Building a Scalable Risk Management Program
GBC’s reliance on manual processes was unsustainable as it aimed to become a partnership superpower in open banking. Historically, the bank struggled with resource-intensive document reviews, slow onboarding times, and inconsistent risk assessments due to variability in human judgment.“We would have had significant delays and been unable to scale,” said Laura Valente, Chief Privacy Officer & Non-Financial Risk Manager. “More importantly, the business would have started seeing risk management as a blocker, leading to potential regulatory and reputational risks.”By adopting Coverbase, GBC eliminated these inefficiencies. “We went from a 2D to a 3D perspective,” noted Adam Ennamli, Chief Risk Officer. The platform provided a centralized repository for vendor risk data, reducing reliance on spreadsheets and disparate systems. Coverbase’s AI capabilities helped GBC proactively identify risk trends and monitor third-party relationships in real time rather than relying on static, point-in-time assessments.
Accelerating Due Diligence & Compliance
Traditional vendor assessments required hundreds of pages of documentation to be manually reviewed, increasing time-to-market for new partnerships. “The process was extremely labor-intensive, requiring skilled personnel to review documents line by line,” explained Meghan Paonessa, Risk Partner Specialist.With Coverbase, vendor onboarding became 77% faster, allowing the bank to focus on high-risk areas rather than getting bogged down in routine paperwork. Additionally, Coverbase’s automation provided structured reporting that met the latest Canadian regulatory requirements, ensuring GBC remained compliant with evolving third-party risk guidelines.“Using Coverbase, we’ve been able to onboard more vendors in the past six months than in the previous few years combined,” added Paonessa. “We’re now able to maintain a rigorous third-party risk posture while also moving at the speed of business.”
Continuous Monitoring & Future-Ready Risk Management
A key advantage of Coverbase was its continuous monitoring capabilities, allowing GBC to shift from a reactive to a proactive risk management model. Previously, assessments were conducted at fixed intervals, leaving gaps in oversight. “We now have a well-oiled machine,” said Paonessa. “Ongoing monitoring used to be ad hoc. Now, it’s a structured and consistent process.”
GBC also valued Coverbase’s partnership approach, ensuring the platform evolved alongside the bank’s needs. “This wasn’t just a one-size-fits-all tool,” said Ennamli. “Coverbase worked with us to refine and improve the solution, making us feel like true partners in innovation.”
Positioning for the Future of Risk Management
‍As regulatory expectations around AI and risk management continue to evolve, GBC is well-positioned to stay ahead. “Principle-based regulations give us the flexibility to adopt best-in-class tools while maintaining compliance,” said Valente. “Coverbase enables us to demonstrate excellence in how we implement these regulatory principles.”
With AI-driven efficiency gains, improved compliance, and a transformed third-party risk management program, GBC is now a leader in risk innovation. “We want to be risk innovators, not just risk practitioners,” said Ennamli. “Coverbase helps us unlock the value trapped in traditional, outdated methodologies.”