Senior Management in financial institutions are overwhelmed with multiple metrics and assessments covering different risks, performance targets and compliance requirements.
Internal Governance processes are often ineffective and inefficient due to the ad hoc use of spreadsheets and email
The Governor Solution
Governor is a software system that provides functions for:
“Internal governance includes all standards and principles concerned with setting an institution‟s objectives, strategies, and risk tolerance/appetite; how its business is organised; how responsibilities and authority are allocated; how reporting lines are set up and what information they convey; and how internal control is organised.
Internal governance also encompasses sound IT systems, outsourcing arrangements and business continuity management”
EBA: Guildelines on Internal Governance
“Once the Board had approved a Risk Appetite Framework, governance structure and relevant metrics we sought out solutions that would allow the risk appetite to truly live in the organization. We found this in Governor Software – elegant but powerful status management and supported by a robust workflow.”
Chief Risk Officer, European Bank
“One of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank group level, across business lines and between legal entities. Some banks were unable to manage their risks properly because of weak risk data aggregation capabilities and risk reporting practices. This had severe consequences to the banks themselves and to the stability of the financial system as a whole.”
GOVERNOR takes a unique approach to these problems by utilising the newest technologies and research on network theory and complexity theory. It enables organisations to draw a map of their risks and objectives and then define appetites and limits at each node. Embedded workflow and integration technologies enable data to be manually or automatically loaded (from risk, compliance, financial or transactional systems) and the system automatically calculates the status against appetite and displays this to the relevant executives. The visualisation, flexibility and ease of use is what sets GOVERNOR apart from other approaches to solving these important issues.