Background
As part of its regulatory and risk remediation plan, an international financial institution requested Wavestone to define a global risk control framework that would enhance its anti-money laundering and financial sanctions controls on incoming / outgoing USD payments within the Corporate & Investment Banking business.
Challenges
Wavestone helped the client address the following challenges:
- Scope assessment and diagnosis for the 5 Americas hub sites: determine the complete scope of USD products / business processes in N. and S. America, identifying regional specificities that would differ from the risk control framework defined by EMEA
- Solution design: mobilize stakeholders to design robust solutions for addressing the bank’s control gaps and meeting the framework’s requirements
- Global coordination & alignment: Facilitate communication and collaboration among the program’s stakeholders to foster common understanding, consistency in solution design, and knowledge-sharing.
Answers and Key Sucess Factors
Wavestone supported the client’s successful delivery of its regulatory commitments by:
- Driving effective cross-collaboration, implementation synergies, and seamless alignment across regions, particularly for common global issues (e.g. screening)
- Setting up an effective project structure to engage, communicate, and validate solutions with stakeholders from the Front, Middle, and Back offices. Our cross-functional interaction model enabled us to enrich solution design discussions and reinforce a holistic, front-to-back vision.
- Structuring solutions into projects and defining a detailed implementation plan with owners, deadlines, dependencies, budget, and resource requirements for each project
- Incorporating change management into the implementation planning process through an impact assessment of other Compliance programs in the bank
