Assessing project needs and reducing costs cut compliance project budget requests by more than 60%.
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:
This structured process increased transparency in the bank’s compliance project planning process, while also significantly reducing costs. Key outcomes included:
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.