Wynyard Group has won a new contract with The Reserve Bank of New Zealand (RBNZ) to provide Wynyard risk management software.
RBNZ is New Zealand's central bank and responsible for operating monetary policy to maintain stable prices and assisting the functioning of the country's financial system.
According to Steve Gordon, RBNZ Head of Risk & Assurance, managing the risks faced by the bank are fundamental to its success in providing a stable financial system in New Zealand.
“Wynyard’s Risk Management solution will provide a capability which aids critical decision-making across the bank,” Gordon says.
“The software will further enhance our established enterprise risk management model and will ensure risks are assessed and managed in an efficient and timely manner, including the capture of relevant global events to assess and mitigate the risk of occurrence either within the bank or the wider New Zealand market.”
Gordon believes that Wynyard’s Risk Management software helps resolve governance, risk management and compliance (GRC) problems by helping organisations to assess threats, manage risk and monitor compliance with operating procedures, policies and regulations.
The software systemises and automates the methods and processes used by organisations to more effectively manage GRC across their businesses.
Gordon says organisations can record events or circumstances relevant to their objectives or operations, assess their risk in terms of likelihood and magnitude of impact, determine a response strategy and continuously monitor progress in a more efficient and accurate manner.
The flexibility of the software also means that once implemented to support the RBNZ’s enterprise risk model, it could be expanded to incorporate future requirements such as monitoring compliance to the New Zealand Government’s Protective Security Requirements.
Wynyard Group CEO, Craig Richardson, says securing the RBNZ business recognises its position as a leading software provider in this field.
“We’re delighted to be chosen by RBNZ to help meet its risk management needs,” Richardson adds. “Financial institutions are facing increasing pressure to meet governance, risk and compliance obligations.
“Wynyard risk management is an ideal tool for deployment within organisations such as the RBNZ, with complex risk management and technology requirements.”
Wynyard Group’s risk management software is used by government, critical infrastructure organisations, and financial services institutions around the world including Fortune 500 companies and leading government agencies.