Case Study

Audit Remediation Program for a Global Financial Services Client

Overview

As part of the audit remediation, our client had more than 150 pending audit and regulatory findings.

More than half of the findings were overdue, some – by more than six years.

Challenges

Due to very significant complexity, logistical difficulties, and highly fragmented nature of enterprise processes and assets, it was not possible for feasible to address all of the findings one by one. In the meantime, the number of findings continued to grow.

At the same time, my client had to provide periodic updates to the regulator about the progress of remediation of regulatory and audit findings.

Our Solution and Result

After careful analysis of the underlying root causes, we have identified commonalities and grouped them into the master root causes.

Audit and regulatory findings were then revisited, and based on the similarity of the root causes – grouped into master root causes.

For each of the master root causes – we have established the remediation approach, and based on the similarity of scope – added most of the master root causes as change requests to existing enterprise programs and projects.

Several of the root causes for which the “home” was not found – were initiated as new projects.

This approach had proven to be much more effective and resulted in gradual remediation.

Audit Remediation Program for a Global Financial Services Client

Industry

Banking

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