Congratulations to NatWest for Winning the Celent Model Risk Manager Award of the Year
- NatWest Group recognized with Celent Model Risk Manager Award for simplifying and automating change and risk governance processes.
- Product governance cycle time reduced from 4.5 days to less than 20 minutes, showcasing significant efficiency improvements.
- Initiative aims to decrease overall cycle time from 73 days to 73 minutes, highlighting a focus on operational excellence and agility.
- Low-code automation utilized to enhance agility, speed, data unification, workflow re-engineering, and risk controls.
- NatWest automated 46% of data in their governance processes, demonstrating a commitment to innovation and efficiency.
- Change Governance initiative praised for innovative process automation approaches, leading to swift and effective execution of changes.
- None.
"NatWest's exemplary approach showcases a commitment to process excellence and operational efficiency," said Ian Watson, Head of Risk Research at Celent. Watson continued, "utilizing low-code automation as a catalyst for agility and speed, empowering NatWest to unify data in data fabric, swiftly re-engineer workflows, increase automation, and fortify risk controls. This achievement exemplifies a remarkable synergy between strategic foresight and technological prowess."
As the award recognizes, NatWest faced challenges in navigating multiple layers of internal scrutiny and approvals. A policy change could take up to three to four weeks to complete under the previous governance process. And with all the required change and risk assessment, the time from idea to value could take three to four months. The NatWest team found opportunities to automate
"It used to take 73 days to go through governance, and our goal was to reduce it from 73 days to 73 minutes. We knew that's what we had to achieve," according to Steve Marjot, Head of Change at the Center of Excellence at NatWest Group. "Our low-code automation solution became the central hub, the workflow management system, and a key part of our data fabric, pulling in the right data and rules when they were needed. We are still on the journey but great progress has been made to-date."
Guy Mettrick, Industry VP of Financial Services at Appian, commented, "The Change Governance initiative at NatWest is set to lead the way now in creating innovative process automation approaches for management teams, empowering them to implement and execute changes swiftly and effectively."
Learn how NatWest is boosting productivity, reducing risk, and improving the customer experience here.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
Follow Appian on LinkedIn and X.
View original content to download multimedia:https://www.prnewswire.com/news-releases/congratulations-to-natwest-for-winning-the-celent-model-risk-manager-award-of-the-year-302096137.html
SOURCE Appian
FAQ
What award did NatWest Group win for transforming risk and change governance processes?
How much did the product governance cycle time reduce by?
What was the company's goal regarding overall cycle time reduction?
What percentage of data did NatWest automate in their governance processes?
Who commented on the Change Governance initiative at NatWest?
