A rapid two-month implementation transforms manual processes to a fully automated risk management framework
Protecht, a leader in risk and resilience software, today announced that Mansfield Building Society has selected its ERM Marketplace solution to digitalise and automate risk, compliance and operational resilience processes. The new unified risk management system implemented in only two months delivers the desired simplification of data capture for risk foresight and a long-term positive return on investment.
Prior to Protecht.ERM, Mansfield Building Society and its nearly 100 employees had been managing risk and compliance manually. This was becoming an inefficient and time consuming way to achieve organisational objectives and build operational resilience maturity to meet evolving regulatory demands.
Mansfield Building Society wanted to take its experienced and forward thinking risk team to the next level by digitalising its processes. The new Protecht.ERM risk and resilience platform digitalises and streamlines all components of risk in an interconnected way – risks, controls, actions, compliance policies and plans and key indicators are all inter-linked. This is expected to lead to a host of improved outcomes including better decision-making data, improved risk and compliance management, third party risk and resilience reporting, and enhanced regulatory relationships. The efficiency business benefits will include:
- Effort saved through the automation and simplification of data capture and business processes
- Massively reduced time spent on pulling together stakeholder and risk committee reports
- Additional staff capacity to concentrate on challenge, risk framework maturity and horizon scanning
Jim Stevens, Risk Executive, Mansfield Building Society says: “Protecht.ERM was the only solution on the market that delivered all that we needed in one single platform, including third-party management and operational resilience. We now have a holistic, actionable view and structured processes around risk management that allows all our employees to be engaged in risk auditing and horizon scanning and ensures we are completely up to speed to meet incoming legislation. We expect to be able to track a measurable baseline of ROI in time by proactively and continuously being able to monitor risk.”
Craig Adams, Managing Director EMEA at Protecht comments: “Mansfield Building Society from the outset was fully on board with all the business benefits and possibilities for organisational improvements that can be made from moving to a digitalised dynamic risk management system. We were delighted to have swiftly helped them take risk to the next level with the full suite of modules from Risk & Controls Self-Assessment, Operational Resilience to Third Party Risk Management. We are confident Mansfield Building Society will very soon be able to reap the rewards from the Protecht.ERM solution.”
Protecht has been working with Mansfield Building Society since December 2022, and supported its Secret Santa Appeal with a donation to help make sure children from less fortunate backgrounds receive a present from Santa.