Shell Energy (formerly First Utility)
The Challenge
- As a rapidly growing company, First Utility’s demands on its risk management team were also growing rapidly. With a manually intensive approach to risk management they needed to move to a built for purpose risk management solution, rather than continuing to rely on Excel and sheer man power.
- First Utility was also looking for a solution to manage the dissemination of policy documentation within their growing organisation, including demonstrating links between risks and policies.
The Solution
Integrated Risk Management and Policy Management platform to provide:
- An online Risk Register to record, review and disseminate risk information to relevant stakeholders and employees
- An online policy library to record, review and disseminate policy information to relevant stakeholders and employees
- Mapping of policies to risks and actions
- Embedded document management features to enable the offline editing of policy documentation and the publishing of major versions.
- Automated workflow to prompt owners to approve and update risks, policies and related content
- Real-time tiered reporting dashboards to highlight trends and issues, with ability to drill down directly into underlying content.
The Outcome
- Centralised tracking and reporting of risks, removing the requirement to manually compile reports for risk committee meetings.
- Mapping of risks to controls and mitigating actions has enabled the seamless management of many to many relationships.
- The status of risks and associated actions is now available at the click of a button, saving significant amounts of time.
- Centralised management of policies, allowing First Utility to communicate policies across their organisation, track acceptance and assess comprehension.
- Improves the efficiency and effectiveness of policy management, whilst providing visibility of this performance to management or regulators through detailed MI reporting.
- Provides full control over data privacy, whilst enabling targeted dissemination of policy related content.
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The CoreStream Platform has enabled our business to transition from a manually-intensive risk methodology to a fit for purpose risk management system. The support we have received from day one has been second-to-none. I have no regrets with choosing CoreStream for our GRC; the platform has enabled a higher level of stakeholder buy-in due to its ease of use and reporting functionality.
The support we have received from day one has been second-to-none. I have no regrets with choosing CoreStream for our GRC; the platform has enabled a higher level of stakeholder buy-in due to its ease of use and reporting functionality.
-Rob Kinson,
Rob Kinson, IT Risk and Assurance Manager, First Utility
