Vaultex is a UK-based Cash Management business committed to its vision of delivering a best-in-class service. Vaultex provides its customers with a highly efficient, adaptable, and cost-effective service whilst also looking to innovate and prepare for tomorrow’s challenges. Operating within the cash industry, however, means that Vaultex must remain fully compliant with the requirements of several regulatory bodies, including the Bank of England and Royal Mint, as well as manage the significant risks that go hand-in-hand with operating in this sector, ranging from theft, errors, Health & Safety, technology & infrastructure right up to Cyber and strategic risks. With this in mind, Vaultex recognises the critical importance of effective risk management. In 2018, Vaultex embarked on a transformative journey to streamline its risk management processes and establish a holistic risk management culture. Collaborating with Granite, a trusted partner, Vaultex achieved remarkable success in enhancing its risk management capabilities.
Challenges: Simplifying Fragmented and Complex Risk Management
Before 2018, Vaultex faced the daunting challenge of managing a fragmented and complex risk management framework. To tackle this challenge, Vaultex initiated a comprehensive restructuring project. The first steps were:
- Simplifying risk management
- Aligning the organisational culture
- Developing an understanding of how risk management drives business growth and informed decision-making
- Building processes to support efficient risk management.
The team worked with senior leadership to fully understand and define the company’s risk appetite and develop a robust risk management strategy. Streamlining frameworks, optimising processes, and clarifying roles and responsibilities became imperative to eliminate unnecessary complexities. Vaultex’s reliance on spreadsheets (as well as other tools such as Powerpoint, word & SharePoint) for risk management soon highlighted Microsoft Office Suite’s inefficiencies, difficulties, and time-consuming nature, underscoring the need for a more automated solution. It was time for phase two of the project: finding a tailored solution that catered to the organisation’s needs.
Granite’s Solution: Streamlined and Tailored Risk Management
Vaultex sought a software solution that could automate risk management functions, promote transparency, and provide comprehensive support for strategic and operational work. Extensive research led them to Granite, which perfectly addressed their needs. Granite’s practicality and ability to deliver essential functions without unnecessary features resonated with Vaultex.
“Out of all the options out there Granite became our overwhelming favourite.”
Gary Ellison, Senior Risk Manager at Vaultex UK Ltd.
The modular nature of Granite provided the flexibility to select specific modules or components, optimising costs by paying for only what they utilised. This approach helped to facilitate budget committee approvals for the new software. Additionally, the solution’s customisation capabilities allowed Granite and Vaultex to collaborate closely, tailoring the software to align with Vaultex’s unique requirements precisely.
“We did a lot of bespoke work to Granite in the background to make the solution suitable for Vaultex. That flexibility was highly beneficial.”
Gary Ellison, Senior Risk Manager at Vaultex UK Ltd.
Implementation: Seamless Integration and User-Friendly Interface
Implementing Granite proved to be a seamless process for Vaultex. The software’s user-friendly interface facilitated easy adoption and understanding among Vaultex employees. Granite’s integration went smoothly from the initial project kickoff to implementation and training. Employees grasped the system’s purpose, functionality, and usability, embracing it as a valuable tool to drive efficiency and save time.
“We all liked what we saw; we could immediately see the value it would add going forward. And let’s be honest, as a manager, anything that can gain you efficiency or save you a bit of time, you’re automatically going to like.”
Gary Ellison, Senior Risk Manager at Vaultex UK Ltd.
Unlocking Efficiency and Effectiveness: Vaultex’s Journey to Risk Management Excellence
The implementation of Granite has been transformative, liberating Vaultex from the limitations of spreadsheet-based risk management. By embracing Granite’s automation capabilities, Vaultex streamlined processes and established consistency throughout the organisation. Integration into project management practices enabled a consistent approach across workstreams, eliminating individual preferences and variations in spreadsheet usage. Vaultex now benefits from standardised reporting and information.
“We have only scratched the surface of what we can do with Granite going forward. So, it’s pretty exciting to see what features Granite has got coming up.”
Gary Ellison, Senior Risk Manager at Vaultex UK Ltd.
Conclusion: Empowering Risk Management for Future Success
Through their collaboration with Granite, Vaultex successfully transformed its risk management framework, overcoming the challenges of a fragmented and complex system. Granite’s solution empowered Vaultex to streamline processes, enhance efficiency, and foster a culture of risk awareness. As a result, Vaultex is well-equipped to navigate the dynamic landscape of the Cash Management industry, bolstered by a robust risk management foundation that ensures its continued success and resilience in the face of uncertainty.
“This cooperation has been a massive success for Vaultex. The level of service that Granite gives us is fantastic. I can comfortably recommend Granite to any business”.
Gary Ellison, Senior Risk Manager at Vaultex UK Ltd.
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