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The OPSEU Pension Trust (OPTRust) invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 84,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario and equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
“GRC Cloud’s drill-down Dashboards, powerful Workflow and advanced Document Management features, combined with the platform’s intuitive interface make it easy for OPTrust to see issues and react quickly.”
OPTrust was handing their Internal Audit processes manually using a combination of Microsoft Excel® and Access®. OPTrust documented their audit process using Access’ queries, tables and reporting features. Any changes would have to be done manually. Additionally, there was a severe lack of flexibility and efficiency in creating and presenting reports.
OPTrust selected Resolver’s GRC Cloud to improve the efficiency and flexibility of their internal audit program. GRC Cloud’s strengths in process automation and reporting within a single platform enabled OPTrust to reduce the amount of time, money and effort that was being put into their internal audit program. GRC Cloud’s drill-down Dashboards, powerful Workflow and advanced Document Management features, combined with the platform’s intuitive interface make it easy for OPTrust to see issues and react quickly.
Using GRC Cloud, the OPTrust team was able to significantly reduce their time spent on aggregating, analyzing and presenting data. Not only did the software provide the management team with easy access to real-time information, it improved overall efficiency with its ability to allow users to make updates directly, without having to wait for Analysts to become available.
Compared to Microsoft Access® and Excel®, OPTrust found GRC Cloud to be exceptionally user-friendly. Several factors simplified the process including Dashboards, Document Management, and Workflow. GRC Cloud’s Dashboards can be drilled-down with the click of a button for deeper understanding. Our document management features allow users to upload MS Word, Excel, PowerPoint and Visio files or create these documents using charts and other visualizations built from realtime data in GRC Cloud. They never have to worry about version control – the Audit Trail feature takes care of it for them. Finally, Workflow allows OPTrust users to automate and standardize their processes. These factors combined with an intuitive user interface, allow our platform to take care of the logistics so they can focus on what really matters.
Prior to using GRC Cloud, OPTrust used Excel® for the Case Audit portion of their process while handling the rest in Access®. GRC Cloud enabled them to consolidate all aspects of their audit program in one platform. For example, it has given OPTrust the option to calculate all risk calculations simultaneously across the organization or to choose which risk, process, product or function to calculate.