The Client: Fortune 500 Global Bank

Overview

The existing manual processes involving spreadsheets, emails and paper documents to track various regulations and manage large data volume were less efficient and overly time consuming. Absence of a comprehensive framework for compliance and data management gave rise to a series of noncompliance risks and data inconsistencies across the organization.

With the MetricStream Regulatory Compliance Management Solution, the client was able to automate and streamline all of its regulatory compliance initiatives by creating a single point of reference for all regulations and a centralized data repository, thus achieving greater operational excellence. 

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Solution

Banks and Financial Institutions are under constant pressure to stay up-to-date on the frequently changing regulatory requirements and they find it challenging to manage the entire repository of regulatory content despite deploying extensive resources. At a time when government interventions are sharply increasing to vigilantly monitor the global financial system and more strictly supervise them, financial institutions need to be effective and efficient in tracking and managing regulatory changes, both in the domestic and international markets.

Being a financial institution with global presence, the client wanted a comprehensive solution to leverage the large volumes of data for better use and improve the firm’s reporting and adherence to various compliance requirements. MetricStream provided the client with a comprehensive Regulatory Compliance Management Solution, helping them store the data in a centralized system and map regulations to risks, controls and policies to manage a range of risks emerging from various sources to achieve overall operational excellence. The solution’s federated data model allowed the client to map regulations to controls, risks and policies in a one-to-many or many-to-many fashion.

The basic objective of the solution was to create a central repository of all the laws and regulations across the regions that can be accessed globally and to provide a single view of all the regulations, controls, and rules to perform assessments on them. This was achieved through establishing four objects namely requirement, rules, controls, and assessments. In the MetricStream solution, auditors can create the objects from the front end or through a custom upload process. The solution has different roles assigned such as initiator, reviewer, and approver where these roles are mapped to certain activities in the compliance management processes such as initiation, review, and approval of a regulation. Once approved, the regulation gets published and the same can be communicated to all relevant stakeholders in the form of automated email notifications. The solution then triggers associated workflows including creation of rules, controls, and assessments. One requirement can have many rules. Controls are then created independently and assigned to the requirements. It is then followed by assessment wherein the requirement, rules, and controls are evaluated. 

The MetricStream solution features executive dashboards for enterprise-wide visibility into the compliance management process and underscores issues that need to be addressed. The solution also provides a systematic mechanism for managing regulatory reporting and filings as well as surveys and certifications in a consistent, reliable, and predictable manner. It ensures accountability by enforcing the flow of information and records, and by documenting attestations and representations at appropriate stages. The feature named ‘Notify Users’, enables the client to notify all the users including the non-registered business users at the global level about the creation of a requirement, a rule, or a control.

The MetricStream Regulatory Compliance Management Solution provides the client with a robust system to track all the regulations and controls from a centralized repository. It helps business users to carryout regulatory management processes with automated logical workflows. It enables users to receive all the alerts and notifications whenever new regulations or controls are created or assessments are performed. The system also allows tracking regulations at different levels and different regions in the form of reports and dashboards providing users with real-time compliance level assessment capabilities.

Why MetricStream

MetricStream has a strong track record of successfully implementing enterprise-wide GRC solutions including regulatory compliance management in large global brands and helping organizations manage all their compliance requirements with a common framework with an integrated approach.

The MetricStream solution provides a single point of reference for regulations across the globe. It also offers a centralized, unified repository of data to improve data quality and management.

The solution offers the configurability and flexibility to be easily aligned to a company’s specific business needs.

Challenges

Being a leading global financial organization, the client had to manage numerous regulations applicable in different regions across the globe. The bank was using manual techniques such as spreadsheets, emails and paper documents to track government or industry regulations for each region and specific entities to define controls. The client was looking for a comprehensive solution to centralize all these functions.

The bank had to manage a large volume of compliance related data across diversified functions within the bank. As the data was distributed across the globe, anyone seeking a report had to request the data globally, consolidate the data, and then identify what is required out of the large volume. Therefore, the client was looking for a program that can leverage the data goldmine for better use. They wanted a solution that can derive data from various sources, store centrally, define and map the data.

The client was also looking to implement a solution to mitigate the existing and emerging noncompliance risks of several kinds including systemic, operational, market and credit.

Benefits

  • Single system to track all the regulations globally:
    The solution provided a robust, centralized system to track all the regulations and associated risks and controls from single point of reference. Users can now receive automated alerts and notifications whenever a new regulation, rule, or control is created; an existing regulation is changed; or an assessment is performed.
  • Centralized repository for regulatory management:
    The client was able to achieve significant improvements in its regulatory data management with the solution’s centralized repository. This unified data storehouse automated and optimized data management processes, facilitated easy data migration, and most importantly, helped users easily define, track, map, and derive relevant data from the large repository. Its federated data model allowed mapping of regulations to risks, controls, and policies in one-to-many and many-to-many fashion.
  • Global notification system for all users including non-registered users:
    The solution also provided a global notification facility whereby users at the global level are instantly notified of the creation of a requirement, rule, or a control. The user group feature clusters all the users, even the business users who are not registered to the system, and generates email notifications.
  • User-friendly solution:
    The client was provided with a flexible, user-friendly interface that can integrate easily with the existing system and help users control information access, streamline workflow processes, and create powerful dashboards.
  • Helped achieve operational excellence:
    The MetricStream solution has automated and streamlined the entire compliance management and risk mitigation processes - right from start to finish - helping the client achieve operational excellence across the organization.

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