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.