RPA in Risk Management
Increased Reporting Process Efficiency thanks to Robotic Process Automation
Optimized Processes thanks to Updated Databases
BVV relies on robotic process automation in risk management
Reduced Error Susceptibility
Former manual data processing has been automated by the RPA bots, which significantly reduces susceptibility to errors. This contributes to improved data quality and accuracy of processing.
Increased Employee Satisfaction
RPA bots free employees from manual data collection in Excel, so that they can concentrate on higher-quality tasks and focus entirely on core business.
Reading, editing and managing relevant data is done automatically by the bot, which works in the background and acts within seconds.
Efficiency & Cost Reduction
Tasks are completed in no time and the throughput costs are reduced with software bots. In addition, RPA projects can be implemented faster than conventional IT automation, which saves additional costs.
The BVV Insurance Association of the Banking Industry (BVV Versicherungsverein des Bankgewerbes a. G.) provides occupational pensions for the financial sector.
Since its foundation in 1909, the company has made a significant contribution to the old-age, disability and survivors’ pensions of employees in the private banking sector. BVV is Germany’s largest pension fund in terms of assets under management.
Through the use of RPA, we have accelerated our business processes and have software that we can easily adapt to our own requirements.»
Easily Automate Repetitive & Time-Consuming Tasks
Nintex RPA at BVV – Overview of the Project
BVV was looking for a digital solution to automate routine tasks and use valuable time and resources even more efficiently. Employees were to be freed from manual data processing and able to concentrate completely on the core business. A well-known challenge in risk management of many companies involves manual and time-consuming activities, which require high precision in processing. Such tasks result in long processing times and a high workload for employees.
BVV selected the pioneering technology Robotic Process Automation and the solution Nintex RPA. This convinced them with its speed, accuracy and scalability, which is essential for efficient data processing. Nintex RPA acts like a human employee on any user interface and does not require any interfaces to systems. Therefore, the implementation is faster than in other IT automation projects and much more cost-effective at the same time. Another plus: The processes at BVV were already very well structured and documented, so that the RPA project could be seamlessly implemented.
The challenge: Reports with large amounts of data stored in Excel are sent by email. On the one hand, the files are not always in the same file format and, on the other hand, the emails often contain additional attachments that are not relevant for reporting. The bot checks these files, processes them, transfers them to a uniform file format and saves them in folders at the desired location.
The bot also provides an automated transfer of information between different Excel files. It exchanges relevant information automatically, so that previous manual processing steps are no longer necessary.
The bot also provides an automated transfer of information between different Excel files. It exchanges relevant information automatically, so that previous manual processing steps are no longer necessary. Certain standardized features (e.g., ISO country codes) are also checked within the files and adapted if necessary. Dynamic lists are not a problem either and can be updated in almost real time. If the bot finds processing errors in the report files, it selects the relevant files and notifies the responsible employee to recheck them, for example.
The massive processing of granular data posed a major challenge for employees in the past. In contrast, the RPA bot only needs to be set up once and then carries out its tasks around the clock. The use of Robotic Process Automation significantly relieves the employees in the risk management at BVV, because time-consuming routine tasks are processed automatically in the shortest possible time. At the same time, the data quality is increased thanks to the reduced error rate of the bot.
The result for BVV is intelligent, automated mail management as well as an autonomous processing of report files. The bot software accurately recognizes the relevant emails and their file attachments that it needs to process. It extracts the attachments, filters them, deletes redundant information and processes the Excel files independently according to predefined instructions in a matter of seconds.
The RPA bot impresses with its excellent scalability. “The implemented scenario is an ideal blueprint for us,” Mr. Wolf, Department Manager at BVV, summarized the RPA implementation. “Based on this, we can implement further data processing scenarios with RPA and are at the same time a pilot project for other departments.”
BVV uses Nintex RPA to automate manual data processing. New data are automatically processed, standardized and optimized. This ensures increased quality, reduced susceptibility to errors in processing and lightens employee workload.