Increasing Compliance and Decreasing Risk with Rapid Action

Increasing Compliance and Decreasing Risk with Rapid Action

12-May-2017 Mike Pecoraro Financial Services Download

Performance Snapshot Preview: A regional bank needed to improve its compliance with the Servicemembers Civil Relief Act (SCRA) to avoid costly violations and increase customer transparency. Through the smart use of automation and eliminating redundant steps in the process, a small team of employees was able to achieve nearly $20M per month in risk avoidance.

Situation

The bank was concerned by recent regulatory compliance findings related to SCRA, and realized their existing processes left them at great financial risk – especially given the federal government’s zero tolerance policy.

Team Engagement Strategy

A team of five employees and two co-leaders was assembled and equipped with Rapid Action, a toolkit for small problem solving teams.

Rapid Action Project Charter

How can we improve, standardize and streamline SCRA procedures in order to ensure regulatory compliance and boost process efficiency?

Sample of Solutions Implemented

  • Created an automated script which determined eligibility of SCRA protection and automatically populated key documentation which processed more data in less time, freeing up hours to better serve SCRA customers.
  • Updated existing letters and eliminated redundant and outdated ones which provided clarity to SCRA borrowers and enhanced customer transparency and understanding.
  • Created a dedicated SCRA email address and published SCRA-specific FAQs on the bank’s website to serve as an internal and external resource and help borrowers feel more knowledgeable.

Rapid Action Team Results

$19.6M

in risk avoidance each month since implementation

$19,800

in financial gains for the first 12 months implemented

2 weeks

of time savings each month

56 days

cycle time from team launch to wrap-up

Leadership Comment

Rapid Action provided an excellent model for putting ideas into action in a short amount of time. It requires members to stay focused by holding them accountable for the deliverables. The team most enjoyed the brainstorming aspect and working with other members outside of their departments. – Compliance Manager

Learn more about the Rapid Action Toolkit

Are you interested in accelerating results and increasing engagement from your organization’s change management and continuous improvement initiatives? Take a look “inside the box” of the most reliable process available for rapid, team-based improvement.

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Rapid Action Team Engagement Toolkit


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