Regulatory Challenges and Enterprise Risk Management
Customer Company Size
SME
Region
- America
Country
- United States
Product
- LogicManager Software
Tech Stack
- Risk and Performance Indicators
- Remote Deposit Technology
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Revenue Growth
- Customer Satisfaction
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Regulatory Compliance Monitoring
- Remote Asset Management
Services
- System Integration
- Software Design & Engineering Services
About The Customer
The customer is a leading wholesale financial services provider to nearly 1,000 American credit unions, managing more than $6.1 billion in assets. The institution offers services including ATM/debt cards, share draft imaging, electronic payment services, and investment solutions for credit unions. The company size is between 51 to 200 employees and it is a nonprofit organization operating in the financial services industry.
The Challenge
The customer, a leading wholesale financial services provider, was faced with the challenge of implementing the Check 21 Act, a new legislation that allows organizations to create digital versions of paper checks. This process, known as remote deposit, was met with resistance from some customers who were unaware of the new compliance process and ended their relationships with the company. The customer was concerned about the potential loss of customers and the financial impact of that loss. They also had concerns about their check-processing system managing a higher volume and the compliance concerns about new geographies.
The Solution
The customer implemented LogicManager's software to conduct assessments of the new regulatory changes. Each manager connected to the Check 21 initiative participated, including but not limited to Audit, Finance, Legal and IT. LogicManager's risk and performance indicators were used. Over the course of the assessments, the check-processing manager realized that without the burden of transporting paper checks, he could expand the checking program and its mostly fee-based services to new geographies, supporting the corporate goal of 'generating more non-interest income'. With LogicManager, assessments of the new regulatory changes were conducted by business processes, and all supporting assessments and mitigation activities were collected in one central place.
Operational Impact
Quantitative Benefit
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