Case Study
Cross-Division Regulatory Response Enablement
Risk Data
Client
Large U.S. Bank - Wealth Management Technology
Services
Business Intelligence & Reporting, Regulatory Program Compliance
Project Overview
Following a bank merger, an accelerated volume of regulatory demands placed heightened pressure on the clients' Wealth Management (WM) division and operational risk functions, particularly as they relate to technology risks and controls. The client sought expertise and services from Reference Point (RP) to define, establish, and drive a program to facilitate regulatory response efforts across the Wealth Management Technology division. As a result, RP stood up and maintained a centralized Regulatory Response Enablement tool equipped with a taxonomy for common exam topics, a repository of historic exam materials, and the ability to evaluate regulatory trends across varying exam types. RP’s strategic approach to creating the Regulatory Response Tool enabled effective program management and response planning and delivery, while navigating an evolving regulatory environment and everchanging business demands.
Solution
- RP deployed a team of risk consultants and data analysts to drive program definition and stand-up, as well as manage the assessment of the current state environment, sources of information, and collection of resource materials to centralize the needs of the division.
- Partnering with WM Technology, Regulatory Response Members, and Risk Officers, RP helped define and implement a regulatory taxonomy that identified themes across exam focus areas, topics, and subtopics.
- Additionally, the team mapped the defined themes across FINRA, FRB, OCC, and SEC exam materials to streamline the users’ ability to quickly navigate to relevant response criteria.
- Finally, RP developed executive management views using a business intelligence product to visualize industry trends across historic regulatory focus areas to allow the WM Division to both plan for future responses and enhance reporting.
Impact
- Centralized key materials across various exams with access restriction capabilities based on content sensitivity.
- Streamlined Response Teams ability to navigate previously researched response materials thorough the implementation of the “taxonomy” and metadata tagging to allow for assessment of exam topics and regulatory trends.
- Produced a user-friendly, scalable product which can evolve to meet future business and compliance needs.
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