Compliance automation platform Ascent has added a new unnamed Global Top 50 bank to its client base to help them keep up with regulations such as the Senior Managers and Certification Regime (SM&CR) and the Banking Executive Accountability Regime (BEAR).
The unnamed bank has an annual revenue of $20bn and 30,000 employees spread across 1,000 locations around the world. It is also subject to more than 200 regulating bodies to comply with globally.
Ascent was selected by the bank to help with the rising regulatory change it was facing, which was becoming too much for manual tracking. The bank was also looking to improve its understanding of the entire regulatory landscape, including international and domestic requirements.
Other challenges the bank wished to improve was the lack of internal visibility and traceability throughout the regulatory change management process and issues which led to missed rule changes and regulatory infringements.
The Global Bank has now initiated a project with Ascent which will help reduce the manual procedures involved with regulatory intake and analysis. It will also provide more visibility into how regulatory changes are tracked, reviewed, and applied to the business.
Having implemented the system, it has been able to receive an automatic feed of regulatory changes and a dynamically generated list of all the relevant regulatory changes. It has also been able to track the transfer of the change between departments and facilitate review of the change by team members.
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