Procurement & Seamless Compliance: Redefining what’s possible in the World of Global Banking

Challenges.

Our client, in international banking, found themselves with procurement and engagement data scattered across various business units, each operating on different platforms or Excel sheets. The manual management of local regulatory compliances further complicated their operations, creating a landscape with inconsistency and inefficiency

Solution.

We introduced the ‘Global Register,’ a groundbreaking system engineered to cut through the complexity, centralizing engagement data and automating the regulatory compliance process. This initiative was more than an improvement; it was a complete overhaul of existing systems, designed to:

• Centralize engagement data from around the world into one accessible platform. 
•  Automate the regulatory compliance process, ensuring accuracy and consistency. 
•  Enhance data management with an intuitive interface for seamless amendments and updates.

Dynamic questionnaires for Materiality Assessment, Outsourcing Determination, and Risk Assessment were tailored for each legal entity, streamlining the process, and adapting to the specific needs of both Third Party and Internal Engagements/ Agreements.

The impact.

The deployment of our solution for our client replaced disjointed systems with a unified platform capable of managing global engagements efficiently. This transformation led to: 

• A significant boost in visibility for stakeholders, providing clear insights into assessment outcomes.
• An impressive reduction in the business assessment process, slashing the Service Level Agreement duration from 70 days to a mere 30 days.
• An impressive reduction in the business assessment process, slashing the Service Level Agreement duration from 70 days to a mere 30 days.