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Ensuring Regulatory Compliance While Controlling Costs

A European bank needed to assess IT and consulting projects that could help it meet new regulations and resolve findings. The bank also wanted to identify what it should be doing to ensure compliance in the future, and to do it as efficiently as possible.

The bank partnered with BCG for the project. Equipped with BCG’s proprietary regulatory database, a team of regulatory, risk, finance, business, and IT experts went to work. They used a four-step process to trim project demands and reduce costs:

  1. Develop a regulatory calendar and list of open findings.
  2. Assess project requests based on calendar and findings.
  3. Challenge budget demands in meetings with project owners.
  4. Classify them into must do, should do, or could do.

This structured process increased transparency in the bank’s compliance project planning process, while also significantly reducing costs. Key outcomes included:

  • Reduced initial budget requests by more than 60%
  • Provided comprehensive project overview for senior management
  • Defined the process for ongoing updates of regulatory requirements and open findings
  • Created a new budget demand process for future projects

Today, the bank’s leaders are more confident in their regulatory compliance program. Funds that might otherwise have gone to projects of uncertain merit can now be redeployed to support strategic goals.

Financial Institutions
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