Model Governance Process Review and Gap Remediation

CHALLENGE
Our client identified that its business lines’ procedures did not align with corporate risk standards and noted inconsistencies in the application of risk management policies. To remediate internal audit findings and ensure consistency, client leadership decided to obtain a gap analysis with recommendations for future process enhancements.

SOLUTION AND DELIVERY
The GPC team assessed compliance with corporate standards, reviewed consistency of procedures across business lines and lead efforts to remediate internal audit findings. To satisfy the requirements of this engagement, our team developed a gap methodology assessment framework to measure and score the completeness of each procedure.  The team conducted walk throughs with each business area to discuss the identified gaps and to agree on proposed remedial actions.

Based on the findings from the assessment, the team executed updates to the current-state procedures to remediate identified process and control gaps to ensure consistency and alignment to Corporate Standards and to address internal audit findings.

The GPC team provided on-site support during implementation, and developed training and templates to assist with the rollout out of the new procedures.

IMPACT AND LASTING VALUE
The client’s procedures in the analyzed lines’ of business are consistently applied and compliant with corporate policies. The GPC team introduced additional depth to the procedures, and ensured that the roles and responsibilities are well defined with controls clearly identified.  This compliance, along with the standardized procedures, increases the confidence that management has in day-to-day risk management operations. These improvements will lead to improved external and internal audit results and overall efficiency.