CUBE Case Study

What did the EU Bank do prior to CUBE?

This large European bank operates across multiple lines of business and jurisdictions but was using a manual process to track, capture and implement regulatory change. The process and approach were proving unsustainable as Compliance spent hours of time manually trying to capture relevant regulatory changes and input their findings into Excel spreadsheets. In addition to time consumption, this approach did not provide important security and confidence that their regulatory inventory was watertight and that they were being notified of all relevant proposed and effective changes.

What problem was CUBE brought in to solve?

The bank was seeking a solution that would automate the regulatory change management journey. Further, they wanted an application capability to manage their internal process; from assessing regulatory risk and validating if action is required, to managing the implementation of that change. Ultimately, their requirement was for an automated regulatory intelligence solution with an implementation workflow.

Why did they choose CUBE?

CUBE offered a product which would remove the existing layers of process and introduce automation,, allowing the bank to manage regulatory change within a configured workflow. This meant the bank’s Head of Regulatory Change was able to gain complete oversight of the regulatory change journey, as well as sight on who was responsible for each action. Other providers were not able to offer both automation and configurable workflows.

How has CUBE helped its regulatory change process?

CUBE has redesigned the bank’s approach to regulatory change – not only automating it in an intelligent way but bringing the entire compliance organisation together through custom workflows within a centralised regulatory change solution. This meant that the bank benefited from an always up-to-date and validated inventory of relevant regulation as well as  the tools to manage the process around that inventory. This streamlined the bank’s internal process, removed the time-consuming manual and fragmented processes, and enabled the bank to provide accurate audit trails to regulators.