Corporate Banking: Regulation Non-Compliance
The Challenge
The corporate banking division of a major Irish bank was under pressure from national and European regulators as its lending procedures were at serious risk of non-compliance with current and imminent regulations. Our remit was to work across the organisation to redefine key customer-facing processes to create an efficient, consistent and compliant approach, and a culture that would ensure its future sustainability.
The Result
- The replacement of a confusing and increasingly complex range of compliance guidelines with a single, clear and compliant process incorporating documentary evidence to meet current and future regulatory requirements
- The mitigation of substantial regulatory risk to the bank and a corresponding improvement in employees’ and regulators’ confidence in the bank’s compliance
- Though the implementation was brief, it was still able to encompass the 40% of the processes that accounted for 70% of front-line effort.
- The transfer of Lean skills and knowledge to 69% of front-line employees, as well as to those in related functions, has both engaged and empowered them to not only own their new way of working but to spread best practice to other parts of the bank.
- By integrating all new processes into the standard solution created with UEP, the bank will have better process confirmation across all departments and be able to easily incorporate future legislation, such as Basel III.
