A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program.
To bolster its capabilities and ensure compliance, the bank sought assistance from Perficient in delivering exceptional project and program management services to tackle its significant hurdles.
Perficient’s Project and Program Initiatives
Our involvement encompassed various facets of project and program management, including:
Establishing foundational capabilities to foster smart, effective, and compliant business practices.
Supporting the change management team in building a robust governance structure for program PMO activities.
Partnering with stakeholders across risk, finance, technology, and operations, Perficient ensured seamless execution of capital and risk transformation (CART) PMO governance and oversight.
Another key initiative was implementing the OCC Heightened Standards guidelines, which our team utilized as a means to strengthen the bank’s governance and risk management practices.
Perficient provided invaluable support toward:
Managing plan development and execution through to completion
Aligning and prioritizing internal initiatives with OCC guidelines for enhanced governance across the three lines of defense (Management, Risk and Regulatory Compliance, Internal/External Audit)
Perficient was also pivotal in coordinating and supporting oversight of the CCAR process by:
Conducting review and challenge sessions
Developing forecasting models
Facilitating process improvements to enhance execution efficiency
In addition to regulatory compliance efforts, Perficient spearheaded initiatives to address operational risks, enhance fraud risk management, and optimize software development life cycle processes. By conducting gap assessments, prioritizing remediation actions, and implementing comprehensive project plans, Perficient ensured the bank was well-equipped to mitigate risks effectively going forward.
Tangible Outcomes
The success of Perficient’s engagements is evident in the tangible outcomes achieved. Following our work, the bank was able to reap the benefits of:
Improved risk measurement
Enhanced capital allocation
Effective responses to regulatory requirements
Ultimately, our team’s diligent project oversight and subject matter expertise enabled the bank to anticipate, evaluate, and mitigate risks proactively, thereby safeguarding its reputation and ensuring long-term resilience.
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