Aug 31, 2023
Nov 10, 2023

From Excel Spreadsheets to Automated Risk Management

Our client is a well-established organisation in New Zealand.

They are responsible for a diverse portfolio of products distributed nationwide through an extensive network of third-party retailers.

The Challenge

The client's risk management strategy relied heavily on a distribution network of third-party retail partners.

To protect themselves, they continually assessed these partners against various factors that might indicate potential non-adherence to policies or a heightened risk of fraud. This assessment was tediously performed manually using Excel, with their team sifting through vast amounts of data.

They sought a modern, automated system to not only streamline this process but also to allow other areas of the business to capitalise on this invaluable dataset.

Our Approach

  1. Getting the big picture: Initially, we dedicated time to fully understand their current process and needs. By identifying the specific needs of their team and recognising gaps, we outlined a roadmap complemented by desired features.
  2. Data detective work: Armed with this roadmap, we played detectives with their data. Our focus here was to identify data points, quality, and opportunities for enhancement, laying the foundation for our solution.
  3. Building and updating the risk model: By updating and refining the risk model, we ensured the inclusion of the most recent data, bolstering the model's accuracy and reliability.
  4. Surfacing the risks: To help the team keep track of the insights and risks whenever they need it, we created a risk hub dashboard - their go-to place for staying in the loop.

The Outcome

Automated risk management transformed the way the team approaches potential business risks.

Instead of sifting through mountains of data, they could now get a snapshot of their risk landscape at a glance. This not only makes their decision-making faster but also more informed.

The real-time updates mean they’re always working with the freshest data, minimising the chances of oversight and allowing them to stay one step ahead.

Key Client Benefits

Automated Processes

With automation in place, the team can now focus on decision-making rather than getting bogged down with manual data updates. This efficiency has transformed their day-to-day operations.

Saving Time

No more hours spent sifting through Excel spreadsheets, saving the client around 10 hours every week. The dashboard provides quick insights, freeing up valuable time for the team to tackle other important tasks.

Enhanced Precision

With continuous data updates feeding the risk model, the team is assured that they're working with the most current information, ensuring decisions are based on the latest insights.

Empowered Decision-making

The improved risk model combined with an intuitive dashboard not only equipped the Risk and Assurance team for better-informed decisions but also allowed them to compare metrics over time, revealing underlying patterns. This holistic insight led to superior risk management outcomes.

An illustration of a analyst creating a data report for a insights dashboard.

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