Case Study: Banking

chaos and order

Case Study:  Banking

Banking is a heavily regulated industry which relies on numerous data points associated with transactions to monitor the movement of funds world-wide. With the economic fallout of 2008, all banks were required to adopt specific activities to manage their risk exposure. When authorities come looking for compliance, the bank must provide evidence of activities performed to demonstrate they have it under control.

A major Canadian bank’s Capital Markets Anti Money Laundering Reporting Office (CM AMLRO) was in the midst of a significant re-vitalization project. It required that the AML Book of Record management system undergo significant update.

This work included the management of the ongoing changes to the AML Book of Record management system, management of the backlog of changes, management of AML grey and blacklists as well as close work with the Sanctions unit of the bank. This work was in addition to the project for which iCinfo was hired.

A cross functional team was organized to contribute to the changes required of the CM AML Book of Record Management system. This team spanned CM and included front line team members as well as subject matter experts from all back-office teams. A framework and schedule were created that would be necessary in order to achieve the desired output:  A Detailed Requirements Specification (DRS) document.

When it became clear that Technology and Operations needed more assistance with their portion of the work, we found additional resources and put them to work in support. These Business Analysts were instrumental in completing the DRS so that is can be turned into code.

With one dedicated iCinfo resource to champion the initiative and eight additional resources to elicit and document requirements, CM AMLRO had their requirements in place and ready for sourcing vendors and developers to complete the build within 8 months.