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CLM Current State and Readiness for a Global Financial Services Provider
The client had kicked off an initiative to replace their existing CLM system globally. Aurora was engaged to review the current state and assess business readiness ahead of technology implementation in order to identify any gaps and provide recommendations for the business change. In addition, Aurora performed requirement analysis and conducted CLM vendor solution assessment as part of the project.
Functional and technical requirements validated
CLM Technology RFP Oversight for a UK Bank
Aurora was engaged to conduct an RFP for a UK Bank, interested in purchasing a CLM Technology solution. Using our CLM expertise, detailed understanding of the issues the Bank faced, and in-depth CLM vendor knowledge, we were able to ensure the right questions were asked to a suitable selection of CLM Vendors.
parameters used to analyse each solution
CLM vendor Proof of Concept for a Multinational Canadian bank
Aurora embarked on an evaluation of three leading CLM vendor platforms for the client's strategic onboarding and refresh solution. We informed the shape of the assessment and provided an additional layer of scrutiny asking relevant questions to augment the client's requirements. Aurora provided expert advice, beyond the proof of concept, on their strategic approach to solving for end-to-end CLM process / architecture.
options provided for a roadmap of change
Centralised operating model design for CIB within a Tier 2 global bank
Local regulator review identified inconsistent and incomplete KYC & Sanctions information. Local policies and local compliance with localised on-boarding model across 7 countries. Lack of agreement on which model best served the customer outcomes and banks strategy including a significant cost reduction.
Additional benefits identified
Target operating model design & delivery for a global fund administrator
Current client onboarding system was inefficient and fragmented, leading to longer processing times and inconsistent data. The system resulted in manual processes and a poor customer experience. There was an urgent need to automate their onboarding journey and enhance customer interactions.
Designed & delivered a digital onboarding journey for a global fund administrator
The client had an urgent need for simplification of compliance to allow for future expansion to other jurisdictions. Aurora delivered tailored configuration to simplify their customer onboarding process and enhance their clients' experience through the integration of a customer portal.
End-to-end customer journeys
Delivered a consistent business operating model for a Tier 2 global bank
The bank had an urgent need to resolve issues identified by the local regulator, largely related to inconsistent and incomplete regulatory and KYC information. 6 sites had local policies and local compliance. KYC, product and account data was held in multiple account systems.
FTE savings over 3 years
Middle Office strategy delivery for an international Tier 1 bank
The bank had multiple policies and local procedures, and a cost base that could not be sustained. In parallel, the US regulator was monitoring the bank for significant improvements in the quality of AML data. Service levels had deteriorated compared to competitors.
Programme design & mobilisation for a digital near real-time onboarding solution
The bank’s onboarding process for commercial clients was inefficient and costly, and the customer experience was falling behind that of fin-tech competitors. There was an urgent need to design a new onboarding and KYC process which could be performed in minutes not 10+ days.
Staff supported by the design
Policy framework for a Tier 2 Investment House
An external BDO audit identified significant weaknesses in the banks existing conduct and risk assurance framework. Aurora strengthened cross-functional guidelines and procedures, embedded in a reworked policy hierarchy. The purpose of these changes was to address audit points, establish a rigorous control framework and bring the banks documented FO policy in line with industry best practice.
People and Process optimisation across CLM onboarding in Tier 2 Bank
The client wanted to increase their client base and improve customer experience, but had a disjointed process for onboarding, with inconsistency in how clients were onboarded, unclear roles and responsibilities F2B and governance being initiated at the wrong part of the process. We optimised all target processes, revised the governance, defined new Client Manager roles and clarified roles and responsibilities across the process. Introduced client welcome packs, and defined approach for centralising documentation to reduce internal email traffic.
Relationship Bankers' time saved
Repositioned a $9 billion RegTech to resonate better with FIs
One of the largest global RegTechs found they were losing out to competitors in the RFI/RFP process but were unclear why. We identified that their current messaging resonated with tech but not front office or senior budget holders.