution - CalQRisk

At the end of their procurement process, Unio made the decision to licence CalQRisk and to implement it across the firm, thus enabling the automation of their governance, risk and compliance processes. The CalQRisk modules they adopted to address their needs include:

Risk – ensuring a consistent assessment of risks against established risk criteria / impact matrix and the production risk registers at the touch of a button. Unio can also monitor and report on their risk appetite across the firm.

Dashboards - enables the senior management team to view the real-time risk and compliance position of the firm. Users can drill down into the relevant management information from the dashboard.

Tasks – Unio assign and manage the completion of identified improvements to their control environment through the Task module. Tasks can be tracked and reported on at the touch of a button, and evidence easily generated for audit purposed.

Incidents - used by Unio to record and report on incidents, near misses and potential compliance breaches which are then linked to relevant risks and tasks.

Complaints – Unio use this module to manage any complaints they may receive from their clients which allows them manage complaints in line with Central Bank of Ireland regulations.

Audits – Unio have streamlined their audit programme through their use of the audit module. Findings can be logged, tasks linked to findings and reports can be generated at the touch of a button.

Monitoring - this provides the organisation with gap analyses against their current legal and regulatory obligations (e.g. Consumer Protection Code, Minimum Competency Code, General Data Protection Regulation, and much more). Unio can also use this module for focused testing of the application of key controls across the firm, allowing them to pinpoint where the weaknesses are in its risk and compliance framework.

Outcome

Unio is now reaping the benefits of an easily operated, firm-wide solution that represents tremendous value for money for them. CalQRisk allows them to utilise instant and dynamic access to information when reporting to the senior management team/board of directors. Risks are aligned appropriately, monitored and managed with users across the firm. Unio also benefits from increasing operational efficiencies thanks to the automation and integration ability that CalQRisk provides. They make significant time savings while effectively managing, monitoring and reporting on their risk and compliance position.

Ready to find out more?

Contact us today for a free tailored demo!

Request a Demo