Mike Tunstall: Embedding risk frameworks into decision making through technology
Updated: Oct 4, 2021
St. James’s Place Wealth Management
A well-designed risk management framework is only truly effective if it is adopted and actively used by management in risk-based decision making. With decision makers busier than ever having a simple and accessible way to use the risk framework is a vital enabler to widespread adoption. At St. James’s Place Wealth Management the solution was to design a business-driven, fully-integrated and easy-to-use risk information platform for enabling decision-making. This enables the abstract and high-level risk information to be collated with guiding implementation statements that elaborate “how” risks are expected to be managed to remain within appetite.
Previously, St. James’s Place Wealth Management used a third-party solution to maintain their risk register and risk appetite dashboard. The solution was hard to integrate with the business. It lacked a buy-in from the end users, i.e. the first line risk owners. It could not be adapted to fit the business purposes. Ultimately, the company decided to leverage internal tools to design a business-driven, fully-embedded and user-friendly interactive platform at no material cost.
Using tools available through Office 365 the Risk Management function replaced a costly off the shelf system with a bespoke system designed around the Group risk framework to aid risk based decision making and centralise risk, control and issue data into a central data store to aid better insights and reporting.
Mike Tunstall is the Head of Risk Insights at St. James’s Place Wealth Management. He is responsible for designing and implementing the risk management framework and looking for new and innovative ways to enable effective risk decision making by management and providing insightful information to the Board across the St. James’s Place Wealth Management Group. He is passionate about utilising technology to make risk management more accessible to decision makers and in 2019 developed an in-house risk management toolkit using Office365 tools to allow greater in-channel decision making and risk management insights. Prior to joining St. James’s Place Wealth Management in 2016 he trained as a Chartered Accountant providing auditing and consultancy services to multinational businesses across a variety of sectors.
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