ReadiNow - Agile BC Management - Case Study
This is a case study from BCI partner Readinow.
Case Study: Discover how one of Australia's largest banks implemented an agile business continuity system
Today organisations are extremely complex and constantly reinventing themselves. For many, this dynamic approach often poses greater challenges for building operational resiliency. In such a situation, no matter what industry you work for, an agile and robust business continuity system becomes critical.
In this case study, we will provide detailed insights on how an agile business continuity system helped one of Australia’s largest banks achieve business resilience.
Bank’s legacy business continuity management process lacked the ability to control and assess risks. As a result, the leadership was unable to get a holistic view of their exposures to risk. The data was outdated, and manual processes affected decision making. Limitations to the traditional system also included:
- Increased liability, due to the non-standard approach to risk management.
- Inability to report on risks.
- Limited capability to collate and validate the status of risks and controls.
- Low productivity with increased cost.
- Required huge investments in resources.
- Existing system was end-of-life, the institution was dependent on an outdated tool.
- Spreadsheets to manage the risk register.
- Lack of automation led to manual data collection exercises.
Bank utilised the ReadiNow platform and was able to lift the business resilience maturity across the organisation. It created faster and an intuitive business adoption. The enhanced risk visibility improved internal business processes.
This agile solution is configured to the bank’s specific requirements. The use of ReadiNow helped risk management professionals to make more informed business decisions based on real-time and accurate systems, as well as empirical quantitative and qualitative data.
They have built their business continuity processes on a flexible, centralised platform. This means that instructions are immediately accessible on mobile devices and that plans can be adapted swiftly without needing an army of developers.
ReadiNow’s platform is a solution with the ability for nontechnical business users to modify, extend, or even create applications with zero coding. It provides an end-to-end complete suite of Governance, Risk and Compliance (GRC) solutions.