Minimizing disruption

In today’s regulatory environment, financial institutions face the challenge of remaining compliant with frequently changing rules head on. Teams need to be nimble enough to adapt quickly, but robust enough to minimize the impact that meeting the requirements has on internal and external clients. Commercial and retail banks, insurers, and wealth management institutions are seeking best-in class solutions to help maximize their workforce’s ability to anticipate, navigate, and accommodate
changing regulations.

West Monroe’s regulatory and risk practice delivers solutions for financial services institutions facing a range of issues and needs:

  • What is your projected growth and how will that impact your regulatory compliance requirements from a policy, process, and technology standpoint?
  • Are you facing any regulatory deadlines? If so, do you have the capacity to meet those demands given your current resource level?
  • Even if you are not facing specific deadlines, does your overall organizational design match the institution’s compliance demands? Are your teams meeting internal SLAs and filing deadlines?
  • Are adequate controls in place to ensure that policies are being adhered to? When polices are not followed, are training and communication programs in place to remediate issues quickly?
  • Are the necessary technology solutions and processes in place to satisfy onboarding, transaction monitoring, and reporting policies and guidelines? 
  • Do you have an adequate training program in place? Are people getting the targeted training and communications they need to stay current on the risk and regulatory requirements for their position?

A unified solution

Our team has all of the resources to help you address a range of regulatory compliance and risk challenges, including strategic planning for new/modified regulations, anticipating and accommodating regulatory actions, navigating internal audit findings, mitigating inadequate reporting and controls, and improving historically unreliable handoffs between lines of business and compliance and risk teams. To combat these issues, West Monroe offers the following Regulatory Compliance and Risk Management solutions: Program Management; Policy Definition, Processes, Controls, and Procedures Development, Technology Implementation, Training and Internal Communications, Marketing and External Communications, and Management Reporting and Monitoring. West Monroe Partners brings a deep understanding of current regulatory and risk environment to identify the key drivers of risk for our clients. We leverage our expertise around the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML), Comprehensive Capital Analysis and Review (CCAR), Dodd-Frank Act Stress Tests (DFAST), and other specific regulations to institutionalize sound policy and risk solutions across an organization’s enterprise.

Program Design & Optimization: 

West Monroe works collaboratively with organizations’ existing program framework to:
  • Perform comprehensive diagnostics of Risk and Compliance programs
  • Apply an integrated approach to operationalizing industry best practices
  • Ensure the proper alignment between strategy, organizational structure, staffing, policies and procedures, training and communications, quality control, and technology

Systems & Technology Transformation:

West Monroe Partners also leverages its deep technology insights on the rapidly changing digital and RegTech landscape to:

  • Use proprietary and customizable tools to assess technology utilization maturity and ensuring systems are being optimized to eliminate manual processes and provide necessary organizational insights 
  • Build technology roadmaps that drive next generation systems implementation following a disciplined change management framework

Why West Monroe?

The West Monroe Regulatory Compliance and Risk team delivers overall risk mitigation for clients including financial, operational, and reputational risks.

  • Build bridges between the compliance/risk teams and the lines of business for both the development and implementation of solutions leveraging our proven approach to change management.
  • Create integrated, cross-functional technical and process solutions that don’t come at the expense of the front-line business 
  • Create frameworks for continuous process improvement

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