Goal

  • Develop a corporate culture that supports internal control by establishing tool-based practices
  • Set-up data repository shared by Internal control, audit and organization
  • Improve risk control across the organization

Results

  • Greater productivity in preparing and producing deliverables specific to the internal control and audit functions
  • Increased respect for these functions as a result of delivering high-quality and reliable information
  • Better communication within the company concerning internal control procedures

B2V wanted to change its approach to internal control, moving from disconnected lists of risks that were long and difficult to use, to a centralized process. The new approach would provide the organization with greater command of internal control practices by operations teams, as well as managers and executives.

The new management priority was to prioritize risks, especially the major ones, in an effort to reduce their impact on the organization.

To accomplish its goals, B2V wanted a software solution designed specifically for internal audit that could be used across the entire organization. Until then, B2V used various tools, such as spreadsheets and diagrams, which did not provide a comprehensive view of risks, nor any way to share or safeguard information effectively.

The initiative began when Yves Vanhoute, director of Financial Operations, revised the scope of internal control practices and activities and B2V began looking for a software solution.

A user-friendly tool for internal control, audit and business teams

“The project’s aim was to strengthen the internal control culture at B2V by providing a user-friendly tool that all employees would adopt and use to actively participate in internal control practices,” explained Yves Vanhoute.

MEGA’s governance, risk and compliance (GRC) solutions for internal control, internal audit, loss data collection and process analysis were selected based on B2V’s criteria.

B2V wanted internal control, audit and business teams to use a shared data repository to help ensure that information remained consistent when shared between roles.

This centralized repository could also help B2V streamline the application portfolio.

In addition, the tool needed to support the risk identification process without requiring mandatory connection to other data in the repository.

B2V also wanted an easy-to-learn and easy-to use solution, where its 35 users could become proficient quickly and need minimal training, thereby controlling support costs.

The MEGA solution offered fast and easy mastery of the software for the B2V team.

“Using MEGA’s solutions is easier than I thought it would be; the navigation is very intuitive,” said Caroline Fleury-Verny, head of Internal Audit at B2V.

Finally, the human aspect played an important role in B2V’s selection of MEGA.

The professionalism and flexibility of the MEGA team, as well as their functional and technical command of the project, were decisive factors. A trust-based relationship between the MEGA and B2V teams was quickly established.

“Project management always includes a certain number of surprises and unknowns. I especially appreciated the attentiveness and rapid response from the MEGA team,” noted Thierry Becerra, Internal Control manager.

After reviewing prospective solutions against its criteria, B2V eliminated several of the 10 software vendors that were considered initially. MEGA met all of B2V’s criteria. In addition, MEGA provided the further advantage of a software rich with features, so it could be used as-is, reducing the need for time-consuming and costly customization.

Overview of risks and development of a genuine internal control culture

Implementation of MEGA’s solutions for internal control, internal audit, loss data collection and process analysis has simplified procedures and saved the B2V team considerable time in preparing and producing deliverables. Reports for managers that focus on deviations and corrective actions are now available much sooner.

“Our managers now have a comprehensive and frequently updated view of information related to risks. They can focus quickly on the most critical risks for B2V,” explained Yves Vanhoute.

In addition, the quality and reliability of available information conveys a positive image and a renewed sense of professionalism, both internally and with external agencies, such as the Prudential and Resolution Authority (ACPR), Association for the Supplemental Pension Plan for Employees (ARCCO) and the General Association of Pension Institution Executives (AGIRC), an important issue because of the Solvency II Directive.

Finally, the tool has helped change attitudes toward internal control within the company. There is better acceptance of internal control procedures and increased communication about practices. The active use of the MEGA solutions by a large group of employees helps promote the value of internal control. Additional training that will bring the community of users to around 50 employees will help ensure that internal control practices are close to everyone in the organization.

Both the initial budget and the implementation timeframe were met, which was a crucial part of the project’s success.

“Our goal was to breathe new life into internal control at B2V. The MEGA solutions, through their user-friendliness and the reliability of the information produced, have proven to be an extraordinary means of developing an internal control culture,” concluded Yves Vanhoute.

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Solution

  • HOPEX Internal Audit
  • HOPEX Integrated Risk Management
  • HOPEX Business Process Analysis
  • HOPEX Platform
  • MEGA Services Team
 

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