Bringing order to the chaos of Operational Risk

Empowering financial security through expert guidance

Daniel Pheasant is Head of Operational Risk at Mortgage Advice Bureau, a leading network of mortgage and protection advisors in the UK, that empowers individuals and families to achieve their homeownership dreams.

Their network of Appointed Representatives (ARs) provides expert financial advice, navigating the complexities of mortgages and protection plans to find the best solutions for their clients. By ensuring access to qualified guidance across the UK, MAB fosters financial security and stability for communities nationwide.

The challenge

The chaos of constant regulatory change

Mortgage Advice Bureau faced a growing challenge: navigating the ever-shifting landscape of financial regulations. Keeping up with the ever-changing regulatory landscape consumes significant time and resources. New regulations like Consumer Duty, Operational Resilience, and SMCR place a heavy burden on ensuring compliance with the Financial Conduct Authority. Additionally, data security and maintaining consistent processes across a large network are crucial challenges.

In an industry where regulations change with alarming frequency, MAB needed to clarity and confidence of their current state to stay compliant. Each regulatory change introduces new hurdles to overcome. Daniel noted that, "UK regulations for financial services just seem to be ever-changing. It's very rarely a year goes by where there isn't a big impactful change."

Moreover, the increasing importance of data adds another layer of complexity. Daniel notes, "Data is now one of the key commodities across the whole of financial services, and the reliance and need for data just continue to be growing." Amidst these challenges, MAB is wanting to build a resilient and responsible business while remaining agile to regulatory shifts.

The solution

Getting their GRC processes in order

To address these daunting challenges, Daniel turned to Ansarada's GRC platform as a beacon of hope. Having encountered Ansarada in a previous role, Daniel recognised its potential to bring order to MAB's operations. He recalls, "When we were looking to bring in a GRC platform to MAB, it was one that jumped to the front of mind to look at straight away."

Ansarada's appeal lies in its ability to provide a comprehensive solution to MAB's multifaceted needs. Daniel highlights the platform's role in overcoming key challenges: "The biggest challenges that the Ansarada platform has helped us overcome is consistency in procedures, removal of single points of failure, adding that automation into often manual processes, and also the availability of data that we're able to get out of the system."

The results

From chaos to clarity

In just over a year of implementing Ansarada, MAB has witnessed a remarkable transformation. Standardised processes ensure consistency across the network, reducing vulnerabilities and building greater resilience. Automation streamlines manual tasks, freeing up valuable time and resources for strategic initiatives. Easy access to data empowers informed decision-making, enabling MAB to navigate regulatory complexities with confidence. Clear audit trails promote transparency and accountability, which are essential pillars of a responsible enterprise.

Daniel reflects on the platform's impact: "We're just over a year into the relationship and already we're using it with so many things for our risk registers and risk reviews, managing data breaches, managing complaints, committee action management, internal audit actions, fraud referrals, and suspicious activity reports."

Ansarada's adaptability and configurability allow MAB to tailor the platform to suit their specific needs, ensuring maximum effectiveness.

Together, Daniel and MAB are forging a path towards a resilient future, supported by Ansarada's comprehensive governance platform. Their collaborative efforts are setting new standards in operational risk management and compliance, inspiring confidence in the face of disruption and uncertainty.