Client Overview:
A regional bank with over $5 billion in assets, serving small businesses and individual clients across three states. Renowned for personalized service and community engagement, the bank was a trusted financial partner in its region.
The Challenge:
The bank was implementing a new risk management framework to comply with updated federal regulations, a $10 million project essential for passing an imminent audit. Eight months into the initiative, it was four months behind schedule, 20% over budget, and at risk of failing the audit, which could lead to $2 million in fines and reputational harm. The internal compliance team lacked the capacity and expertise to handle the complex regulatory requirements under such tight timelines.
Our Solution:
Acute PMC embedded a project manager with extensive regulatory knowledge and crisis management skills as the Interim Compliance Transformation Lead. Our proactive strategy included:
- Regulatory Roadmap: Developed a phased compliance plan with clear milestones to meet audit requirements.
- Process Redesign: Streamlined workflows and introduced automated tools to improve data accuracy and reporting efficiency.
- Vendor Coordination: Partnered with external auditors and software providers to address integration challenges and ensure system compatibility.
- Real-Time Monitoring: Leveraged Acute PMC’s proprietary platform to track compliance metrics, manage risks, and provide leadership with daily updates.
Our leader collaborated directly with the bank’s compliance and IT teams, integrating solutions without interrupting customer service.
The Results:
- Achieved full compliance one month ahead of the audit, avoiding $2 million in fines.
- Reduced project costs by 10%, saving $1 million from the overrun.
- Improved the bank’s risk management framework, enhancing its ability to detect and mitigate financial risks by 25%.
Why Acute PMC:
While other firms might provide a compliance strategy and step back, Acute PMC delivered a relentless leader who executed the turnaround on-site. Our financial services project recovery expertise ensured the bank not only passed the audit but also strengthened its risk posture for the long term.
Client Perspective:
“We thought we’d never make the deadline, but Acute PMC’s project manager made it look easy. They didn’t just get us compliant—they made us better.”
James P., Chief Compliance Officer.