Your firm has, whether it was an individual or collective organization, violated the first component of the Hippocratic Oath – “first, do no harm” (or “primum non nocere,” the original Latin translation from the Greeks) while interacting with a client.
Some combination of your conscience and your lawyers make you want to “make things right,” however that may be defined. You know you’ve reached the point of requiring client remediation.
Become a Financial Services Experience Maker
Perficient has the industry experience and capabilities to transform and power financial services firms with modern technology and digital solutions. Explore how we can help you become an experience maker in financial services.
Firms partner with Perficient to provide current-state analyses and create and execute customer remediation strategies based on their specific needs. While doing so, we keep an open communication loop with our clients to provide value-adding status reports. One of the first questions many executives ask initially when sitting down to discuss client remediation is, “to what level of my organization does the client remediation have to extend? While, as a global organization with over 7,000 consultants, Perficient strives to customize each solution to each client, the answer to this question is always the same – “from the top to the bottom.”
The reason for this is that remediation programs can be a complex and challenging process that requires significant time and attention from legal, operations, front, middle, and back offices to determine what went wrong and how the “harm” occurred in the first place. Giving staff the technical and financial resources, as well as the policies and procedures, to remediate clients will be the responsibility of senior management and often the Board.
Leveraging Client Remediation to Reduce Your Risk Profile
At Perficient, we have seen many clients analyze business data and monitor data lineage so issues that required client remediation in the first place can be monitored on a real-time basis. Investing in real-time monitoring can result in much smaller future remediation costs and more satisfied clients, as well as regulators who, in the banking industry, are able to make capital requirement adjustments based on the bank’s risk profile.
Over the last 10 years, Perficient has helped more than 30 clients with their client remediation efforts, including, but not limited to, several of the world’s largest and most complex financial institutions. If you would like to speak to a Perficient financial services representative about your client remediation needs or to arrange a free 1-day analysis with one or more of Perficient’s financial service strategists, click here.