engagement at a glance.
A leading national bank launched a new product that allows merchants to partner with them on flexible payment options. With the lack of third-party process documentation impairing visibility, an aggressive timeline, and staff turnover—they needed a reliable, robust approach for control development, testing, documentation, and oversight; and needed a partner they could rely on throughout the journey.
Randstad Digital partnered with the client to institute a holistic risk management program to support the bank’s flex-pay product launch by applying industry best practices and Lean Six Sigma analytical tools to develop a robust operational risk management program that would meet the control and monitoring requirements.
Our team of innovation experts focused on:
- A guided launch of the new product with a robust risk profile that strengthens their financial position
- Ensuring compliance to reduce the possibility of future actions from auditors and negative customer perceptions
- Streamlining processes to enable the development of relevant, sustainable, and easily monitored controls
- Enabling continuous improvement and establishing baseline and foundation for future improvement of the product and processes
the challenge.
Financial institutions are subject to the highest scrutiny due to several state and federal regulations. Prior to getting the approval to launch, the bank needed to quickly build a robust control suite to ensure all known requirements and regulations are accounted for and covered with an existing control or newly created control prior to launch.
the solution.
Randstad Digital applied a suite of industry best practices and analytical tools to develop a robust operational risk management program that would meet the control and monitoring requirements for the client’s new flex pay, buy-now-pay-later (BNPL) program. After conducting a full gap analysis of the operational and technology processes with respect to compliance and regulatory requirements, and ensuring alignment with the client’s existing governance standards, Randstad Digital successfully instituted a holistic risk management program to support the client’s flex pay product launch.
the outcome.
Working in partnership with the client, Randstad Digital brought risk management to the forefront of their operations. Our services enabled the client to:
- Ensure that only evaluated and compliant products that represented the customer’s best interests were brought to market
- Launch new products with robust risk profiles that strengthened the client’s financial position
- Establish the foundations for continuous improvement activity, ultimately reducing the possibility of future actions from audit and negative customer perceptions
get in touch.
We help organizations like yours to empower employees and create a problem-solving culture. Ready to drive operational excellence? Reach out to us today.