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Casestudy

How Stena AB increased the value of their internal controls

Creating coordination and structures in a complex planning and follow-up process globally  

Coordinating information, processes and follow-up in a global business group can be a great challenge. For Stena AB, a group consisting of eight major divisions and hundreds of subsidiaries this was not just a challenge, but a daily reality. The time had come to review their processes and increase the efficiency and output of their internal controls work.  

Time to go digital 

With different divisions and lines of operation (ferry shipping, properties, bulk shipping, drilling etc.) in several countries across various continents, coordinating internal controls at Stena AB has always been a time-consuming effort.  

A time consuming process 

One of the most time-consuming aspects of coordinating internal controls was to collect and compile various pieces of controls documentation and testing results across the various companies. The documentation was mainly compiled using Excel files and emails.  

Finding the overview 

Oftentimes different Excel files being edited by several different people were being sent around simultaneously. This way of working resulted in a lot of time being spent on compiling the documentation in a way that all involved parties could agree on. Moreover, creating a group-wide overview was an even bigger challenge still.  

”In order to streamline our internal controls process, we were beginning to look at different types of tools to digitize our internal controls. A colleague had heard about Stratsys and after having reviewed a few webinars we were interested in getting a demonstration of the tool.”                     

CAROLINE JAKOBSSON – HEAD OF CORPORATE GOVERNANCE 

The biggest challenge  

A key success factor that Stena AB had identified was that a digital tool needed to provide a great deal of user friendliness in order to work across their global operations. A tool that was not intuitive to use would never work. As such, that the implementation process was primarily focused on providing user friendliness only came naturally.  

The biggest benefit 

With Stratsys implemented it was quickly apparent that Stena had realised great efficiency improvements. With all the data, planning and follow-up stored in a shared workflow, precious time could now be spent on follow-up and improved analysis.  

”It has become easy to find the latest updated information, you can quickly run searches to extract the information you want, as well as having a real-time overview on what is finished and what is delayed. With a risk analysis linked to the documentation we can follow which controls cover a given risk and with all improvement actions stored in the same place, the follow-up of local companies becomes really efficient.”                     

CAROLINE JAKOBSSON – HEAD OF CORPORATE GOVERNANCE 

A long-term digital tool 

Beyond documenting all of Stena’s companies and their processes in Stratsys, the long-term objective is to develop the internal controls process even further and include other types of operational risks (such as Sustainability). They believe that a solid method combined with a flexible tool and workflow will empower the entire group and contribute to increasing results now and in the future.