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The Challenge

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.”

The Solution

Prodigy Finance began by undertaking an extensive process mapping project to understand their current risk posture, scope out its ideal state and confirm the requirements from a risk and data management solution.

The organization spent five months viewing various vendors and platforms, drawing up a shortlist and making the final selection after a series of in-depth demonstrations.

SureCloud was chosen because of our highly user-friendly technology, ability to interlink a range of different modules to provide a single centralized source of information and controls, and the volume of functions we are able to automate.

The four products which Prodigy Finance chose to deploy from SureCloud’s IT Risk Management and Cybersecurity portfolio were:

  • Risk Management – to give a streamlined, structured approach to risk management, a central view of risk across the entire organization, automated identification, assessment and tracking of different types of risk.
  • Policy Management – delivering a central repository of all policies, a single point for policy revisions to be managed from, and a way to track end-user attestation.
  • Compliance Management – to enable an out-of-the-box control framework for complying with relevant laws, standards, frameworks and regulations across all the jurisdictions in which Prodigy operates.
  • Incident Management – to centralize, automate and simplify the management of incidents of any type, including security, privacy, health and safety.

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About SureCloud 

SureCloud is a provider of cloud-based, Integrated Risk Management products and Cybersecurity services, which reinvent the way you manage risk.

SureCloud connects the dots with Integrated Risk Management solutions enabling you to make better decisions and achieve your desired business outcomes. SureCloud is underpinned by a highly configurable technology platform, which is simple, intuitive and flexible. Unlike other GRC Platform providers, SureCloud is adaptable enough to fit your current business processes without forcing you to make concessions during implementation; meaning you get immediate and sustained value from the outset. SureCloud has been recognized in the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions.

 

 

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