Sample Consulting Engagements
Integrating controls across complex product or risk areas
§ Cost reduction: IMAG led a successful infrastructure and process cost reduction planning project including peer comparison, product and support alignment and vendor and outsourcing solutions for one of the largest US regional banks owned by a foreign bank parent.
§ Risk Analysis and Cost Reduction: IMAG led a vulnerability and gap analysis of the Anti-Money Laundering policies and procedures of the US operations of a major foreign bank (under Cease and Desist regulatory sanction) being acquired and assimilated into the AML program of a major foreign bank doing business in the US. IMAG then led a project to streamline the combined AML programs to reduce cost, increase efficiency, and improve effectiveness.
§ Departmental and Organizational and Departmental Streamlining: IMAG led a complete process based reorganization and business line integration of the Anti-Money Laundering Department (over 300 individuals) for one of largest US banks.
§ Regulatory Remediation: For several foreign bank branches with regulatory actions (e.g. Memorandum of Understanding and Cease and Desist orders), IMAG conducted a vulnerability/gap analysis and planned the remediation program relating to risk and compliance areas. These plans were accepted by the Federal Reserve and State Banking Regulators and were successfully implemented.
§ Risk Analysis of Product Areas: IMAG conducted a vulnerability and gap analysis of the AML program relating to global correspondent banking for a major foreign bank.
§ Cost reduction: AML Risk Assessment: As part of cost reduction programs, IMAG conducted a peer review and comparison of the AML Risk Methodology Template for the Anti-Money Laundering Program Risk Assessment for several foreign and domestic banks.
§ Branch Formation: IMAG planned and created the policies and procedures for a de-novo branch of a European foreign bank.
§ Broker Formation: IMAG successfully executed a turn-key project for the successful formation and licensing of a broker dealer engaged in private placements.:
Other Representative Engagements, by area:
- Gap analysis, review and integration of the compliance program of a major retail bank across all products and services giving the client control over their compliance environment
- Gap analysis review for anti-money laundering compliance program for the Treasury and Capital Markets area of a large global bank as part of regulatory examination preparation
- Gap analysis, review, design and integration of supervisory program into all products and activities for foreign bank owned broker-dealer
- NASD Rule 3012 review of global institutional broker-dealer including gap analysis of compliance and supervisory vulnerabilities
- Gap analysis of compliance and operational infrastructure for non-registered US investment adviser of major offshore global fund to ensure compliance with head office requirements
- Gap analysis of global securities offerings for SEC Rule 15a-6 compliance for major cross-border foreign bank owned broker to ensure conformance with SEC regulatory standards
- Gap analysis performed on OFAC “touch points” across all business areas of one of the world’s largest financial institutions to determine the scope and placement of controls and screening software
- Gap analysis and review and of the Operations platform of all product areas of a major foreign bank as part of its global Basel II program
- Gap analysis and review of the Operations platform of a US subsidiary bank with foreign parent used to focus the remediation of internal audit and examination issues
- SOX type analysis of the integrity of financial control and reporting environment for major financial institution not subject to Sarbanes-Oxley but requiring the same standard of assurance
- Detailed process flows over the customer service and operations area of one of the largest underwriters of sub-prime mortgages to identify potential areas of Reputation Risk using IMAG’s R3 Solution
Seamless consolidation and reorganization of large areas
- Modeling present and future state views reflecting changes to be undertaken in all business delivery and operations processes of a major retail bank as it undertakes a complex, multi-faceted and time-sensitive system and operation platform migration
Introduction of new strategies, products and systems
- Visual depiction of the changes to risk, credit and operational processes across all areas of a major underwriter and syndicator of real estate transactions arising out of the introduction of a new core risk control system
- Future state process flows with embedded operational policies and procedures relating to the introduction of a core risk and processing system for increasing staff awareness and understanding
Ensuring uniformity over geographic or cultural boundries
- Design of future-state process flows embedding policy, procedure and forms to be used as easy-to-understand templates for implantation in worldwide office locations
- Design of procedural templates to be translated into other languages to provide a guidance and training tool for offshore outsource providers
Clarity in communicating new ideas to everyone in a complete yet simplified manner
- Creation of single process map (replacing hundreds of process maps developed on various software) presenting a single, unified visualization of high level front-to-back processes at one of the world’s largest mortgage institutions for use before audit committees and regulators, demonstrating control over a complex environment
- Creation of detailed present-state process maps of foreign exchange and money market operations of one of the world’s largest banks to facilitate product expansion and to design controls over offshore processing
- Creation of detailed present-state process maps which embed compliance policies, procedures, and forms within the front-to-back process of the lending, treasury and capital markets areas of a major foreign bank
- Creation of detailed present state process maps which set forth the flow of, and controls over, material and sensitive information within the proprietary trading area of a major foreign bank, for use before audit committees and regulators and for staff training
Implementing a common vision of the future
- Detailed future state process flows setting forth the future state vision of the corporate banking and capital markets area of a major foreign bank's US branch-in-formation to facilitate selection of operational and systems platforms