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Satori orchestrates change; we deliver insight, add clarity and align business objectives to yield results. We go beyond the obvious and search for innovative solutions, working side-by-side with our clients to implement them.

Improving the management of operational risk

We overhauled our client’s Operational Risk Management Program to ensure it complied with changes in the regulatory and governance environments. Our contribution helped guarantee client compliance and ongoing adherence to industry best practices.

The Situation
Due to regulatory and governance changes, an evolving mission, and increasing demand from business constituents, the Operational Risk department of a Fortune 100 financial services firm needed to revamp its approach to managing operational risk. Major challenges included inefficiencies many aspects of the business including IT systems, policies & procedures, and lack of coordination among stakeholders.

The Satori Solution
We partnered with the client to design and build an overall Operational Risk Management Program. Starting with a current-state assessment of the organization’s operational risk program, we designed an optimal future-state vision and a roadmap to guide it. We also developed business requirements for an operational risk management system, revised policies and operating procedures to ensure they articulated the firm’s position on risk and risk practices, and established business relationship models that facilitated risk measurement and management. Finally, we defined a suite of Key Risk Indicators to ensure that the organization could address changes in the regulatory landscape.

The Results
Our carefully-tailored methodologies and program management are credited with increasing awareness of operational risk and raising the level of communication between the Operational Risk department and stakeholders. The client credits our engagement with having significantly improved its management of operational risk.