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
Results
Generated annual cost savings of 5%
Developed and implemented process control framework around 10 core processes
Translated 25+ country-specific policies into BRDs with full traceability of firm policies to the automated rules