Case study #3 Corlytics for a global tier 1 bank
CLIENT:
Our client is a tier 1 banking group headquartered in Europe, with a global presence. Specifically, its activities focus on both retail banking and corporate and institutional banking.
Moreover, their financial and reputational success is firmly grounded in strong risk management. Additionally, they benefit from the stability that comes with being part of a large, established banking group.
SITUATION:
Our client was re-engineering its global risk assessment team to better manage compliance risk assessments and ongoing monitoring. This was essential in a regulatory landscape that grows more complex by the day. They faced several issues, including inefficiencies with manual data collection, challenges in tracking new regulatory topics, and limited access to control failings linked to specific rules or legal provisions. They needed to understand how to identify which regulations impact their business and assess the specific effects of those impacts.
Recognising these challenges, they saw the value in introducing automation, machine learning, and data categorisation. By doing so, they aimed to streamline compliance risk assessments and monitoring processes. They also sought the best methods for sourcing, actioning, and exporting relevant loss event data. With these enhancements, they could better manage regulatory risk on a global scale.
SOLUTION:
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 feature-rich combination gave the team access to relevant data and analytical tools, enabling more efficient and effective compliance monitoring. Additionally, the enhanced reporting feature allowed them to challenge global risk assumptions with hard data, drawn from thousands of enforcement documents.
Driven by risk heatmaps and charts, this capability supports a broader global analysis. It includes market-driven, peer-driven, and regulatory change-driven risk reviews, providing a comprehensive perspective on emerging risks worldwide.
OUTCOME:
Our client is now benefiting from a powerful, purpose-built solution. The team has established a solid, repeatable operating model supported by strong analytics. These insights ensure that risk assessments, as well as ongoing compliance monitoring, planning, and execution, are all driven by market data.
“We are delighted to have provided our client with a compliance monitoring and risk assessment solution that has enabled them to better understand the regulatory risk landscape in which they trade, ensuring a more effective response to on-going compliance issues. In addition, using automation and machine learning to remove tedious manual tasks helps our clients to focus on higher value initiatives, removing redundant effort.”
Benefits
Efficiency in automation
A single solution bringing a 25% increase in efficiency for Compliance Monitoring and Compliance Risk Insights teams due to removal of manual tasks with the automation of the whole regulatory lifecycle
Better controls management
Controls failure analysis mapped to business lines and to laws and rules to support strengthening
of controls through more rigorous controls testing.
Reports containing global trends data on Regulatory Developments, Regulatory Actions and enforcements to support more accurate Risk Control Self Assessments
A risk based approach to regulation
Focusing highly skilled staff
on higher value tasks instead
of tedious, time consuming
data collection activities. With straight through compliance processing, linking enforcement and regulatory developments, the team have the ability to produce compliance reviews with the information to plan
and prioritise review topics using a risk-based approach
Solutions
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