A major financial services company sought to enhance its operational risk reporting by implementing revised key risk indicators (KRIs) to provide actionable risk information, satisfying both business needs and regulatory requirements. Premier Alliance utilized a six-sigma project methodology and industry-standard frameworks to assess and address the company's practices, leading to a more effective risk analysis program. The client benefited from Premier's expertise, which aligned with their budgetary constraints and desire for organic resource utilization.

1. MAJOR FINANCIAL SERVICES COMPANY USES NEW KRI’S TO
IMPROVE OPERATIONAL RISK PROGRAM
Situation
A Fortune 50 financial services company was in need of improving the maturity and effectiveness of their operational
risk reporting function. Specifically, improvements were needed to 1) ensure that the business units were getting
relevant, usable risk information and 2) that the program would satisfy regulatory risk management requirements.
360° Thinking
The team needed both strategic and tactical expertise to be successful. A full knowledge of regulatory and
operational risk issues would be required to assess the needs and provide strategic direction. Tactically, a “roll-up-the
sleeves” attitude and competency would have to be brought to bear to assist with the implementation. This delivery
would have to include team members who could quickly understand business issues as well as the current internal
and external operating environments in order to lead the client’s diverse teams. (Per the client’s request, organic
resources were to be used as much as possible).
Premier Alliance Delivery
Premier Alliance used a proven Six-Sigma project methodology of Define, Measure, Analyze, Improve and Control
(DMAIC) to provide a standard base from which to manage the project. After defining the core issues and assigning
workstreams to address them, the team used a COSO-based framework to provide an industry standard control
structure to all activities within the effort. After assessing current practices it became clear that the cornerstone of the
project/program would involve the creation of revised key risk indicators (KRI’s), which would provide business
leaders with risk information vs. data. Facilitated working sessions with the client’s risk managers used a mix of
existing data along with new to provide more actionable indicators, while decreasing the amount of raw numbers
being reported. These new KRIs along with other roadmap improvements paved the way for a more robust, forward-
looking program and began the shift from a commoditized function to one of true risk analysis.
Why Premier Alliance?
Simply stated, Premier used seasoned industry experts to quickly assess and methodically implement a solution that met the
client’s needs. This solution resonated with the client because it was based on real world, industry-standard experience. The
small “footprint” of resources delivered was in line with the client’s expectations, and used organic resources in order to keep
costs within their budget. This is the Premier difference: We deliver talent where it is needed to ensure success.
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