Schroders Personal Wealth has selected Riskonnect to augment its risk management practices, streamline workflows, and enhance reporting processes.

The wealth manager, which is a JV between Lloyds Banking Group and Schroders, will deploy Riskonnect’s enterprise risk management (ERM), third-party risk management (TPRM), and regulatory compliance platforms.

The tech vendor claims that its platform will enable Schroders Personal Wealth to consolidate its governance, risk, and compliance (GRC) information.

It will also enable the wealth firm to centralise real-time reporting, thereby freeing up the company’s risk team to focus on the more strategic tasks.

Schroders Personal Wealth chief risk officer Ray Milne said: “We saw the opportunity that partnering with Riskonnect would create for our team. We’re able to make our risk management practices even more impactful and create a new capacity to drive business value.

“The ability to consolidate all our GRC and data privacy requirements into one system, coupled with Riskonnect’s rich and multidimensional reporting capabilities, frees our team from tedious information gathering and analysis so we can focus on high-value work.”

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Riskonnect CEO Jim Wetekamp said: “Schroders Personal Wealth is a great example of a company that recognizes how risk management practices can drive value for the organisation.

“We’re thrilled to partner with their team to create a clear view of risk and drive efficiencies so they can concentrate on strategy and growth.”