SC Ventures and Resolver: Simplifying and Automating Risk and Compliance

SC Ventures is implementing a user-friendly governance, risk, and compliance (GRC) solution by the risk intelligence company Resolver. The first use case is Autumn, a fintech start-up powered by Standard Chartered. Learn how Autumn has become “the pioneer in shaping the future of GRC management using a best-in-class digital solution“.

The Challenge

GRC refers to a strategy for managing an organisation’s overall governance, enterprise risk management, and regulatory compliance. SC Ventures, the platform and catalyst for Standard Chartered Bank to promote innovation, was seeking an integrated software solution to enable ventures to manage risk through the monitoring and reporting of risk indicators, control performance, and operational risk events, and through tracking of treatment actions.

SC Ventures posted an Open Call for a GRC tool on the Fintech Bridge, a platform that connects start-ups, experts, and corporates. “With the challenge, we aimed for a solution that would support our ventures best, reduce complexity and increase efficiency; and at the same time provide us with a comprehensive window into risks and controls, and high scalability”, states Lorena Carbajo Gonzalez, leading the journey of the GRC tool implementation at SC Ventures.

The Solution

The Canada-based risk intelligence company Resolver was shortlisted from the Open Call and the new GRC tool is currently being implemented. “Resolver turned out to offer the simplest and most straightforward UI/UX, with the ability to be tailored to our requirements and offering integration solutions via API connectors”, adds Lorena.

Resolver’s holistic governance, risk, and compliance management solution transforms how leading organisations around the world manage risk. It minimises the risk of financial penalties and protects reputation using AI to identify and manage obligations in a user-friendly interface. “Our solution shifts risk and compliance from being cumbersome and inefficient into streamlined and user-friendly with an integrated suite of advanced functionalities”, explains Resolver CEO Will Anderson.

Time-consuming manual GRC processes are now being automated

The first use case of the new GRC tool is Autumn, a fintech start-up powered by Standard Chartered. Autumn offers a digital wealth, health, and lifestyle solution created to simplify future planning into small steps. The main challenge regarding risk management at Autumn is the manual process in assessing, recording, testing, and reporting risks and controls. The risk registers and control testing are currently recorded manually in spreadsheets. “Version control, approval workflow, record keeping, and audit trails become very difficult to be maintained”, states Billy Cheng, Business Operational Risk Manager at Autumn.

“The collaboration with SC Ventures has been fantastic. I am fully aware of the various pain points and challenges in using a complex GRC system”, says Billy who held a first-line business risk management role at Standard Chartered before joining Autumn. “By participating in this project since day one, I was able to work on tech partner selection, requirement definition, user testing, and reporting automation. The SC Ventures team has been very open and supportive of my recommendations to make the Resolver system fit-for-purpose and deliver true value. This will benefit not only Autumn, but also other fintech start-ups under SC Ventures”, Billy continues.

The collaboration not only solved GRC challenges but also promoted innovation

Resolver also appreciated the constructive partnership with SC Ventures: “The SC Ventures team was knowledgeable, driven, and wanted to challenge the status quo to get the most out of our solution”, says Will from Resolver. The collaboration between Autumn, Resolver, and SC Ventures has not only solved GRC challenges but also accelerated innovation. “Autumn becomes the pioneer in shaping the future of the GRC management using a best-in-class digital solution”, Billy from Autumn concludes.

This article was originally posted to the SC Ventures FinTechBridge site and was reproduced with permission.

Standard Chartered plc is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people.

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