Unlocking Efficiency, Transforming Compliance
A Practical Solution for Regulatory Requests
Summary
This case study highlights how technology&.ai (in collaboration with partners) addressed compliance challenges for one of the major banks through the implementation of the Compliance Data Portal. The bank faced difficulties in managing ad-hoc data requests from regulators, risking penalties, and damage to its reputation due to manual processes, delays, and errors.
Key Challenges
The compliance department struggled with timely and accurate fulfillment of ad-hoc data requests, lacking a streamlined process. Manual data compilation led to delays, errors, and inefficiencies. The absence of an audit trail and reusability further exposed the bank to regulatory scrutiny.
Tailored Solution
To tackle these challenges, technology&.ai and its partners developed the “Adhoc Data Request Fulfillment Portal.” This AI-enhanced platform aimed to revolutionize compliance data fulfillment, incorporating dynamic search features, automated extraction, NLP-driven data preparation, a comprehensive audit trail, and automatic data set recommendations.
Impact and Transformation
The implementation of the Adhoc Data Request Fulfillment Portal significantly reduced the time and effort required for data fulfillment. The platform’s AI-driven automation ensured error-free data delivery; consequently, lowering penalty rates imposed by regulators. This solution not only fixed existing issues but also strategically transformed compliance processes, surpassing regulatory expectations, and turning challenges into a streamlined and automated workflow.
