Global Investment Bank Diversifies Its Banking Capabilities with IoT
Technology Category
- Cybersecurity & Privacy - Security Compliance
- Sensors - Temperature Sensors
Applicable Industries
- Finance & Insurance
Applicable Functions
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Regulatory Compliance Monitoring
About The Customer
The customer in this case study is a major investment bank with a strong presence in the financial sector but limited experience in offering commercial banking products and services. The bank was looking to diversify its offerings and enter the commercial banking market. However, it needed to understand the potential risks and industry expectations associated with introducing new commercial banking products. The bank was aware of the potential regulatory scrutiny and the need for a robust control environment to manage risk exposure. Therefore, it sought the expertise of Exiger, a global regulatory and financial crime, risk and compliance company, to help it navigate this complex process.
The Challenge
A prominent investment bank was facing a significant challenge. Despite its success in the investment banking sector, it had limited experience in offering commercial banking products and services. The bank needed to acquire comprehensive knowledge about the risk exposure and industry expectations for a control environment that offering new commercial banking products in the market would entail. The bank was aware that the introduction of new products could potentially expose it to unforeseen risks and regulatory scrutiny. Therefore, it was crucial for the bank to understand the potential risks and industry expectations before launching new commercial banking products.
The Solution
Exiger, a global regulatory and financial crime, risk and compliance company, provided the solution. Exiger’s compliance professionals, with their extensive experience managing the expectations of regulators, internal stakeholders, and other industry participants, were able to assist the bank. They leveraged their knowledge in both commercial banking risk management and new product development to develop product offerings and a control environment designed to meet the needs of the business, clients, regulators, and other industry participants. Exiger’s risk analysis and recommendations for an optimal control environment were not only used to manage the roll-out of new commercial banking products but also to enhance their risk controls for existing products.
Operational Impact
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