NAVEX Case Studies PolicyTech® Helps Ocwen Financial Corporation Keep Pace with Regulatory Demands

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	PolicyTech® Helps Ocwen Financial Corporation Keep Pace with Regulatory Demands NAVEX

PolicyTech® Helps Ocwen Financial Corporation Keep Pace with Regulatory Demands

NAVEX

Technology Category	Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Regulatory Compliance Monitoring
Services	Cloud Planning, Design & Implementation Services
Challenge	Ocwen Financial Corporation, a large mortgage company in America, was facing a demanding regulatory environment. The regulatory expectations in the financial services industry had risen dramatically, and the company was held to a high bar. They faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value. The company realized that their current tools would not be sufficient to satisfy their business needs. They needed a program built for policy management so they could manage all of their company’s policies and procedures consistently and efficiently. Read More
About Customer	Ocwen Financial Corporation is one of the largest mortgage companies in America with over 9,000 employees. Founded in 1988, Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals. The company also provides innovative automotive floorplan financing and commercial mortgage servicing solutions for business partners. Recently, the company faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value. Read More
Solution	After a thorough search and RFP process, Ocwen Financial Corporation settled on NAVEX’s PolicyTech software solution. The tool is exceeding Ocwen’s expectations. PolicyTech is a secure cloud-based solution that is hosted and upgraded remotely, and comes with many predefined features, so there is very little development, customization Ocwen has to do, or IT involvement. This makes the long term cost even lower. Employees and managers alike have been happy with the short learning curve. A big selling point for users is the ability to use Microsoft® Word within the tool. They see documents in the format they’re accustomed to. It’s easy to alleviate new user apprehension and create advocates for the tool, because people immediately see how simple it is to use. Read More Log in to view content
Contents

Technology Category

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Regulatory Compliance Monitoring

Services

Cloud Planning, Design & Implementation Services

Challenge

Ocwen Financial Corporation, a large mortgage company in America, was facing a demanding regulatory environment. The regulatory expectations in the financial services industry had risen dramatically, and the company was held to a high bar. They faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value. The company realized that their current tools would not be sufficient to satisfy their business needs. They needed a program built for policy management so they could manage all of their company’s policies and procedures consistently and efficiently.

About Customer

Ocwen Financial Corporation is one of the largest mortgage companies in America with over 9,000 employees. Founded in 1988, Ocwen originates both traditional and reverse mortgage loans and specializes in helping families achieve their financial and homeownership goals. The company also provides innovative automotive floorplan financing and commercial mortgage servicing solutions for business partners. Recently, the company faced regulatory demands that required a new, more robust governance process for the company’s policies. They needed a solution that would meet the demands of regulators as well as deliver significant business value.

Solution

After a thorough search and RFP process, Ocwen Financial Corporation settled on NAVEX’s PolicyTech software solution. The tool is exceeding Ocwen’s expectations. PolicyTech is a secure cloud-based solution that is hosted and upgraded remotely, and comes with many predefined features, so there is very little development, customization Ocwen has to do, or IT involvement. This makes the long term cost even lower. Employees and managers alike have been happy with the short learning curve. A big selling point for users is the ability to use Microsoft® Word within the tool. They see documents in the format they’re accustomed to. It’s easy to alleviate new user apprehension and create advocates for the tool, because people immediately see how simple it is to use.

Impact #1	Ocwen Financial Corporation wrote, reviewed, and published nearly 300 new policies and procedures in less than four months.
Impact #2	Productivity has increased substantially. With time and resources deployed more strategically, the risk management team can focus on supporting and overseeing business units in improving the quality of their controls and processes—rather than simply documenting them.
Impact #3	Several features of PolicyTech further improve efficiency. For example, powerful search and sort functions help users quickly find the documents they need. It’s also easy to view and export to Excel.

Impact #1

Ocwen Financial Corporation wrote, reviewed, and published nearly 300 new policies and procedures in less than four months.

Impact #2

Productivity has increased substantially. With time and resources deployed more strategically, the risk management team can focus on supporting and overseeing business units in improving the quality of their controls and processes—rather than simply documenting them.

Impact #3

Several features of PolicyTech further improve efficiency. For example, powerful search and sort functions help users quickly find the documents they need. It’s also easy to view and export to Excel.

Benefit #1	Ocwen Financial Corporation wrote, reviewed, and published nearly 300 new policies and procedures in less than four months, compared to the previous rate of up to two months to complete the approval of one policy.

Benefit #1

Ocwen Financial Corporation wrote, reviewed, and published nearly 300 new policies and procedures in less than four months, compared to the previous rate of up to two months to complete the approval of one policy.

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Overview

PolicyTech® Helps Ocwen Financial Corporation Keep Pace with Regulatory Demands

Operational Impact

Quantitative Benefit