International Personal Finance: Boosting risk management with real-time insights

Introduction

International Personal Finance (IPF), a global leader in consumer finance, recognized the importance of robust risk management to maintain their competitive edge. Originally relying on manual processes, IPF needed a risk management solution that would streamline operations, enhance visibility, and reduce the time spent managing and reporting risks.

The challenge

Before, IPF relied on an Excel-based tool developed in-house to track and report risks across its numerous business units. This led to inefficiencies - as version control, real-time visibility and data consistency were difficult to maintain.

With expanding operations and increasing regulatory scrutiny, IPF realized they needed a more comprehensive system to scale with their growing business needs.

Finding the right solution

IPF’s search for a solution led them to Ideagen Risk Management, which stood out for its ability to cater to the complexity of their internal control processes while being compatible with their IT infrastructure.

They prioritized three key modules: 

• The Risk module, which brought risk management to life with a dynamic, integrated process. 
• The KPI module, enabling organization-wide performance measurement. 
• The Action module, which consolidated all action plans and key projects into one centralized location.

Implementation and impact

The implementation marked a pivotal change in IPF’s risk management approach:

• The system provided a centralized data repository for risks, controls, KPIs and actions, simplifying how data was accessed and analyzed across business units. 
• Stakeholders gained real-time insights into risks, enabling quicker, better-informed decisions to safeguard the company. 
• The automated processes allowed IPF to reduce reporting time, freeing up resources for more value-adding activities.