- Corporate Security
- Governance, Risk & Compliance
- Information Security
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
As one of the top financial institutions in the world, ranking in the top 150 of the Fortune 500 in 2018, BNY Mellon understands the criticality of a scalable risk management solution for their growing business – and their in-house, Excel®-based IT Risk Management solution was not cutting it. To learn more about how BNY Mellon tackled this challenge, Resolver spoke with Christopher Cirone, Technology Risk Management and Jonathan Dong, Vice President, Technology Resilience and Control Governance at BNY Mellon.
“We quickly recognized that there was a lack of ability to scale when we were using Excel®,” said Christopher Cirone, Technology Risk Management. “It was very error-prone, and things were falling through the cracks.”
BNY Mellon serves hundreds of thousands of customers worldwide, so there isn’t any room for overlooked risks and missed opportunities. To ensure this, they began looking for a way to scale up the number of risk assessments that they could complete annually.
After reviewing several vendors, BNY Mellon ultimately chose Resolver’s RiskVision software because of the extensiveness of its capabilities. As a team that’s expected to produce, they were confident that they’d be able to do so with this solution. Additionally, the fact that they didn’t need extensive development work to get up and running was key to ensuring that they could drive adoption and build a risk culture within their organization.
The extensive automation capabilities in RiskVision will allow BNY Mellon to drastically increase the number of assessments they get done every year. Currently, they complete 100 assessments per year. Their goal is to triple or quadruple that number in 2019, mainly through the software’s ability to automate aspects of the assessment workflow.
“That will be our key win in 2019,” said Jonathan Dong, Vice President, Technology Resilience and Control Governance.
Moving forward, they hope to use the solution to automate and collect data throughout the company, reducing “assessment fatigue” by eliminating the need to ask the same questions repeatedly. One of the features that drew them to Resolver’s RiskVision software was the fact that it could do the work of three separate programs. RiskVision provides a way for BNY Mellon to use a single tool to automate their assessment process and generate the findings and risk scores. This information allows them to make data-based decisions that will positively drive results for the business.
Resolver helps the world’s leading organizations reduce the frequency and severity of negative events. Risk, security and resilience professionals use our software solutions to provide actionable insights and control operational costs.
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