CUBE Case Study

What did the Global Bank do prior to CUBE?

Prior to CUBE, this global bank relied on multiple vendors to deliver timely relevant regulatory notifications. They also leveraged a third party to maintain a regulatory inventory and provide meaningful regulatory insights. The process was both costly and inefficient and was open to internal and external scrutiny.

What problem was CUBE brought in to solve?

The bank felt the pressure of increased regulatory scrutiny and with that risk, it had board-level attention. The initial reason the bank approached CUBE was because they needed to demonstrate to their regulators that they were practicing responsible risk management to the best of their ability. Secondly, they needed a system that would guarantee an always up-to-date view of their regulatory change inventory at all times.

Why did they choose CUBE?

CUBE rapidly built a comprehensive global regulatory inventory,, allowing the bank to compare against its prior inventory and identify gaps which required attention. Fundamentally, the bank chose CUBE to find compliance blind spots before they became problematic to its business.  

CUBE was also able to demonstrate incomparable breadth and depth of regulatory data across all of the bank’s business lines and jurisdictions. Important to its international operations, CUBE provides the bank with automated translation of foreign languages, negating the need and cost associated with external linguists. Moreover, CUBE was able to display all the firm’s regulatory obligations in one, standardised library – which allowed the compliance teams to collate a joined-up approach across borders.

How has CUBE helped its regulatory change process?

Importantly, the bank has a new level of confidence in its risk management processes. With CUBE, it is continuously running its risk processing against a comprehensive and accurate data set as a starting point.

With CUBE, the firm has significantly reduced the fees associated with outside counsel and internally, they have managed to promote their highly skilled team from performing manual tasks, such as identifying gaps, to more meaningful tasks such as impact assessments and implementation of relevant changes. Automation ensured that the bank was confident it had a watertight regulatory inventory and free from error.