Based in Detroit, the client stands as a prominent global automobile manufacturer. With expertise in designing, manufacturing, and marketing a comprehensive array of vehicles, ranging from electric cars to heavy trucks, the client caters to the diverse requirements of drivers worldwide. Operating across five continents, the company has a workforce of 180,000 individuals and proudly produces vehicles under eight distinct automotive brands.
The client’s reputation and financial performance can be significantly affected by various risks, including natural disasters, cyberattacks, regulatory changes, supply chain disruptions, and product recalls. To safeguard against or minimize these risks, clients must maintain constant vigilance over potential business threats and continually adapt their Audit, Risk, and Control activities to address emerging challenges.
Being one of the largest global automotive companies, the client dedicates considerable time and resources to identify, mitigate, and monitor risks. They understand the importance of proactively managing risk to protect their reputation and ensure the stability of their bottom line.
The client faced challenges in obtaining a comprehensive overview of their risk portfolio because they relied on four separate systems to support their Audit, Risk, and Control activities. Each department operated with distinct workflows and faced different technical obstacles.
Absence of real-time view: The utilization of separate systems posed difficulties in obtaining a real-time view and comprehending the connections between risks, controls, and issues across the organization.
Understanding inter-division risk relationships: Assessing how risks within one business area might impact other divisions was challenging. The fragmented systems hindered a clear understanding of these interdependencies.
Inadequate systems: The SOX team struggled with a highly adapted system that was complex to manage. The Operational Risk Management team required a robust survey function to facilitate regular risk and control assessments. Meanwhile, the Audit team relied on a system approaching its end-of-life stage.
To enhance risk management throughout its global operations, the client decided to use IBM OpenPages with Watson to consolidate its Audit, Risk, and Control processes and procedures. The OpenPages software was implemented as a shared platform for the Audit, Risk, and Control groups, enabling seamless data sharing. The implementation process involved the client’s IT department taking the lead after an initial planning phase, with IBM providing technical support as required.
Cost-effective implementation: The client’s primary concern was the cost of implementation. Proof-of-concept projects were executed to demonstrate the ease of building the required system with IBM OpenPages. Setting up a basic implementation with minimal customizations proved to be relatively straightforward. This allowed for a gradual introduction of users to the platform, addressing any issues or adding functionality as the project progressed.
Agile-like approach: The implementation of the OpenPages solution followed an agile-like approach. Beginning with near out-of-the-box pilot environments, the client’s groups were able to develop and refine their business requirements and configuration needs based on their understanding of how the system would look, feel, and perform. This approach resulted in better decision-making, reduced rework, and a more efficient implementation timeline.
Shared data platform: The project’s success relied heavily on data sharing. In the past, the Audit, Risk, and Control departments had varying interpretations of the company’s structure and processes. Implementing OpenPages fostered a shared understanding among these departments, making it easier to investigate risks that affected multiple areas.
By bringing all stakeholders together to improve risk management and control assurance across the organization, OpenPages strengthened support and collaboration between departments. The client standardized the process inventory and established a unified view of the company’s organizational structure.
The client has attained a comprehensive and detailed understanding of potential business risks by leveraging the OpenPages with Watson platform to facilitate Audit, Risk, and Control activities. Using the platform empowers the client to exercise greater control over risks, leading to enhanced risk management capabilities and the avoidance of reputational damage. This newfound visibility spans across the entire enterprise, enabling the company to effectively manage and mitigate risks, ultimately preventing financial losses.
Reduced costs: IBM OpenPages solution reduced licensing and maintenance costs by consolidating four systems into one.
Improved consistency: The solution helped increase consistency by standardizing the process, risk, control, and issue structures and hierarchies.
Speedy analytics: The IBM OpenPages made quick data analysis possible with a single source of truth for Audit, Risk, and Control data.
Our GRC experts implement a bespoke strategy to effectively manage and monitor your third-party risks.
With the help of our efficient methodology and deep knowledge of IRM best practices, we help you get a rapid return on your project and software investment.
Agile, Waterfall, or a combination of both - we discuss your requirements and suggest the best methodology for implementation.
We work with your development team to make real-time adjustments to the OpenPages in your development environment by doing a gap analysis.
With the help of instructor-led 8-hours long training courses, we guide your implementation team through the OpenPages configurations.