Client Needs & Objectives
Our client is the Financial Reporting department of a major global CIB. As an international bank doing business in the US, the CIB must adhere to US GAAP standards.
As a result of stricter regulation, our client’s needs were as follows:
- Facilitate the communication between FRG (client) and the Regulatory Reporting team (Stakeholder) – Point of Contact (POC)
- Ensure visibility in front of key internal stakeholders (Regulatory Reporting Group, Finance Project Office, Accounting Norms, Operations, etc.)
- Plan and implement new processes/procedures as needed
- Plan and implement system enhances / fixes as needed
Our approach
- Single Point of Contact: Become the go-to person in FRG with respect to Fed Rem
- Scope: Define scope for each issue & ensure correct departmental ownership
- Analysis: Analyze each Issue and determine FRG team / owner. Determine remediation action plan with owner
- Implementation: Remediation efforts handled in different ways depending on the issues (i.e. process change, IT fix, system enhancement, accounting entry)
- Close: Validate closure of issues with main stakeholder (Regulatory Reporting Group)
