Overview
Odyss empowered a super regional bank based in the Midwest to enhance its control testing processes. The bank faced challenges in its second line of defense for operations and IT control testing, with potential impacts on the first line of defense. Odyss implemented solutions to improve control testing effectiveness, operational efficiencies, and regulatory compliance.
Problem Statement
Difficulty in enhancing control testing in the second line of defense for both operations and IT
Challenges in enhancing operational efficiencies
Need to ensure adherence to regulatory requirements such as the GLBA
Business Goals
Improve the effectiveness and adequacy of control testing
Analyze and mitigate potential impacts on the first line of defense from IT control testing
Enhance operational efficiencies through streamlined processes
Solutions
- Odyss introduced a comprehensive validation process to evaluate the effectiveness and adequacy of control testing. This validation process involved a thorough evaluation to identify gaps while providing the bank with a clear roadmap to enhance its control framework.
- To further improve the control testing process, implemented a randomizer for control sampling. Its implementation streamlined the testing workflow, allowing the bank to conduct tests more efficiently and with greater accuracy.
- Odyss also focused on integrating these solutions into the bank’s existing operational and IT systems. This integration ensured seamless data flow and coordination between different departments, enhancing overall operational efficiency.
Outcome
Adherence to GLBA and other regulatory recommendations
Completed testing of over 140 controls
Achieved savings of 230 man-hours
Impact
- Odyss helped the client significantly improve its control testing process along with its overall operational efficiency. With this partnership, the bank was able to adhere to GLBA and other regulatory recommendations. The thorough validation process ensured that the bank’s control framework met all regulatory standards, reducing the risk of non-compliance and potential penalties.
- Odyss Global helped the client leverage the randomizer for control sampling which eventually enhanced its testing process. This process ensured that all critical controls were evaluated effectively, identifying and mitigating risks promptly.
- Additionally, the implementation of these solutions resulted in considerable time savings. Moreover, the enhanced operational efficiencies led to better overall performance and productivity within the bank. Overall, Odyss Global’s interventions transformed the bank’s approach to control testing. The improved processes and tools ensured better compliance and operational efficiency.
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