Future-Ready Risk Management:
How a UAE Financial Leader Transformed ERM with OmniGRC
Summary
A leading financial services company in the UAE—renowned globally for currency exchange and money transfer services—sought to revamp its enterprise risk management (ERM) practices. With over 140 branches in the UAE and 350+ worldwide, servicing 15 million+ customers, the client aimed to eliminate inefficiencies in its risk operations, enhance visibility, and ensure consistent regulatory compliance through a centralized digital platform.
Implementation snapshot
Challenge
The client was managing risk assessments using manual or semi-automated processes, relying heavily on spreadsheets to collect and monitor data from multiple sources. This fragmented system led to several key challenges:
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Data integrity issues and version control problems due to disconnected tools
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Limited team collaboration during risk identification and mitigation
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Difficulty aligning with central bank compliance mandates
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Lack of a standardized, organization-wide framework for risk tracking and reporting
The growing scale of operations made these inefficiencies unsustainable and risk-prone.
Transformation
To address these gaps, BCT Digital implemented its next-gen Governance, Risk, and Compliance platform—OmniGRC (erstwhile rt360 GRC). OmniGRC provided a unified, scalable solution tailored to the client’s ERM needs, enabling proactive risk management and regulatory alignment.
Key transformation highlights included:
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Centralized deployment of enterprise risk and control registers
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Structured and configurable risk assessments with report templates
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Implementation of Risk Control Self-Assessments (RCSAs)
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Real-time dashboards and risk heatmaps for intuitive oversight
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Automated tracking of Key Risk Indicators (KRIs) with alert mechanisms
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Establishment of an Enterprise-Wide Risk Assessment (EWRA) register
The solution integrated the client’s risk data, workflows, and reporting into a single platform, significantly improving risk transparency and control.
Results
The OmniGRC implementation delivered strong outcomes in both operational efficiency and compliance performance:
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25% improvement in risk identification and structured assessments
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45% reduction in manual effort and redundancy
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Fully operational Enterprise-Wide Risk Assessment (EWRA) Dashboard and Risk Register improving enterprise-wide visibility
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Enhanced responsiveness through real-time KRIs and dashboards
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Stronger alignment with regulatory frameworks and audit preparedness
With OmniGRC, the client transitioned from reactive, manual processes to a future-ready, digital-first risk management framework—designed for scalability, agility, and sustained compliance.
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OmniGRC was earlier known as rt360 GRC
Awards & Recognition
Chartis Research’s top 100 RiskTech companies 2022
RiskTech100 2021
Provider of the year 2019
rt360 Early Warning System by Banking Frontiers
business of the year 2021
of the year 2020
rt360 is a risk management product suite to manage the entire risk portfolio of banks and financial institutions that includes credit risk, capital allocation, pricing risk, liquidity risk, model risk and operational risk.
rt360 is designed by bankers, risk practitioners and technology specialists with a Business First, Technology Next approach, empowering banks and financial institutions to focus on their credit growth and profitability while managing their risks. The product is fully designed and made in India to address the complexities of the financial sector globally. The suite comprises of five distinct products to manage each of the risk portfolio.
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