Implementing a major initiative can transform a business, but the day-to-day work generally needs to keep going without any drop in performance.
A national bank recognized that delivering a multi-year project to elevate its operational excellence – critical to its ambitious growth strategy – across every business line would overwhelm its people. Needing significantly more resources to succeed, the organization turned to Spinnaker Consulting Group to deploy the people, expertise and bandwidth to keep the project moving forward. Already under greater regulatory scrutiny, the bank saw value in asking an external partner to support the overall project, as well as its implementation in first- and second-line functions.
Working from the bank’s prior end-to-end mapping of the process and system, the Spinnaker team tapped into our breadth of industry experience to develop a tailored execution strategy for High Priority Processes (HPPs). That included applying our organizational process – developed by one of our lead consultants – for identifying control guidance, better known as plain language interpretations of regulatory requirements or internal policies.
Aiming to generate a consistent customer experience, our team also drafted control guidance and consolidated multiple customer commitments into specific standards. We ensured all processes and standards linked to the bank’s operational system, a cornerstone for supporting robust compliance reporting and issue tracking.
Our partnership strengthened the client’s overall risk management landscape, which now includes automated reporting to track compliance at a glance. To implement consistent control guidance across every product line, we brought in innovative approaches that saved time and money. We positioned the bank to consistently meet compliance requirements, which will lead to better customer service and stronger performance on regulatory reviews.
In addition to delivering on the primary target of helping the bank elevate its operational performance, we conducted quality reviews, validated controls execution and developed action plans for continued process evolution.
To learn more about how our 15 assigned consultants augmented the bank’s implementation team, check out our Driving Operational Excellence through Risk Management and Process Expertise case study.
An upcoming regulatory exam can strike fear into the heart of even the most confident and experienced business leader. And while there’s no trick that will make all of that anxiety go way, knowing what to expect when the examiners arrive on site can go a long way to alleviating your concerns. Here are a few steps you can take to better set you and your team up for a successful exam:
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