Established Risk Control Processes to Drive 5% Annual Cost Savings for Financial Services Company

Challenge

A financial services company was facing a strict regulatory environment and required process enhancements to comply with changing regulations.

The company needed to establish processes, tools, controls, metrics, and frameworks to proactively comply in a cost-effective way.

Approach

• Created process control framework (Process maps, risk identification, control plans)
• Used journey mapping methodologies to translate policy into BRDs and worked closely with technology to automate KYC processes
• Created a capacity model to be used for monthly tracking of productivity and efficiency across four locations
• Automated regulatory mailing processes
• Worked with developers to create transparent controls reports and workflow