Global governance and risk mitigation in the financial industry
Summary
Heavy regulations are the new norm
Our customer, a multi-national Fortune 500 investment bank and financial services company, was experiencing difficulty navigating newly enforced, yet heavy, regulations.
In an effort to manage the regulations and risk associated with their global contractor workforce of over 20,000, annually, they turned to us at Pontoon for help.
The challenge
Navigating factors that affect relied on talent
With financial institutions being regulated by local and foreign governments more and more over the last several years, topics such as risk and compliance have become even more key to these organisations.
Many of these factors (visa requirements, access control, etc.) affect the talent that financial institutions tend to rely on in order to drive their business strategy forward.
How we helped
A centralized and automated global approach that is constantly adapting
Our teams set up a global centralised delivery team focused on integrating governance without compromising the user experience.
This model gave our customer:
- The first point of contact for any escalation and risk control for their contract labour population – where the team is trained extensively on their ability to understand the risk, resolve the issue and then set up a sustainable process to ensure proper controls are in place
- A global team with local knowledge of country risk and compliance requirements
- Contingency plans that are developed for both the supply chain for talent as well as the overall customer business
- A clear and consistent process across all background and rehire eligibility of contractors joining the organisation
- Data accuracy across their Vendor Management System (VMS)
- A regular schedule of audits: 11 audits monthly, two quarterly, and three annually all run and managed by this team
- Operational processes with over 50 SOP’s built and are then reviewed and updated yearly
All of this is underpinned with technology-enabled processes that automate large quantities of worker data.
Two examples include contractor on-boarding, and the training management of contractors which prior to Pontoon’s solution were very manual and time-consuming efforts for managers across the organisation.
Impact
Duplicating our process and risk management across the organisation
89% of Compliance officers at banks and insurance institutions have indicated that investment in compliance will increase over the next two years.
Our customer has strengthened their investment in compliance by taking our team’s processes and spreading it to other areas of the bank.
They have asked our team leaders to help train and implement these processes of mitigating risk to their colleagues around the world.
With the centralisation of data and clear tech-enabled processes we built as part of the global delivery team, we have 100% passing scores on all customer audits for the past three years.
We have also been able to take 20% of administrative work off the plates of the bank hiring managers.
