Teachers Mutual Bank
  • Customer: Teachers Mutual Bank  

For over 50 years, Teachers Mutual Bank Limited (TMBL) has provided key financial services to Australian educators and their families.  Now, TMBL is one of Australia’s largest mutual banks, comprising four brands: Teachers Mutual Bank, UniBank, Firefighters Mutual Bank and upcoming Health Professionals Bank.  With over 200,000 members and more than $7.5 billion in assets, Teachers Mutual Bank Limited is one of Australia’s largest mutual banks.  Teachers Mutual Bank Limited continues to be passionate about assisting members secure their financial futures through superior member support and banking products.

TMBL is a market leader in member advocacy in the Australian mutual banking sector, and is also committed to strong standards of corporate responsibility through community investment and ethical business; being the only bank and Australian company to be named One of the World’s Most Ethical companies in 2018.

The Challenge

The TMBL Internal Audit team is responsible for managing the auditing across the bank’s operations.  As a lean team they need to be able to manage the auditing function with consideration of the risk and compliance aspects in an efficient and accurate way. With the incumbent solution no longer being supported, an audit management software package that was scalable, easy to manage and able to provide the latest reporting functionality was now needed.

The Solution

TMBL had previously engaged Satori for its auditing solutions.  After evaluating the product solution available, TMBL selected the ACL GRC Cloud Platform to manage their internal auditing requirements.

As part of the integration process, the Satori Group made sure the functional requirements of TMBL were met by the proposed solution.  Satori developed a detailed scope and project plan to manage the roll-out of the solution.  All relevant staff with tailored training program so that the ACL solution was optimised to new specific needs.  The new solution was integrated seamlessly into TMBL’s current operating systems.

The Outcome

ACL GRC offered TMBL a solution that was more efficient than their previous solution and offered user-friendly reporting.  Actionable issues are now more easily managed and tracked via the ACL GRC interface.  This user-friendly interface meant that accountable managers were easily able to provide status updates on action items identified from the audit. This is especially important with such a lean team.  The efficiency improvement provided by the GRC solution meant that the team could focus on managing issues rather than managing spreadsheets.

The TMBL Audit team found the Questionnaire functionality useful of ACL GRC of across a range of business requirements.  These questionnaires were used for Branch Audit Self-Assessment and Internal Audit Staff surveys.  The usage of the questionnaires ensured automation and tracking of responses.  The cloud-based nature of the ACL GRC solution has offered TMBL flexibility to streamline processes that were previously time-consuming.  It has eased the reliance on IT for both support and data requests, whilst providing a cloud-based system available anytime across multiple devices for maximum team flexibility.

“The GRC solution offered by Satori Group catered to our needs. It ensured an automated means which allowed us to be agile in our approach to auditing management.” Sara Nguyen Internal Audit Manager – Teachers Mutual Bank Limited.

Click here to find out more about HighBond (previously ACL GRC)