Streamlining regulatory compliance to effectively tackle multi-jurisdictional challenges
A leading European bank faced the challenge of ensuring robust compliance across multiple jurisdictions while harmonising its control environment and cutting operational costs. Given the breadth and complexity of new regulations, timely understanding of the impact on the organisation is imperative.
Turning compliance challenges into new opportunities
In today's rapidly evolving regulatory environment, financial institutions face growing pressures. The increasing volume of new regulations, driven by heightened scrutiny and shifting market trends across Europe, poses significant challenges. This is especially true for organisations with complex structures which operates, such as our client, with four affiliates in Southern Europe and across four other European jurisdictions. Monitoring compliance at the Group level is a formidable task, further complicated by manual processes and fragmented documentation.
The bank recognised the urgent need for a comprehensive solution to address these challenges. They sought a system that could streamline regulatory monitoring and enhance compliance processes across all jurisdictions. Moreover, the solution needed to facilitate efficient knowledge sharing while managing costs effectively. By integrating a robust platform, the bank aimed to not only ensure compliance but also to foster a culture of informed decision-making and operational excellence throughout its expansive network.
Deloitte’s solution-based approach
A solution was crafted using RegMiner, seamlessly combining Deloitte compliance specialists' expertise with a cutting-edge regulatory management platform. This innovative approach created a singular repository for regulations, streamlining the bank's compliance landscape. The project was more than a typical vendor-client interaction; it was a collaborative partnership. The bank's analysts worked closely with Deloitte's team to co-define the scope of regulatory monitoring across jurisdictions, providing continuous feedback for feature enhancements throughout the development process.
The entire compliance management process was reassessed and redesigned to ensure transparency and efficiency, resulting in a more effective compliance risk management cycle. This meticulous approach ensured that no detail was overlooked. Following the delivery, there was a period dedicated to refining and enhancing the regulatory sources being monitored, further solidifying the robustness and reliability of the solution implemented. Below you can find the RegMiner modules that were used during this project.
Reg Watchtower
Stay informed on regulatory changes with rapid alerts and insightful analytics for your organisation's regulatory teams.
Reg Library
View a comprehensive regulatory source enhanced with analytics for insights on document connections and requirements.
Reg Scoping
Gain a proactive view of important indicators, turning regulatory challenges into opportunities.
Reg Assessments
Enhance transparency and traceability with RegMiner to assess regulatory impact and capacity.
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Integrating to unlock new value
The bank worked with us to enhance their existing RegMiner system by integrating it with our global Deloitte Sense solution, powered by IBM OpenPages. This solution is designed to transform risk and compliance processes, significantly reducing manual efforts and ensuring accurate and timely delivery of compliance risk assessments.
The powerful synergy between our advanced solutions and IBM's state-of-the-art technology enhances compliance efficiency and effectiveness. Our distinctive approach lies in merging sophisticated technology with profound content knowledge and advisory services, thereby elevating processes and compliance methodologies. RegMiner is globally utilised by thousands of Deloitte specialists, ensuring that deep regulatory expertise is seamlessly woven into Deloitte Sense.
Making a transformative impact
By implementing RegMiner, the bank significantly improved regulatory compliance effectiveness and efficiency, thereby reducing analysis time. RegMiner automated processes, enhanced synergies across jurisdictions, and reduced operational costs, ensuring the bank met its goals of robust compliance and a harmonized control environment. As a result, the bank gained a single view on regulatory obligations and their impact on the business.
Enhanced Compliance Position: A robust framework for regulatory adherence was established, reducing the risk of non-compliance penalties and enhancing its reputation in the market.
Improved Efficiency: A 50% reduction in regulatory analysis time was achieved, allowing for prompt identification and analysis of obligations for each entity, reducing manual labor and reallocating efforts into more meaningful activities.
Synergies and Collaboration: For common EU regulations, regulatory analysis can now be performed by one entity within the group and shared with others for review and compliance assessment. This approach improves knowledge sharing across jurisdictions, harmonises the control environment, and reduces duplicative effort.
With this new integrated solution built, we experienced a remarkable 50% reduction in the time spent on regulatory analyses. This transformation has significantly increased our visibility into risk exposure and improved decision quality. Both internal and external stakeholders confirmed the substantial enhancement in our processes, allowing us to achieve the primary objectives of our project effectively.
Risk & Compliance Manager at the bank
