Going Global:

Using LogicManager to build a worldwide compliance program from the ground up.

The pandemic has disrupted operating models of businesses across the globe. Since the beginning of 2020 – and since the launch of our company in 2006 – LogicManager has been working with our clients to help them pivot and prepare. We have over 15 years of experience under our belt of helping customers avoid all sorts of risks and scandals.

Over this past critical year, we’ve collected over 200 value stories from our customers about how they’ve leveraged our guidance to drive their businesses forward. This series delves deeper into those stories in hopes of helping other businesses throughout these challenging times.

Topic: Tracking regional compliance requirements to facilitate successful geographic expansion.

Company Profile

We’re proud to say that one of our clients provides the world’s #1 banking software. They’re true innovators whose primary mission is to help banks accelerate their digital advancement.

They are also on a mission to promote better banking across the world. The fact that they’re located in Switzerland means their employees are no stranger to foreign relations; they share their border with 5 different countries. Their software also serves over 1 billion clients worldwide, so it’s no surprise that geographic flexibility is a top priority. Add on the fact that their clients are all in the banking sector, making regulatory compliance a key concern.

Challenge

The number of individual regulatory changes that financial institutions and banks must track on a global scale has tripled since 2011. There are a countless number of proposed rules and enforcement actions across multiple jurisdictions that organizations must follow. Regulations are constantly changing, put into effect and occasionally phased out, making compliance an ever-moving target.

So how can this client stay on top of the wide range of regulations impacting their users across the world? Whether a bank is concerned with maintaining compliance with the OCC, FDIC, TLAC, MREL, or otherwise, the software they rely on must facilitate that compliance.

Our client was struggling to keep up with these complex, ever-changing demands. Their compliance program felt unmanageable being scattered across spreadsheets, emails, Word documents and various other files. They came to LogicManager for help with overcoming this challenge.

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How We Helped

Our LogicManager advisory team worked with this champion to build out a system for tracking compliance requirements on a regional level from the ground up.

Through our software’s ability to track horizontal and vertical reporting views in their organization, we were able to associate each of their risk statements and related controls with the appropriate region using our data upload tool.

Once those associations were established, we used our reporting structure to see exactly how the risks matriculated across the organization, and identify risk trends for each region. This allowed our champion to track risk trends globally and quickly remediate any prevalent risks.

Using this structure allowed our customer to set up the risk, control and testing information one time without requiring duplicate entries while continually producing actionable reporting outputs.

Business Outcome

So far, our team has helped to create 5 unique reporting outputs that track detailed or aggregate information across 4 different global regions. This allows our client to streamline their workload based on the reporting stream. They’ve been able to collect the results of over 1,000 testing activities without duplicating any efforts to retrieve the information.

Using LogicManager for tracking their global compliance requirements benefits this organization in numerous ways:

• Through their working relationship with LogicManager, this client is taking a risk-based approach to compliance. This means that compliance is no longer an isolated process, but one that provides real value for each part of the business. Their work is automatically supported by relevant analysis and enforced by operational documentation, making board and regulatory reports easier to conduct and maintain.
• They’re facilitating client retention. This software company can proudly demonstrate that they’re a low-risk vendor and trustworthy brand to partner with. Not only are they helping their clients innovate their technology, but they’re also ensuring that their work helps keep them in compliance. This is a competitive advantage and major selling point for convincing users to continue to work with them year over year.
• LogicManager’s taxonomy technology establishes a known web of interconnections – the foundation of any ERM approach – and eliminates the limitations and confusion of siloed departments. This prevents wasted resources, non-value added repetition, unshared best practices, and sometimes, compliance violations (something that can result in fines, a tarnished reputation or loss of licenses).

With LogicManager as their mission-critical partner, this innovative software company is equipped with the tools they need to stay ahead of the curve. They’ll now have more time to dedicate to providing better banking across the world – and that’s an initiative we’re proud to support.