Driving bank compliance through innovation
Driving bank compliance through innovation

Driving bank compliance through innovation

Automated mapping of business processes helps a top 10 U.S. bank promote sustainable risk management and strategic growth.

The future is data, but many large financial institutions struggle to harness and leverage data that include risk, compliance and testing information. When a top 10 U.S. bank wanted to integrate its business and risk management processes, KPMG went to work creating a distinct solution.

As KPMG helped the bank assess its consumer lending processes previously, the bank then focused on mapping processes to document risks, controls and regulatory obligations. The solution called for automated process-mapping that would consolidate operational and compliance data from disparate systems and publish it in real-time. The new method would assist employees to view risk in the business and create greater day-to-day efficiencies.

Over a year-long period, KPMG’s Technology and Enterprise Governance team, and Regulatory and Compliance practice analyzed the bank’s needs and prioritized stakeholders’ long-term goals in order to deliver a consolidated data architecture. This framework included process mapping software that could dynamically produce and update visualizations connected to other source systems in the organization. It also provided a consistent taxonomy to source systems for each data set and recognize relationships among the data.

The bank now can:

  • Identify and prevent gaps in risk management and controls through visualization at the point of execution
  • Better manage regulatory expectations by maintaining a single version of the truth
  • Improve the speed, accuracy and efficiency of regulatory reporting and reduce cost through automatically updated maps
  • Manage future regulatory and business process changes with a standardized governance model.

KPMG worked with the bank to overcome obstacles, such as the need for an affordable solution. By creating a joint venture, KPMG and the bank invested development dollars into a four-month pilot program that proved the solution met the organization’s needs and not just those on the front line.

Full-fledged implementation commenced at the end of the pilot program, and the solution helped to further cement the bank as a compliance leader in the financial sector.

To learn more about how KPMG helped the bank integrate its business and risk processes, read “Mapping a new direction in bank compliance.”