UK's largest business bank won for
transforming risk and change governance processes.
LONDON, March 21, 2024 /PRNewswire/ -- NatWest Group, the
UK's largest business bank, has been honoured with the Celent Model
Risk Manager Award of the Year for its successful initiative to
simplify and automate change and risk governance processes. This
award recognises the company's ability to reduce multiple
assessment cycle times using patterns of governance. One example
being product governance, which has fallen from 4.5 days to less
than 20 minutes, marking a key milestone in their 'moonshot' goal
of reducing cycle time from 73 days to 73 minutes.
"NatWest's exemplary approach showcases a commitment to
process excellence and operational efficiency," said Ian Watson, Head of Risk Research at Celent.
Watson continued, "utilising low-code automation as a catalyst for
agility and speed, empowering NatWest to unify data in data fabric,
swiftly re-engineer workflows, increase automation, and fortify
risk controls. This achievement exemplifies a remarkable synergy
between strategic foresight and technological prowess."
As the award recognises, NatWest faced challenges in navigating
multiple layers of internal scrutiny and approvals. A policy change
could take up to three to four weeks to complete under the previous
governance process. And with all the required change and risk
assessment, the time from idea to value could take three to four
months. The NatWest team found opportunities to automate 46% of
data in their governance processes.
"It used to take 73 days to go through governance, and our goal
was to reduce it from 73 days to 73 minutes. We knew that's what we
had to achieve," according to Steve Marjot, Head of Change at the
Centre of Excellence at NatWest Group. "Our low-code automation
solution became the central hub, the workflow management system,
and a key part of our data fabric, pulling in the right data and
rules when they were needed. We are still on the journey but great
progress has been made to-date."
Guy Mettrick, Industry VP of
Financial Services at Appian, commented, "The Change Governance
initiative at NatWest is set to lead the way now in creating
innovative process automation approaches for management teams,
empowering them to implement and execute changes swiftly and
effectively."
Learn how NatWest is boosting productivity, reducing risk, and
improving the customer experience here.
About Appian
Appian is a software company that
automates business processes. The Appian AI Process Platform
includes everything you need to design, automate, and optimise even
the most complex processes, from start to finish. The world's most
innovative organisations trust Appian to improve their workflows,
unify data, and optimise operations—resulting in better growth and
superior customer experiences. For more information, visit
appian.com. [Nasdaq: APPN]
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