SOX Controls and Compliance Findings

Background:

Our client, a top 15 bank, was planning a core conversion. There were concerns on how to update SOX and core operating procedures and meet regulatory requirements.

Solution:

Syntrove deployed a Risk and Compliance team to lead the effort of architecting the risk review and rules in various places in the workflow. Working with the data management team and SOA Developers, we were able to implement rules within the workflow and leveraged new attributes for decisioning within their Risk platform.

Outcome:

As an outcome of the review and our continuous monitoring of transactions and risks, we were asked to support the RFP (Request for Payment) project with an on-hours/ off-hours decisioning model. This will drive consistency as well as a model-based approach on the review of risks, alerts and claims/losses.