Financial Services Regulatory Compliance Success Story

A long-time financial services client asked Jefferson Wells to perform an independent evaluation of their ERM program.

Three people stand around a table

Business Issue

As part of our client’s business growth strategy, this diversified financial services company opened a bank with $2.5 billion in client deposits requiring them to comply with many different regulatory requirements and to further develop their risk management capabilities. The client’s Operational Risk group reached out to Jefferson Wells for assistance in building out their infrastructure in the second line of defense, specifically focused on FDICIA compliance.

Solution

Working within the client’s established operational risk framework, Jefferson Wells provided an experienced team with deep project management experience and specialized expertise in the specific areas of their business. Initially focusing on the Personal Trust group to document processes and utilize flow charts, we developed Risk Matrices to be used in the self-assessment of the controls. As this project began, the regulators and Internal Audit announced they would be coming in to perform examinations of the department. As a result of this development, we suggested performing a mock audit to identify any potential issues. While performing the audit, we identified potential issues and assisted with remediation. 

Results

Through a thorough self-assessment of controls, Jefferson Wells delivered compliance opportunities including: 

  • Clean internal audit and regulatory examination 
  • Recommendations for new target operating model
  • Process optimization