Evaluating where a bank stands today and where it needs to be in relation to Part 370 is of paramount importance in the early phase of the company’s response to the FDIC. Putting together a coherent road map that lays out concrete projects to be undertaken will allow the company to mount a coordinated response across multiple functions. We have deep industry experience putting together company-wide road maps, including:
- Technology strategy
- Organizational and personnel strategies
- Process mapping and restructuring
- High-level data analysis
A road map tailored to Part 370 should also include an examination of the exceptions and exemptions that are available to a bank and whether the bank should (or needs to) pursue any of them. The response to Part 370 will involve many different groups in the bank, many with different views and organizational goals, all tasked with moving in unison. Spending time up front to craft a road map that is clear, concise, practical, and has senior management backing, will allow the company to organize a coherent response. The road map can be used as the basis for a program charter which will guide decisions and set priorities among various groups as the response moves into the execution phase.
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If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.