MCA & GRC Platform Design
Fintech Platform
A leading financial institution required a robust platform for MCA (Manual Control Assessment) and GRC (Governance, Risk, and Compliance) management.
Project
role
time line
live project
Overview
Overview
The goal was to streamline complex audit workflows, enhance risk management capabilities, and ensure adherence to regulatory compliance.
Business Challenge
Organizations struggle with managing compliance and risk due to fragmented processes and a lack of real-time insights. This leads to inefficiencies, potential regulatory breaches, and limited visibility over risk management activities.
Goals and Objectives
The project aimed to centralize compliance and risk management, providing a streamlined platform that enhances real-time monitoring, simplifies reporting, and ensures compliance with regulatory standards.
Target Audience
Risk Managers and Compliance Officers
Needs: Tools for real-time risk assessment, monitoring compliance metrics, and automating regulatory reporting.
Pain Points: Manual processes that are time-consuming and error-prone; difficulty keeping up with changing regulations.
Behaviours: Regularly updates compliance statuses, generates reports, and assesses potential risks.
Executives and Decision-Makers
Needs: High-level insights into compliance, risk management, and organizational governance to make informed strategic decisions.
Pain Points: Limited access to clear, concise data; difficulty understanding detailed compliance metrics.
Behaviors: Accesses summary reports, reviews compliance and risk trends, and sets policy priorities based on dashboard data.
Research & Understanding the Problem
The challenge was to create a platform that simplifies the intricate processes of risk management, compliance monitoring, and control assessments. I started with stakeholder interviews (compliance officers, auditors, and risk managers) to gather insights on existing pain.
Regulatory Compliance: Adhering to various industry regulations (e.g., SOX, GDPR) may limit design flexibility and feature implementation.
Limitations
User Adoption: Resistance to change among users may limit the effectiveness of the platform.
Data Quality: Inconsistent or poor-quality data from disparate sources can affect reporting and analytics.
Scalability Issues: Potential challenges in scaling the platform to accommodate future growth or additional users.
Testing and Validation
Usability Testing:
Conducted usability tests with target users to evaluate ease of navigation, clarity of information, and overall user experience.
Insights Gained: Identified areas of confusion in the interface and received feedback on feature accessibility, leading to iterative design adjustments.
A/B Testing:
Implemented A/B tests on critical dashboard features to compare user engagement and performance metrics between two design variations..
&Insights Gained: Data showed that users preferred the simplified layout, prompting a redesign to enhance clarity and efficiency.
Project Outcomes
Increased Compliance Rates:
Achieved a 30% increase in compliance adherence across departments within the first quarter post-launch.
Improved User Engagement:
User engagement metrics rose by 40%, indicating higher usage rates and satisfaction with the dashboard features.
Time Savings:
Streamlined reporting processes reduced the time spent on compliance documentation by 50%.
Positive Feedback:
Received overwhelmingly positive feedback from stakeholders, with 90% reporting improved clarity and accessibility of policy information.
Enhanced Decision-Making:
Executives noted better decision-making capabilities due to real-time data insights, leading to faster response times to compliance issues.
Future Improvements
Enhanced User Training Resources:
Develop comprehensive tutorials and onboarding sessions to improve user engagement and reduce the learning curve.
Advanced Analytics Features:
Integrate predictive analytics tools for better risk assessment and proactive decision-making.
Mobile Accessibility:
Create a mobile-friendly version of the platform to facilitate on-the-go access for users.
Customizable Dashboards:
Allow users to personalize their dashboards for improved visibility and relevance to their specific roles.
