Case study: Prodigy Finance

Prodigy Finance is a specialist provider of postgraduate finance, offering a borderless credit model which assesses students on their future earning potential, not just their credit history. It has funded nearly 15,000 students through their postgraduate study, across over 400 schools, and has lent $734 million in the process. 150 countries are eligible for student loans or refinancing deals through Prodigy Finance.

This global reach, a vast network of customers and reliance on sensitive personal information, including financial records, means that Prodigy Finance must meet a wide range of legal and regulatory frameworks.

Michael Light, Credit Risk Lead at Prodigy Finance said: “We were using a wide range of different single-purpose platforms and processes to manage our Governance, Risk and Compliance (GRC) processes. We had everything from specialist vendor software applications to manual Excel spreadsheets.

“We needed to find a way of linking these various modules and ideas together, both to streamline internal management and costs, but also to improve our GRC posture. All of the information we needed was sitting in multiple places, with no consolidation or unification.”

“We have approaching 100,000 unique data subjects, many of whom have made more than one application for finance, so there are some significant data management challenges.”