This initiative is led and supported by the Chief Controls Officer(CCO) and any good solutions will be piloted in the US and led by the CCO. This is a high priority for the C-Suite so for creative solutions the action will be very timely.
As part of this Global Bank’s strategy to be the leading international bank in the US, they are looking to MIT to help drive its digital journey for Risk & Controls framework, both at pace and at scale, with automated end-to-end processes and underlying key controls, positioning the bank as an industry leader in this space.
Problem Statement: Their current framework for managing Non-Financial Risk such as Information Technology Risk, Financial Reporting Risk, Regulatory Compliance Risk, and Model Risk, which is heavily dependent on manual controls thereby increasing its overall cost to effectively manage and maintain controls environment. Our goal is to move from currently 10% automated controls to 80% automated controls by 2024 (or sooner)
Some of the contributing factors and challenges are:
The benefits of digitization are far more than what can be covered here but listed below are some of the key benefits/ immediate returns:
In your response, please
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