Case Study | Fintech | Outsourced Risk Management

Building and Managing Client's Technology Risk Function

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About the client

The client, MO is an established solutions vendor for risk and regulatory reporting.

Over the last few years, its solutions have expanded to provide Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) in addition to its traditional on-premise product.

The Challenge

As its service grows, the Client required expertise to manage Technology Risk for its cloud services. MO must meet different regulatory and control requirements for its on-premise and cloud environments.

Managing technology risks for both platforms requires the involvement of experienced senior risk management professionals. The client did not have enough resources and capabilities in-house to manage its technology risks in the cloud. As such, they decided to outsource this to Pragma's Risk and Compliance Consultant to support the technology risk management process for their cloud solution. 

The Solution

Pragma's Risk and Compliance Consultant provided expertise as and when required, from day-to-day risk management tasks to driving risk management strategy. Our activities include:

  • Conduct risk reviews, maintain the risk register, assess new risks, and facilitate quarterly risk management meetings
  • Led a special project to establish policies and provide training related to sensitive data segregation
  • Assess use of tools to enhance automation on managing risks

MO also entrusted Pragma to support its other business functions, such as:

  • Coordinate MO’s business continuity and disaster recovery activities for its cloud business
  • Support the CSO function for security initiatives and requirements, such as creating cyber incident plans
  • Coordinate audit activities

Outsourced risk has yielded significant time and cost savings for MO as they can tap onto a pool of experienced resources as and when required. MO also demonstrated compliance to relevant regulatory and industry standard requirements pertaining to risk management.

Benefits

Save Resources

By outsourcing risk to Pragma and relying on our expertise, MO gained significant cost and time savings.

Compliance

Pragma helped MO achieve compliance to regulatory and industry standards regarding risk management.

Risk mitigation

Pragma's expertise helped MO with their risk management tasks and improved their risk management strategy.

Due to non-disclosure agreements with our clients, we are unable to disclose clients’ real names in some of our case studies.

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