Software provider Wynyard Group announced today that it has won a new contract with The Reserve Bank of New Zealand (RBNZ) to provide Wynyard risk management software.

RBNZ is New Zealand's central bank, responsible for operating monetary policy to maintain stable prices and assisting the functioning of the country's financial system.

Steve Gordon, RBNZ head of risk and assurance, said managing the risks faced by the bank are fundamental to its success in providing a stable financial system in New Zealand. “Wynyard’s risk management solution will provide a capability which aids critical decision-making across the bank," he said. "The software will further enhance our established enterprise risk management model and will ensure risks are assessed and managed in an efficient and timely manner, including the capture of relevant global events to assess and mitigate the risk of occurrence either within the bank or the wider New Zealand market.”

Wynyard’s risk management software helps resolve governance, risk management and compliance (GRC) problems by helping organizations to assess threats, manage risk, and monitor compliance with operating procedures, policies, and regulations. The software systemizes and automates the methods and processes used by businesses to more effectively manage GRC across their businesses.  Organizations can record events or circumstances relevant to their  objectives or operations, assess their risk in terms of likelihood and magnitude of impact, determine a response strategy, and continuously monitor progress in a more efficient and accurate manner.

The flexibility of the software also means that once implemented to support the RBNZ’s enterprise risk model, it could be expanded to incorporate future requirements, such as monitoring compliance to the New Zealand Government’s Protective Security Requirements.