Protecht, a pioneer in risk and resilience software announced that Mansfield Building Society has selected its ERM Marketplace solution to digitalize and automate risk, compliance, and operational resilience processes.
The new unified risk management system implemented in only two months delivers the desired simplification of data capture for risk foresight and a long-term positive return on investment.
Manual management challenge
Before Protecht.ERM, Mansfield Building Society, and its nearly 100 employees had been managing risk and compliance manually.
This was becoming an inefficient and time-consuming way to achieve organizational objectives and build operational resilience maturity to meet evolving regulatory demands.
Protecht.ERM risk and resilience platform
Protecht.ERM is expected to lead to improved outcomes including better decision-making data
Mansfield Building Society wanted to take its experienced and forward-thinking risk team to the next level by digitalizing its processes.
The new Protecht.ERM risk and resilience platform digitalizes and streamlines all components of risk in an interconnected way risks, controls, actions, compliance policies, plans, and key indicators are all interlinked.
This is expected to lead to improved outcomes including better decision-making data, improved risk, and compliance management, third-party risk, and resilience reporting, and enhanced regulatory relationships.
Benefits
The efficiency business benefits will include:
- Efforts saved through the automation and simplification of data capture and business processes.
- Massively reduced time spent on pulling together stakeholder and risk committee reports.
- Additional staff capacity to concentrate on the challenge, risk framework maturity, and horizon scanning.
Holistic, actionable view and structured process
Jim Stevens, Risk Executive, Mansfield Building Society says, “Protecht.ERM was the only solution on the market that delivered everything we needed in one platform, including third-party management and operational resilience."
He adds, "We now have a holistic, actionable view and structured processes around risk management that allows all our employees to be engaged in risk auditing and horizon scanning and ensures we are completely up to speed to meet incoming legislation. We expect to be able to track a measurable baseline of ROI in time by proactively and continuously being able to monitor risk.”
Digitalized risk management
We were delighted to have swiftly helped them take the risk to the next level with the full suite of modules"
Craig Adams, Managing Director EMEA at Protecht comments, “Mansfield Building Society from the outset was fully on board with all the business benefits and possibilities for organizational improvements that can be made from moving to a digitalized dynamic risk management system."
He adds, "We were delighted to have swiftly helped them take the risk to the next level with the full suite of modules from Risk & Controls Self-Assessment, Operational Resilience to Third Party Risk Management."
Donations
Craig Adams continues, "We are confident Mansfield Building Society will very soon be able to reap the rewards from the Protecht.ERM solution.”
Protecht has been working with Mansfield Building Society since December 2022 and supported its Secret Santa Appeal with a donation to help make sure children from less fortunate backgrounds receive a present from Santa.
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