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Top 5 Global Bank Leverages Storyteller to Drive Compliance and Mitigate Risk
Technology Category
- Analytics & Modeling - Natural Language Processing (NLP)
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- Data Science Services
- System Integration
The Challenge
The Bank, a top 5 global bank, was struggling to achieve compliance in an environment of ever-changing and complex regulations. This was proving to be a challenge as teams were spending too much time doing manual work. Business units were relying on a highly manual, labor intensive, spreadsheet-driven process that was prone to errors and oversights, cumbersome, expensive and static. It also made it impossible to generate reporting to provide an executive view of compliance progress. Because the process was essentially manual, it was dependent on the availability of key stakeholder participants to provide input. This made it extremely difficult to collaborate and reliably incorporate interpretive feedback. Regulations were changed frequently. The lack of a tool to enable detailed mapping and analysis of anticipated regulatory changes left the Bank exposed to material risk.
About The Customer
The customer is a top 5 global bank, part of the Global 500, operating in the banking industry. The bank was struggling with compliance in an environment of complex and frequently changing regulations. The bank was relying on a highly manual, labor-intensive, spreadsheet-driven process that was prone to errors and oversights. This process was not only cumbersome and expensive, but it also made it impossible to generate reports to provide an executive view of compliance progress. The bank was in need of a regulatory change-management solution that would enable business units to deliver effectively and efficiently on what was being asked of them.
The Solution
The Bank selected Blueprint’s Storyteller for Regulatory Compliance and Change Management. The platform offered a unified enterprise-grade repository of regulatory information, including source regulations decomposed into individual obligations, interpretations, processes, policies, procedures and controls and related system requirements. The bank leveraged Storyteller's regulatory requirements trace engine to efficiently map and manage Legal and Risk Review of Regulatory Changes, Obligations (Regulations and Business Requirements), Controls (Business and System Requirements) that are ultimately reflected in Evidence (Regulatory compliance reports to auditors). Storyteller also offered advanced regulatory horizon scanning and intake technology that leverages AI Natural Language Processing. The bank was able to standardize compliance and remediation activities through automated workflows that provide for assignment, notification, formal review-approve, and other capabilities to coordinate the efforts of large numbers of people.
Operational Impact
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