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 honored 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
recognizes 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.
UK's largest business bank won the Celent
Risk Manager Award for transforming risk and change governance
processes.
"NatWest's exemplary approach showcases a commitment to
process excellence and operational efficiency," said Ian Watson, Head of Risk Research at Celent.
Watson continued, "utilizing 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 recognizes, 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
Center 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 optimize even
the most complex processes, from start to finish. The world's most
innovative organizations trust Appian to improve their workflows,
unify data, and optimize operations—resulting in better growth and
superior customer experiences. For more information, visit
appian.com. [Nasdaq: APPN]
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SOURCE Appian