Our client is a tier 1 banking group, headquartered in Europe with offices globally. Its banking activities are focused on retail banking and corporate & institutional banking.

Strong risk management combined with the stability that comes from being part of a large, established banking group underpins their financial and reputational success.

Our client was in the process of re-engineering its global risk assessment team to support the handling and management of compliance risk assessments, and on-going compliance monitoring, a difficult task in a regulatory landscape that has become increasingly complex. Issues being experienced by our client included inefficiencies with current manual data collection and research, the difficulty in tracking emerging regulatory topics and themes, and access to control failings and associated rule or legal provisions. They recognised that if they could introduce automation, machine learning and data categorisation into the compliance risk assessment and compliance monitoring teams, including the best way to source, action and export relevant loss event data, they could better handle their regulatory risk on a global scale.

In terms of technology to support these requirements, our client sought a solution that would not just add value in terms of identifying the efficiencies, streamlining and adding value to the team, but would be easy to use encouraging adoption and engagement by the team. The solutions deployed were  Corlytics Regulatory Monitoring and Corlytics Risk Analytics. This functionally rich combination offered the team both the relevant data and analytical capability to support their compliance…