Project Scope:  A financial institution needed a better way to keep up with the increasing array of compliance and documentation requirements for various types of accounts.  In conjunction with this issue, they also wanted a better way to track physical documents received relating to the services being provided.

The previous system involved a series of handwritten check sheets that were filled out at the time the account was established.  While the check sheets were supposed to be filed, they often were left in desk drawers or lost, causing problems with both internal and regulatory auditors.  Likewise, documentation was also misplaced, causing numerous audit exceptions.

Solution:  We developed a custom application that would generate a list of compliance and documentation requirements based on the type of accounts being opened.  This list can be augmented to allow for any additional documentation requirements; however, any deletions from the list requires proper password authorization.

The system is also set up to track where all legal documents are housed, and generates a transmittal memo for each movement of documents from one location to another.

Each time the system is opened, the opening screen notifies the user how many exceptions he or she is responsible for as a reminder of what needs to be worked on.  This screen can be customized to show exceptions by individual user or by profit center.  From there, the user can go directly to the exception list screen or continue with their work.

By implementing this solution, the financial institution was able to greatly reduce its exceptions as well as provide audit trail information to regulators and internal auditors, thus improving its overall compliance rating.

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