Our client was under intense regulatory scrutiny. We immediately saw that the review process was inefficient and full of barriers, including the volume of information coming from a lot of different sources. We knew the review needed an approach that focused on the most important aspects of each case, was clear for reviewers and delivered consistently fair outcomes.
We saw that appropriate forbearance hadn’t been provided in nearly all of the files reviewed. Calling on our regulatory experience, we advised that they shift the focus from compliance failings to customer outcomes. This meant reducing the number of cases being remediated by more than 60%.
We used RegTech to identify the in-scope population, automatically build case files and gather relevant data points from various sources in the customer records. This massively reduced the amount of time spent on handling cases. What’s more, we created a process to spot the cases eligible for auto-remediation. This was about 30% of all the cases, so the burden of the review was reduced even more.