Accenture has helped this large cooperative banking group in Italy implement a new risk management dashboard for wealth management and funds. The new portal will be used for risk limit setting and monitoring, Value at Risk (VaR) calculation and simulation, and asset allocation management.
To coordinate this project, Accenture managed the Program Management Office and collaborated with the bank’s internal coordinator, establishing shared governance of the project.
Accenture proposed and supported the formalization of a master plan for the project. It monitored the progress of activities and of the organization, and participated in operational meetings. It also facilitated ad hoc demand management for users by collecting issues raised by users, formalizing an issue log, and alerting the owners of these activities to a due date for resolution. This helped to prioritize activities and keep top management informed of progress.
The internalization of the VaR calculation method cuts outsourcing costs, delivering savings, while the new Risk Management Portal facilitates the achievement of improved VaR calculations that make use of greater detail.
Risk management controls for Wealth Management now cover 100 percent of client portfolios. By improving its risk management capability, the bank meets the requirements of regulatory authorities for better control of market risk for wealth management.
The new Risk Management Portal also puts in place a foundation for the development of future risk management processes and strategies.