ALL IN ONE PLACE – BUILD ON THE FOUNDATIONS…
Probitas 1492 is a modern, progressive Lloyd’s Managing Agent which champions innovation. Probitas chose to onboard the Decision Focus GRC Cloud based Governance, Risk and Compliance system to efficiently and effectively embed governance practices.
The choice to use the Decision Focus platform followed a recommendation from a peer Company in the Lloyd’s market.
The aim of the development was to use the Decision Focus platform to house all matters in relation to Governance, Risk and Compliance. This has been achieved, with Probitas deploying the new system in parallel with its approval as the Managing Agency for Syndicate 1492.
In order to get its regulatory approvals, Probitas needed to evidence a high standard of Governance, Risk and Compliance to meet the exacting standards of the market. Decision Focus was used to address a multitude of requirements:
- Risk Management – risk and control assessments, risk incident reporting, action tracking;
- Compliance – SMCR, Regulatory breaches, Business Timetable, Broker TOBAS and Policy Management; and
- Operations – third party risk assessments and supplier due diligence
“We chose Decision Focus given its innovative and collaborative approach, which allowed us to mould the platform to match our vision for the Managing Agency’s governance framework. The Decision Focus team’s flexibility and the ease of configuration helped us with establishing and embedding governance alongside seeking and achieving regulatory approval.
The Decision Focus team were highly knowledgeable in the field of Governance, Risk and Compliance, and the nuances of doing so within Lloyd’s market. We now have a single repository which we continue to leverage, providing a single source of data and analytical capability for GRC in the Company.”
Marcus Bale, Executive Director, Chief Operating Officer, Probitas
BENEFITS
ADDRESS ALL OUR RISK MANAGEMENT NEEDS IN ONE SYSTEM
Cutting Edge Technology
The Decision Focus solution is a modern, secure, cloud-native platform that allows Probitas to benefit from a wide range of user-friendly features. With the rich feature set, users are experiencing a simpler, easier and smart way of managing Risk and Compliance information.
Super-fast deployment
Probitas were able to establish the first round of supplier due diligence within the first quarter of the roll out. All suppliers access the platform’s Supplier Portal to undertake their Due Diligence responsibilities. This became a key requirement part way through the implementation and Decision Focus were able to pivot to deliver a slick solution incredibly quickly.
Integrated assurance solution “all in one place”
With the Risk Management, Compliance and Operations team all using the system for different, but related topics, the first line has one system to go to for all GRC matters. This helps consolidate the identification of risks, controls, incidents and actions with related matters such as policies, SMF requirements, control audit results and more.
“The Decision Focus team could provide real case study experience of solutions that had worked in the past to solve some of the challenges faced by CROs. This experience was invaluable in helping me develop practical solutions. The system is flexible and user friendly, so it was a straightforward task to take Decision Focus’ standard templates and tailor them to my specific requirements, giving us a low-cost, yet bespoke, implementation of the key systems and processes I needed to build in developing a risk management framework from the ground-up.”
Donald Brignell, Executive Director, Chief Risk Officer, Probitas
“I was really impressed with the way the Decision Focus team cut through the many Regulatory Compliance needs I had and enabled me to deploy the solution to the business in an easily digestible way. The team were highly dependable, delivering on time and on budget, and enjoyable to work with.”
Natalie D’Ambrosio, Head of Compliance, Probitas
HIGHLIGHTS
- Action tracking can be undertaken from a single repository;
- 100 percent of risk and controls assessed in first quarter;
- All suppliers established in register in first quarter and due diligence undertaken directly in the platform;
- Successful regulatory approval, underpinned by the ability to evidence a strong and coherent governance framework
ABOUT DECISION FOCUS
Decision Focus GRC software delivers enterprise SaaS solutions for managing risk, assess controls, and optimise all aspects of audit. Decision Focus is an intelligent GRC management tool, offering small and large companies and enterprises a scalable, futureproof approach to GRC – for all industries and sectors. It enables organisations to meet the increasing GRC demands - smarter and with fewer resources. As it should be. Contact us for more info.