Due to strict time constraints, our client, a financial services firm, was at risk of not meeting compliance standards. The goal was to conduct an analysis of requirements for the financial advisor’s loan and awards programs and build a custom application for this functionality.
Our team conducted a requirements analysis on outstanding loan amounts from terminated employees and interest accruals, quickly determining functional business requirements. We then developed an application to manage these key financial functions, allowing our client to meet the compliance standards.
A financial services firm was faced with strict time constraints while rebuilding the financial advisors loan and awards programs. This placed the company at risk of not meeting compliance standards.
They engaged us to conduct process reviews and provide recommendations. This included outlining the risks and costs associated with each recommendation, presenting alternatives to leadership, and building a custom application for this critical functionality that impacted over 20,000 employees.
Our team developed a custom application that calculates, tracks, and recoups the outstanding loan amounts from terminated employees. The application also performs the interest accruals and general ledger postings for around 24,000 separate advisor loans on a bi-monthly basis.
The custom application was launched within the required timeframe and compliance standards were met. The automated processes built into the application also resulted in a reduction in manual hours required to perform calculations and maintain ledgers.
