Supporting SPSB in understanding their GRC maturity and developing their GRC vision and strategy
Written by Janine Riedewald
Surinaamse Postspaarbank (SPSB) is a prominent financial institution in Suriname, established in 1880. SPSB is dedicated to providing sustainable and innovative banking services, including personal loans, mortgages, and savings accounts. The bank’s mission is to offer accessible and reliable banking solutions, fostering financial inclusion and supporting economic growth in Suriname. SPSB aimed to enhance its Governance, Risk, and Compliance (GRC) strategy to ensure cost-effectiveness, increased productivity, and efficient risk reduction. Their goal is to understand their current GRC maturity and develop a GRC vision and strategy with a focus on integrating the right technology to support their ambitions.
This client experience highlights our support and added value during the GRC maturity assessment and the development of SPSB’s GRC strategy and improvement plan.
Assessment, Analysis, and Strategy Development
In an open and collaborative discussion with SPSB’s team, we explored the bank’s current state, challenges, and ambitions in integrated governance, risk, compliance (GRC), and operations. This conversation laid the foundation for a transformative journey. Our initial interactions were primarily with the IAD Manager, Compliance Manager and CEO focusing on the acquisition and implementation of Risk Management software. After a thorough analysis of the current situation and needs of SPSB, we proposed a demonstration of GRC software from one of our partners, which best matched SPSB’s requirements.
From a meeting with the board and top management, we collectively recognized that SPSB would benefit from a more comprehensive approach. We aimed to first understand the bank’s GRC strategy and maturity, then align on ambitions, and finally support SPSB in setting a strategic direction, prioritizing initiatives, and crafting a realistic, actionable plan. To bring our vision to life, we embarked on a structured engagement with SPSB, consisting of sessions designed to thoroughly address their needs and ambitions.
BR1GHT’s GRC Assessment and Improvement Plan
In the first two sessions, we focused on understanding the business and the bank’s main challenges and opportunities. We facilitated in-depth discussions to capture the bank’s current state and their goals for the next three years. Using our expertise in plateau-thinking, maturity modeling, and horizon planning, we guided the conversation to ensure a comprehensive understanding of their aspirations. Throughout these sessions, we documented the success factors that would be critical in SPSB achieving their objectives and getting to their desired future state.
The following sessions were dedicated to action planning. We developed a detailed action plan that outlined the path forward. This plan included a clear context of the desired state covering program design, coordination, board support, success factors, preconditions, critical milestones and communication strategies. By aligning strategy, structure, processes, people, and technology, BR1GHT ensured that every aspect of SPSB’s operations was considered.
SPSB is moving towards a well-structured GRC strategy that will lead to cost-effectiveness, increased productivity, and efficient risk reduction. The integration of technology will further enable SPSB to advance its GRC maturity, positioning the bank for sustained success.
BR1GHT is grateful to SPSB for the opportunity to offer support during their GRC journey. The close collaboration with SPSB’s team allowed us to deliver a tailored GRC strategy that addressed their immediate needs and positions them for future success. We look forward to continuing our partnership as SPSB implements their GRC improvement plan driven by technology!
