Real-time risk insights greatly enhance operations at International Personal Finance
International Personal Finance (IPF) is a leading international home credit and digital provider of consumer finance
IPF was originally the international operation of the Provident Financial Group which was founded in the UK by Joshua Waddilove in 1880.
It is publicly listed on both the London Stock Exchange and Warsaw Stock Exchange
Today, IPF has more than 1.7 million global customers and reported revenue in 2020 of £661m.
International Personal Finance (IPF) operates in a challenging and dynamic market that requires a robust risk management system to facilitate quick decision-making.
We identified that we could produce better quality, faster reports with Ideagen Risk Management, a tool that easily catered to the complexity of our risk and internal control process - and number of users - whilst being compatible with our IT infrastructure.
The challenge
Before they implemented Ideagen Risk Management, IPF used an internally developed Excel-based tool to identify, assess and report risks across their business units and group. This reliance on a non-customized risk management tool resulted in significant inefficiencies.
As a growing organization serving customers across 11 countries, and one that is coming under increased regulations, IPF recognized the need for a risk management solution that was comprehensive, scalable and delivered real-time visibility and control of their risks.
After selecting Pentana Risk, IPF prioritized three of the eight modules available within the software in the early days of adoption:
- The Risk module - bringing risk management to life as a dynamic and integrated process and allowing IPF to identify, assess, prioritize and control their risks.
- The KPI module - providing an integrated, organization-wide repository for performance operation data, enabling IPF to measure their risks.
- The Action module - designed to consolidate all action plans, initiatives and key projects in one location.
Reduced time to reporting, more time for value-adding business activities
Claudia Cruceru, Group Governance and Risk Manager at IPF, is quick to highlight the time savings the organization has made since implementing Ideagen Risk Management and speaks of the operational enhancements the software has brought to the business: “With Ideagen Risk Management we have gained a powerful reporting tool.
Not only has our time to report risk decreased significantly but also, more importantly, we now have greater and more dynamic reporting capabilities.
”Mrs Cruceru goes on to say that in a corporation with multiple business units, Ideagen Risk Management allows them to implement changes to their risk management programme more efficiently and effectively than ever before.
With significant responsibility on individual risk owners, IPF’s risk management model is now supported by software that provides real-time access to data across all business units.
This means that risk owners can get the right insights at the right time to safeguard their organization.
Likewise, real-time visibility of risk is informing crucial decision-making, enabling senior leaders at IPF to focus their efforts where they are needed most.
Benefits
Streamlined reporting
Centralized data repository for all risks, controls, KPIs and actions
Faster identification of risk and assessment process
Discover how Risk Management can improve your operational resilience through real-time risk insights