Remediation Factory

Regulatory pressure requires large scale data remediation projects such as KYC, Modelling and Regulatory Reporting, to stay compliant and in control. Thus, it is fundamental to have detailed and traceable information.

The need for data remediation often arises during transformations or due to regulatory changes with strict deadlines and high data volume. With stakeholders expecting swift action, to stay compliant and in control, the challenge is to get up-and running quickly and effectively.

Moreover, remediations put stress on companies as both IT and business require significant investment to solve issues both retroactively and proactively, within expected deadlines. Challenges in every remediation program concern scalability and flexibility to accommodate for the remediation of different types of gaps.

At Deloitte, we have developed a hybrid approach containing a high-level remediation plan (customizable to the specific client case) combined with technology that incorporates workflow functionality as well as the data collection functions. We provide a complete audit trail which includes live reporting on the current status of the remediation project.

Within our solution multiple remediation strategies can be combined flexibly. Thus, high volumes of easy work can be performed by a more generic and scalable team, allowing you to not keep your experts from their day-to-day job, only using them for the more challenging remediations.

Moreover, we set up and configure a remediation factory to fit the exact use case and train (different) user groups in how to prepare and pick up remediation items.

To accelerate the management and execution of all remediation activities, our Remediation Factory provides a robust and scalable workflow environment, which streamlines and standardizes processes. It includes off the shelf components and technology for digitization, clustering, workflow management, and quality assurance. This tech-enabled approach allows the factory to be production-ready in no-time.

Accelerate the management and execution of all remediation activities with a robust and scalable workflow environment, streamline processes, and maintain data lineage. Remediation Factory benefits include:

• Transparency & traceability: Transparent audit trails ensure data quality and the ability to trace back.
•  Swift scalability: A flexible and scalable workflow environment allows for customization to specific remediation requirements.
• Accelerated Management: Leverage technology to automate, standardize, and accelerate remediation to meet stakeholder deadlines.