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Fortifying a new era of trusted banking relationships

At a time when financial institutions are exposed more than ever to financial, reputational, regulatory, and operational risks, a U.S. financial institution made a key strategic decision: reevaluate, reimagine, and fortify its approach to risk management as they usher in a new era in banking.

Working with KPMG, the bank reexamined its risk approach: tools, methodologies, and processes, from top to bottom. We helped the bank design and implement an appropriate risk management program, remediate areas of regulatory concern, review, and strengthen its operational resilience, and provide deeper insights on the institution’s risk profile to proactively identify issues in the future. Today, the bank can continue to focus on the central tenet of its business: to be trusted by its stakeholders, the marketplace, and the communities it serves.

After sensitive company data was lost during a large workforce reduction, leadership of a global automotive manufacturer realized that its ability to successfully protect critical assets was limited and tactical, primarily focused on an IT-related detection capability. The board turned to KPMG for help developing an organization-wide strategy to manage insider risk for its most sensitive corporate data.

After three months of fieldwork, KPMG recommended an insider risk management strategy to help drive down insider risk quickly and guide continual improvement while controlling spend. Once approved by the board, we helped the company execute the strategy, including establishing a cross-stakeholder governance council, identifying the company’s most critical assets, developing controls for specific insider risk scenarios, and assisting with the day-to-day operation of the program.

With our guidance, the company now has: cross-functional oversight, controls and governance of insider risk management; three categories of insider threat training based on employee access to sensitive data; and a proprietary tool to improve detection of insider threats which helped reduce the false positive rate by two-thirds.