In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3), we discussed how to get a client remediation program started, what levels of the organization should be involved in client remediation programs, and how ultimately good things, such as lower risks, improved technology, and risk monitoring, may result from a successful client remediation program. In this article, we’ll take a step back and review how to run a successful client remediation program.
Client Remediation Action Plan Tasks Can Be Concurrent
Many times, we see clients who started client remediation programs without consulting us and they have an action plan with tasks done sequentially, often with some upfront data analysis to determine the scale of the issue and then using their own experienced but overworked resources to work through the steps end-to-end.
At Perficient, having the experience of delivering over 40 successful client remediation projects over the last 10+ years, we believe clients can obtain significantly more value across the client remediation action plan by:
- Front loading time-consuming tasks through dedicated sub-teams, rather than executing them sequentially in the process. These sub-teams can be either existing or new resources;
- Identifying the tasks in the client remediation action plan that can be completed by alternate and innovative nearshore and offshore workforces, rather than diverting the efforts of experienced executives whose skill and technical capability could be used in more impactful ways; and
- Introducing automation and machine learning to create efficiency, reduce manual steps, and streamline procedures.
It is also essential to ensure that every task in the client remediation action plan is being worked on by people equipped with the best skillsets, experience, and capabilities — from executives, program managers, front office, middle and back-office staff, IT, and legal. Having each task matched to the right skills and capabilities is key to ensuring that each step in the process is completed as efficiently and effectively as possible so that clients and regulators see the program in the best possible light.
Over the last 10 years, Perficient has helped more than 30 clients with more than 40 client remediation programs. These include client remediation programs at several mid and large-sized 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.