Federal Remediation Project | Assistance in managing remediation efforts for US GAAP compliance​

Client Needs & Objectives

Our client is the Financial Reporting department of a major global CIB. As an international bank doing business in the US, the CIB must adhere to US GAAP standards.

As a result of stricter regulation, our client’s needs were as follows:​

  • Facilitate the communication between FRG (client) and the Regulatory Reporting team (Stakeholder) – Point of Contact (POC)
  • Ensure visibility in front of key internal stakeholders (Regulatory Reporting Group, Finance Project Office, Accounting Norms, Operations, etc.)
  • Plan and implement new processes/procedures as needed
  • Plan and implement system enhances / fixes as needed

Our Approach

  • Single Point of Contact: Become the go-to person in FRG with respect to Fed Rem
  • Scope: Define scope for each issue & ensure correct departmental ownership
  • Analysis: Analyze each Issue and determine FRG team / owner. Determine remediation action plan with owner
  • Implementation: Remediation efforts handled in different ways depending on the issues (i.e. process change, IT fix, system enhancement, accounting entry)
  • Close: Validate closure of issues with main stakeholder (Regulatory Reporting Group)

Client Benefits & Main Results

A rigorous project management approach was implemented for each Fed Issue​

Facilitated Automation - automated processes created and implemented where needed via FEDREM requests and coordination with FPO / the business​

​FRG gained visibility and had a clear sense of ownership with respect to the Fed Remediation issues