LogicManager Case Studies Regulatory Challenges and Enterprise Risk Management

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	Regulatory Challenges and Enterprise Risk Management LogicManager

Regulatory Challenges and Enterprise Risk Management

LogicManager

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Regulatory Compliance Monitoring Remote Asset Management
Services	Software Design & Engineering Services System Integration
Challenge	The customer, a leading wholesale financial services provider, was faced with the challenge of implementing the Check 21 Act, a new legislation that allows organizations to create digital versions of paper checks. This process, known as remote deposit, was met with resistance from some customers who were unaware of the new compliance process and ended their relationships with the company. The customer was concerned about the potential loss of customers and the financial impact of that loss. They also had concerns about their check-processing system managing a higher volume and the compliance concerns about new geographies. Read More
About Customer	The customer is a leading wholesale financial services provider to nearly 1,000 American credit unions, managing more than $6.1 billion in assets. The institution offers services including ATM/debt cards, share draft imaging, electronic payment services, and investment solutions for credit unions. The company size is between 51 to 200 employees and it is a nonprofit organization operating in the financial services industry. Read More
Solution	The customer implemented LogicManager's software to conduct assessments of the new regulatory changes. Each manager connected to the Check 21 initiative participated, including but not limited to Audit, Finance, Legal and IT. LogicManager's risk and performance indicators were used. Over the course of the assessments, the check-processing manager realized that without the burden of transporting paper checks, he could expand the checking program and its mostly fee-based services to new geographies, supporting the corporate goal of 'generating more non-interest income'. With LogicManager, assessments of the new regulatory changes were conducted by business processes, and all supporting assessments and mitigation activities were collected in one central place. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Regulatory Compliance Monitoring

Remote Asset Management

Services

Software Design & Engineering Services

System Integration

Challenge

The customer, a leading wholesale financial services provider, was faced with the challenge of implementing the Check 21 Act, a new legislation that allows organizations to create digital versions of paper checks. This process, known as remote deposit, was met with resistance from some customers who were unaware of the new compliance process and ended their relationships with the company. The customer was concerned about the potential loss of customers and the financial impact of that loss. They also had concerns about their check-processing system managing a higher volume and the compliance concerns about new geographies.

About Customer

The customer is a leading wholesale financial services provider to nearly 1,000 American credit unions, managing more than $6.1 billion in assets. The institution offers services including ATM/debt cards, share draft imaging, electronic payment services, and investment solutions for credit unions. The company size is between 51 to 200 employees and it is a nonprofit organization operating in the financial services industry.

Solution

The customer implemented LogicManager's software to conduct assessments of the new regulatory changes. Each manager connected to the Check 21 initiative participated, including but not limited to Audit, Finance, Legal and IT. LogicManager's risk and performance indicators were used. Over the course of the assessments, the check-processing manager realized that without the burden of transporting paper checks, he could expand the checking program and its mostly fee-based services to new geographies, supporting the corporate goal of 'generating more non-interest income'. With LogicManager, assessments of the new regulatory changes were conducted by business processes, and all supporting assessments and mitigation activities were collected in one central place.

Impact #1	The institution was able to achieve its corporate goal of expanding non-interest income.
Impact #2	The institution used this as an internal case study to expand its ERM program to all areas.
Impact #3	Today, they are the largest wholesale credit union in the United States.

Impact #1

The institution was able to achieve its corporate goal of expanding non-interest income.

Impact #2

The institution used this as an internal case study to expand its ERM program to all areas.

Impact #3

Today, they are the largest wholesale credit union in the United States.

Benefit #1	The institution became the largest wholesale credit union in the United States.

Benefit #1

The institution became the largest wholesale credit union in the United States.

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Overview

Regulatory Challenges and Enterprise Risk Management

Operational Impact

Quantitative Benefit