Internal Controls and Process Mapping for ERM
Enterprise risk management solutions for international bank
Standardization of Enterprise Risk Management
As part of implementing an ERM framework, an international bank needed to develop standardized process flows for its divisions in the US. The entire ERM project was due to be completed in 2 years, with this being an initial phase. Create process flows to graphically portray the trade lifecycle for all financial instruments. Flows needed to include any touch-points with other departments, systems involved, governance, risks and controls including those mandated by Sarbanes-Oxley (SoX).
The project required a multi-skilled resource who was both a process flow expert and a strong project manager.
The Golden Source of Process Documentation
Vaco’s solution was to standardize and replace any existing process flows created for various purposes from other projects. The implemented project flows continue to be maintained and signed-off annually, becoming the golden source of process documentation for regulators, internal audit, new hire orientation, and others. Vaco provided a resource with extensive process flow experience at multiple clients using a number of different software tools; and who was an accomplished project manager.