Promapp in the financial services industry
Many financial services organisations are familiar with managing risk, however the supporting processes, policies and procedures can be poorly documented and managed — if at all. The diagram below shows how Promapp provides a solution to this common problem.
Risk Management Framework
“A general insurer’s and Level 2 insurance group’s systems, processes, structures, policies and people for identifying, assessing, mitigating and monitoring risks comprise their risk management framework." APRA Prudential Standard CPS 220 – Risk Management*
* The new Risk Management (CPS 220) and Governance (CPS 510) standards under the Australian Prudential Regulatory Authority (APRA) come into effect January 1, 2015.
Contact us to see how Promapp can help you continue to meet these Prudential Standards today.
Customer case study
See how Aioi Nissay Dowa Insurance Company Australia is using Promapp to support risk management and compliance to the various regulatory and prudential regimes to which it is subject, including APRA.
Promapp also helps teams to:
- Document processes and procedures more clearly than traditional Visio / Word approaches
- Actively manage processes via inbuilt sign-offs and controls (vs. traditional approach of being filed and forgotten about until an issue arises)
- The simple process map framework, enables teams to collaborate on processes
- Foster a continuous improvement culture (vs. being reliant on projects or consultants)
A customer change management example
Lumley used Promapp to help its 14 branches throughout New Zealand collaborate on a new single process required from implementing a new system. The project that Promapp supported is outlined here.