Case Study

Investing in an End-to-End Regulatory Intelligence and Change Management System

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Client 

regional financial institution 

The Challenge

Identificationassimilation, and compliance with ever-changing and voluminous rules, laws, and regulations, comprehensively and consistently, with clearly defined accountability and transparency, is a business imperative. However, the institution’s approach was highly decentralized, manualand slow to implement, creating regulatory compliance risks and operational inefficiencies. 
 
The objective of this project was to align the firm's change management program to regulatory expecations and industry best practices by designing, developing, and implementing an end-to-end, technology-enabled change management process, in which all regulatory changes deemed to impact the firm are identified, analyzed, risk-ranked, implemented, tested, reviewed, and reported.

What We Did 

  • Conducted extensive workflow analyses and stakeholder assessments at all levels of the organization to define new process flows, identify risks and business requirements of stakeholders, and continually take the pulse of those being affected by the change. 
  • Designed new processes and controls for content monitoring (regulatory intelligence), impact analysis and change management. 
  • Conceptualized, designed, developed, and deployed a new, comprehensive, centralized, content-integrated, end-to-end technology solution to end users to support daily operations and administrative functions. This included: 
  • A centralized repository of Federal and state laws and regulations, supervisory guidance and notices applicable to each line of business and functional area. 
  • New reportand dashboards to provide management visibility into developing trends as well as critical insights for compliance and risk management committees. 
  • Gap analysis and change implementation framework. 
  • Designed and implemented enterprise-wide regulatory change management policies, procedures, and training. 

Impact  

  • Transformed the change management process into a formal Change Management Office, staying committed and focused on reducing costs and managing all people implications of the transformation. 
  • Improved operational efficiency and reduced costs associated with change management by 45%. 
  • Saved the institution from severe regulatory enforcement action and fines. 
  • Improved consistency and accuracy of interpretation and implementation across the organization to reduce regulatory risk. 

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