RPA For CCAR Regulations Monitoring
About the Client
The client is one of the big 4 auditing firms in the world and the project was done for their Risk and Compliance practice.
Business Requirement
- Monitor 200 US Federal Reserve and OCC websites daily to identify regulation changes impacting CCAR reporting.
- Track and report these changes based on the desired report frequency.
- This job was done by few of their qualified professionals, not an efficient usage of their skillsets.
- The data is SME dependent and prone to manual errors.
Our Solution
- Automated document monitoring using highly configurable Python engine.
- Engine scans all given websites, provides notification of the regulations which have undergone a change and downloads them.
- Report on what has been changed is generated.
Process Flow
Business Outcomes
- Resource requirement reduced from 12 to 2.
- Reduction in cycle time from 16 hours to 4 hours.
- 97% accurate classification, negligible false positives.