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The Lending Department of a Tier One Bank with more than three thousand clients faced the need to implement product compliance process as part of their regulatory and risk requirements. The process involved completing a printed product compliance form with actual financial and transactional data from each business line and the outcome of a F2F meeting with the client for anticipated future business. The data from the completed form is recorded into the backend database of the Bank.
An application re-engineering the product compliance process was developed with back end connections to relevant data systems across all business lines. Automating the generation of product compliance forms with pre-filled information for actual financial and transactional data, which can be retrieved anytime on office laptops and mobile devices to fill in the anticipated activity of clients directly into the backend database. The application alerts the stakeholders; compliance, sales and client on boarding when the product compliance for a client becomes due or comes up for renewal based on the information in the backend database.
The application was developed and implemented in 9 months according to the recent regulatory and risk guidelines; resulting in a save of 9,600 man-hours, 4.5 full time equivalent and $216,000 annually.
The Lending Department of a Tier One Bank faced the need to implement the product compliance process as part of the regulatory and risk guidelines, which required extensive process changes across business lines. Major effort was involved in collecting actual and anticipated financial and transactional data for more than three thousand clients from all business lines to complete an offline copy of the product compliance form, which was later recorded back into the Bank’s database. This highly confidential process needs vetting of information at all stages from stakeholders in compliance, sales and client on boarding before the backend database is updated. The process is repeated every year for high risk clients and every three year for low risk clients.
The project started with the objective to provide an easy to use online application automating the end to end process of product compliance overcoming challenges in managing requirements across all business lines, connecting multiple data sources and maintaining data security.
The project was developed and implemented in 9 months including training for stakeholders and users. Subject matter experts were identified and coached to provide support for users, which proved invaluable in the success of the project.
The product compliance application was intuitive and easy to use in a secure and scalable environment. It has expedited the process of product compliance and proved to be a valuable tool to meet the regulatory and risk guidelines. It has resulted in a save of 9,600 man-hours, 4.5 full time equivalent and $216,000 annually.
“The product compliance application made the entire process very simple and easy to track”
“The best part is that the product compliance forms can be retrieved anytime on any device and was helpful in client meetings”
“Intuitive and easy to use interface”
“The change management was effortless with extensive training and support”