Risk Teams

CoVi helps Risk Teams Embed Risk|Reduce Reporting|Monitor Risks|Deliver Risk Strategy|Retain Knowledge through simplification|visualisations|automation & Analytics|bottom-up approach|codification with CORE|CORE & ANALYTICS|ANALYTICS|CORE|CORE

Embedding Risk

Is there a lot of handholding and convincing to get the business teams to review their risks each quarter? CoVi is simplifying the risk and compliance language to improve business engagement.

Current risk frameworks have a tendency of using theoretical concepts to set our how risk should be managed, leaving business confused. CoVi simplifies the language, making it more action oriented leading to better engagement. Our unique approach also means lower training requirements and better embedding of risk culture in the business.

Manage not Measure

Spending most of your time measuring risk, leaving you little or no time to consider the effectiveness of the controls in place to manage the risk? CoVi focuses on Controls assessment over risk measurement.

At CoVi we believe that understanding the controls environment takes priority over a detailed understanding of the risk impact. Our process allows business teams to focus on assessing the effectiveness of their controls environment, with the risk assessment and modelling being driven based on the controls data. This change in perspective also significantly improved business engagement.

VIUSALISED INSIGHTS

Stuck in a vicious reporting cycle, spending 40+ hours on a report that committee members spend 15mins to review – without comments? CoVi is replacing words with visuals.

A picture is worth a 1000 words, so why are we writing long reports? CoVi’s approach to reporting is visualisation. All our visualisation are action oriented, trying to answer one question – “so what”? So what actions do I need to take after seeing the information a particular way. If helps risk teams ask the right question and help the business take appropriate remediation actions.

Regulatory lineage

Taking weeks to trace how business operations meet regulatory requirements following a supervisory question? CoVi turns those weeks into mere seconds.

CMILE links directly with CORE, providing a clear path between the regulation, its interpretation and how it has been operationalized by the business. CoVi unifies the entire compliance process, allowing Risk teams to repond to queries from the regulators or business in minutes rather than days or weeks.

Auto Monitoring

Making requests for data from the business which already exists in other forms across the business? CoVi allows you to plug in existing data assets.

CoVi eliminates the replicated reporting within the business. Leverage existing data assets, such as financial reports and regulatory returns, to monitor the risk exposure. We also have external data feeds that businesses can tap into to manage risk, e.g. Op risk Events, longevity tables, Fraud database etc.

Breaking Silos

Is the business operating in Silos, only seeing the firm wide risks at the Risk Committee? CoVi helps manage all risks, breaking down silos.

By improving transparency and accessibility, CoVi allows different teams to view firm wide risks and rely on controls operated by other teams. This level of transparency improves accountability within the business, allowing risk teams to have more meaningful discussions around how business can manage risk better.

Delivering Strategy

Having trouble communicating and implementing Board’s risk strategy to the business in a bottom-up manner? CoVi’s action oriented approach makes that simple.

Our action driven approach means that the Board’s strategy is translated into actionable indicators that the business manages – a bottom-up approach. This allows the Risk teams to pin-point exactly which part of the business is lagging behind and what risks it poses to the Board’s strategy when things start to slip.

Knowledge Retention

Changing your approach to risk management every three years due to turnover in the team? Codify the fundamentals of your framework with CoVi’s.

Limit changes to your approach following a change in the risk team. This is disruptive to both the risk team and the business. CoVi helps retain the risk knowledge so the next time there is change of CRO or Head of Risk, the existing processes are not at a threat of subject to change due to lack of understanding or documentation.

Find out how CoVi is simplifying compliance? Request Demo