Introduction
The project was undertaken at a global Assurance group to deliver a new legal database infrastructure covering all global and local legal agreements. Our brief was end-to-end; encompassing the workflow from the start of the legal process through to the negotiation and capture of agreements in the bank’s systems and the effects on downstream systems and processes.
CubeMatch Deliverables
- Improved Control on Agreement Capture
- Reduced Operational Risk
- Reduced Credit Risk
- Improved Data Quality
- Regulatory Compliance
CubeMatch Approach
- CubeMatch assessed, prioritised and co-ordinated all activities and 16 sub-projects from the different business areas
- We ensured the delivery of an end- to-end solution
- The solution took into account the netting, collateral and offsetting rules based on internal and external legal opinions
- The agreement information was seamlessly interfaced into Credit, Collateral, Front Office, Finance and Regulatory Systems
- The solution also enabled front, middle and back office departments to view the agreements via their desktops
- Provided regular reporting, escalation processes and UAT support to ensure the database and the interfaces went live on time and on budget and delivered the expected benefits
Benefits Delivered
- Regulatory Compliance
- Consistent use of collateral agreement terms between Legal, Front office, Credit, Collateral and Back office
- Reduced Operational Risk
- Increased clarity and efficiency with a single point of entry