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Compliance Remediation of Bank Agreements

17 January 2024
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Industry: Financial Services
Client: Fortune 50 Tier-1 Bank


Our client, a Fortune 50 Tier-1 Bank, received a letter from the New York Federal Reserve indicating it had several years to remediate its client files and would need to be prepared to answer questions about their contents. 

As a result, the client needed to review, analyse, and abstract key legal and core provisions from tens of thousands of customer agreements, identify missing or invalid client files, create remediation packages for customers, and scan/index files that were not available in the database. 


To effectively complete this high volume of work within the regulatory deadline, the client needed to leverage a larger team with the necessary skills, experience, and bandwidth

Ranging subject matter expertise

We created teams experienced in contract remediation and banking file review using their pool of subject matter experts in multiple locations to work across different lines of business such as investor services, treasury, asset management, project management, and commercial banking.

Streamlined remediation process

The team reviewed, analysed, and abstracted key legal and core provisions from customer agreements, identified missing or invalid client files, created remediation packages for customers, and scanned/indexed files which were not available in the database. Deviations from client template documents were identified and captured and multiple sources of documents were identified from disparate parts of the organization (i.e., e-mails, repositories, etc.) where documents were found to assemble client file packages. The team also reviewed and conducted due diligence of customer agreements, including indexing, scanning, authentication, and client file packaging

Program management

To effectively handle multiple complex work streams, two senior resources with deep contract expertise, located in Chicago and New York, were leveraged to oversee project start, ramp up, and overall project management. This ensured that commitments were being delivered and ongoing training occurred through the entirety of the project

Benefits & outcomes

The project was a success for the client and provided both short term and long term benefits. Here are some of the outcomes. 

Long-term client benefit

In addition to having confirmed client files and metadata to answer Federal Reserve questions to avoid sanctions, we also captured additional metadata that provides the client with more information about the clauses in their contracts, a long-term benefit to the business.

Industry expertise

In Chicago, we deployed an experienced non-lawyer trainer with detailed banking knowledge, critical to providing onboarding training and supplementary training as needed for the duration of the project.

Hand-in-glove relationship

High level of engagement with the client was reinforced via onsite staffing and daily/weekly/monthly/quarterly communication to resolve issues quickly and provide effective feedback, leading to confident management decisions.

Quality first approach

Our Managed Services delivery model with a proven QA/QC approach delivered SLAs at 99% accuracy.

Cost Savings:

Significant cost savings of approximately 27%.


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