25K Risk Statutes Mapped and Inventoried for Fortune 50 Investment Bank

Challenge

The Head of Risk Management for a global bank needs to refresh their risk inventory. Much of the inventory is not up to date or scoped at the right level to the latest regulations within certain States and foreign jurisdictions. Lacking the bandwidth for a major project like this, the client needs to find a way to properly update and risk-map an inventory of 25K regulations across 30 global jurisdictions.

Approach

Having just wrapped a similar project, a cohesive Axiom team parachutes in to begin the first project phase, risk mapping. Using the client CMS, the team assessed the entirety of the business’ existing regulations inventory from a statutory and written obligation perspective in order to map new and existing obligations to the appropriate risk statutes. The first tranche comprised of regulations across the US, UK, EU, and much of APAC. Once completed, they honed in on the NY Department of Financial Services (DFS). The team assessed the entire set of DFS regulations and added 800 previously untouched statutes, many of which expanded into new or burgeoning areas like privacy and cybersecurity. 

Impact 

• Completed major inventory project below budget and a month ahead of schedule. As a result, the team pivoted to additional sub-projects such as re-cataloguing the Hong Kong specific risk inventory
• Axiom team-lead standardized inputs to ensure inventory consistency, and interfaced with client as single-source contact to minimize management burden and share real time status updates
• Propelled client towards long-term compliance across 30 global jurisdictions without increasing workload of the in-house legal team