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Consolidating compliance costs
Case studie
Consolidating compliance costs
Our expertise
One of the largest regulators in the US issued a consent order and a financial penalty on our client’s broker-dealer practice. Infobelt was contacted to provide a compliance assessment to resolve the consent order.
Despite following internal processes, our client’s Books and Records were drastically out of compliance. They were keeping some records longer than needed while disposing of others too soon. The client was also saving its data in an incorrect regulatory format and was missing required data.
Issue
The consent order instructed the bank to meet a series of conditions which included defining and implementing supervisory procedures, filing an action plan, and having all Books and Records and data management in line with federal regulations. Until the consent order was resolved the bank could not pursue any growth and failing which could result in further penalties, including removal from trading certain securities.
Solution
Our team implemented Infobelt’s REGENT and REGLIB platforms to resolve operational disconnects and risky policies. Our client is now informed of related regulations and has a streamlined approach to managing compliance tasks. Infobelt REGENT has an automatic and simplified workflow that promotes compliance awareness. Infobelt’s consulting team also educated employees on best practices for staying compliant. The team was given necessary and important information required to stay compliant with a variety of regulators.
Impact
Infobelt wanted to help the bank clear their consent order within 18 months. Infobelt’s work ended up resolving the consent order in only 13 months, completing the process ahead of schedule. The bank no longer risks financial or compliance penalty and has consolidated their compliance costs (people and time) by implementing Infobelt’s platforms.