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/ / Business Consulting

Record Keeping & Compliance

/ / Customer Challenge

A mid-sized regional bank approached Synechron to advise on improving its record keeping systems for trade reconstruction. Specifically, the bank sought to identify its options for meeting regulatory requirements imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The bank was aware that many of its peers were also struggling to meet stringent new regulatory demands – particularly relating to pre-trade reconstruction, which involved managing large quantities of unstructured data. Being able to link various channels of communication – including voice, instant messaging and email discussions – to subsequent trades was seen as a challenging exercise, requiring new systems and processes to be put in place to solve these challenges.

/ / How Synechron Helped

Synechron began by thoroughly reviewing and gathering all pertinent information relating to the bank’s existing record keeping systems for pre-trade, trade and post-trade records. Our consultants also worked with the bank’s legal and compliance team to define regulatory requirements based on their interpretations of the relevant regulatory text. That information allowed the team to determine where systems and processes complied with regulatory requirements and where improvements were required.

Armed with these findings, Synechron engaged with vendors to identify technology products and services that could fill the gaps in the bank’s existing capabilities. A rapid and flexible process was utilised to review and compare the vendor technology products and services, avoiding the time consuming development and review of rigid RFPs. A series of structured interactive workshops were held to allow the vendors to better understand the client requirements and present the most appropriate solutions for consideration.

The client was presented with a report from Synechron detailing findings of the regulatory gap analysis and remediation options available to them, along with a set of recommendations. These covered a series of scenarios available to the client to meet the various regulatory requirements. For each, a set of calculated costs and timescales were provided to enable a direct comparison. Ultimately, the client was able to select the right solution based on the range of criteria it had defined.

/ / Results
  • Comprehensive understanding of risks
    A detailed analysis of the client’s existing technology record keeping and compliance systems allowed Synechron to quickly identify areas of high risk in relation to existing and future regulatory requirements. This allowed the client to prioritise the resolution of high-risk areas.
  • Market insight
    Synechron was able to leverage its extensive network with peer organisations to understand how others were tackling the regulatory challenges associated with the Dodd-Frank Wall Street Reform and Consumer Protection Act. This insight allowed the proposed vendor solutions to be reviewed against the consensus of the best approaches within the market.
  • Rapid results
    When Synechron was called in, the client required a rapid view on the risk areas in relation to the regulations, the appropriate vendor solutions and a full project cost breakdown for business planning purposes. Synechron utilised their well-established processes to complete this complex internal and external analysis on time and to the satisfaction of the client.
  • Changing the strategic direction
    The most cost-effective solution had been assumed to be an uplift of existing systems to meet the new regulatory requirements. The in-depth analysis conducted by Synechron highlighted the challenges inherent in this approach. This helped steer a change in strategic direction – presenting an option that would offer both lower total cost of ownership and reduced regulatory risk moving forwards.

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