Regulators actively review the business lines and portfolios of financial institutions. The goal? To ensure they are in sound financial condition and meet regulatory requirements. As part of a planned regulatory review of a key retail portfolio, a major financial institution turned to BottomLine Group to provide end-to-end management of the review.
Our team began by investigating all outstanding regulatory and audit concerns, and identifying the key themes that would be used throughout the review. A governance structure was then established, with subject matter experts and stakeholders engaged in the process. Regulator touchpoints were scheduled, which included executive reviews. Upon completion of the review, remediation plans in response to the findings were developed, and project plans with the related governance were established.
The review received blockbuster reviews and resulted in:
Lower number of regulatory findings (both in number and severity)
More effective use of executive and line management time
Improved communication between the regulator and the financial institution
Enhanced documentation developed for critical risk processes