How can I manage
regulatory obligations
with consistency?

CLIENT:

Our client is a household name in the UK. It is an established European financial services firm with retail and commercial banking operations. Due to some restructuring, they have been focusing on reducing costs. They are seeking long- term sustainable value around their investments on behalf of their customers. Our client recognises that ESG (environmental, social and governance) factors as both an opportunity and a risk factor.

SITUATION:

Our client had, had its share of regulatory issues with fines and conduct issues hindering their regulatory compliance. Additionally, there was and increasing focus on their operations by some regulators.

They agreed with one of their primary conduct regulators to carry out a rules mapping exercise, mapping regulations to policies and controls. This was to prove that they have an understanding of regulatory obligations, that their policies effectively deal with the obligation and that the appropriate controls are in place within the firm. Finally, the project provided the added benefit of being able to evidence the mapping of regulatory obligations to policies and controls to the regulator.

SOLUTION:

Our client’s approach was driven by its need to show greater regulatory oversight
to its regulators. So, with a long- term vision in mind, our client worked with both Corlytics and a third-party consultancy with specialisms in this area.

Part of the vision was to replace an older, less focused regulatory solution that was no longer fit for purpose. Additionally, the specific client requirement for rules mapping was met by the consultancy and Corlytics, with the rules being provided by Corlytics.

Our client was also looking for a centralised compliance management technology stack, and this was included in the
roll out of this new solution.in addition to this, there needed to be a sunsetting of multiple disparate Horizon Scanning tools, with a single source of regulatory intelligence now provided by Corlytics.

Our client now has enriched regulatory data, including horizon scanning through the Corlytics’ Regulatory Monitoring solution.

This solution also provides supporting operational and legal risk impact assessment workflow from a singular location. Our client also benefits from having a regulation and law library, in the form of the Corlytics’ regulation library. This is a fully digital set of obligations, with versioning, in a single location.

OUTCOME:

Our client has been able to reap the benefits of a powerful, designed for purpose, solution. The team now has a solid, repeatable operating model supported by analytical foundations. This model provides essential insights to guide risk assessments. Ongoing compliance monitoring, planning, and execution are all driven by regulatory market data.

They also used new reports to support closing out some audit findings, that were developed in collaboration with Corlytics.

They benefited from a highly flexible and agile implementation, transitioning swiftly and smoothly from requirements to delivery.

“We have been able to streamline the rules mapping process by providing smart, granular rules to our client, and in addition have brought consistency to how regulatory change is managed within the bank by providing a single source of all regulatory intelligence.”

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