Executive Summary
The client relied on manual, spreadsheet-driven operations, leading to high risk and costly errors — including multi-million-dollar losses from data entry mistakes. An Operational Risk Assessment identified critical vulnerabilities and implemented targeted controls like automation, template redesign, and high value transaction flags, reducing manual errors and strengthening operational resilience.
Business Challenge
- Customer had several manual processes run on GSheets and other operational tools, creating a high operational risk environment
- Multiple instances of operational mistakes leading to multi-million dollars loss. E.g., entering BTC as currency instead of USD
- Rapidly expanding business with a very high growth rate, leading to weekly operational changes
Business Challenge
- Customer had several manual processes run on GSheets and other operational tools, creating a high operational risk environment
- Multiple instances of operational mistakes leading to multi-million dollars loss. E.g., entering BTC as currency instead of USD
- Rapidly expanding business with a very high growth rate, leading to weekly operational changes
Our Solution
- Conducted Operational Risk assessment across all operational processes of the Bank
- Process review, tools review, and operational process testing to identify high-value, critical risks with high likelihood causes like fat-finger error and human error
- Classified risks based on value, impact, and business criticality and defined controls and solutions, including automation, template changes, and code changes
- Implemented quick win fixes across critical operational processes, for example, flagging high-value transactions
Key Results and Benefits
- Established a risk matrix with risk profile and heat map
- Define impact, criticality, and probability of risks across all operational processes
- Defined controls to address identified risks
- Implemented solutions for quick-win controls to reduce operational risk
- Automated high-risk operational processes using tools such as Alteryx
About ITC Infotech
ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry specific alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. ITC Infotech is a wholly owned subsidiary of ITC Ltd., a 100-plus-year-old diversified conglomerate with businesses spanning Hotels, Consumer Goods, Paperboards & Packaging, Agri Business, and Information Technology. ITC Ltd. has been in the hospitality business for over 4 decades. It has over 100 properties across 70+ destinations. The hospitality practice at ITC Infotech is 800+ people strong and most have experience in the hospitality domain leading to a high-quality IT service experience for its hospitality customers.
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