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Remediation as a Service (RaaS)
Globally, banks have paid fines totaling hundreds of millions of dollars during Office of the Comptroller of the Currency (OCC) audits in 2023. This alarming trend highlights the need for fast, accurate, and effective remediation strategies across all departments in banks. LTM’s technical and functional expertise addresses the compliance needs of business heads and chief risk officers of banks. Our Remediation as a Service (RaaS) can seamlessly and efficiently fix problems and prevent recurrence, ensuring smooth operations.
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Compliance Challenges Faced by Business Heads and Chief Risk Officers in Banking
- Manual data intervention leads to gaps and attracts regulatory scrutiny.
- Banks need seamless data flow between various departments to ensure compliance.
- Achieving audit readiness requires thorough knowledge of processes, documentation, evidence of compliance, and effective communication with auditors.
- New architectures are developed yearly to keep up with regulatory changes.
- Businesses must move from tactical changes to strategic preparation for audits.
- Safeguarding customer data amidst GDPR and CCPA compliance complexities is challenging.
- Risk officers must maintain strong cybersecurity measures, regularly audit IT systems, and combat cyber threats diligently.
Overview of Remediation as a Service
Our Remediation Framework
LTM offers deep domain technical expertise to run your bank resiliently. We support change management and ensure data security and privacy. Our functional expertise provides consulting services regarding risk and controls, data, and more. We help business heads and risk officers with comprehensive remediation services from core to edge.
View of Risk and Governance True North:
- Personalized business experience and real-time decision-making capabilities for senior management, including chief risk officers and business heads.
- Success measures driving True North outcomes
Customized Solutions for Business Heads, Chief Risk Officers, and various stakeholders in Banks
Developed for Business Heads, Risk Officers, CIOs, Chief Product Officers, and COOs
RaaS is not just a service but a strategic asset.
Real-time dashboards for oversight.
Customizations in reporting.
Collaborative workflow for team alignment.
Value Added to Your Business
Improve compliance with regulations.
Reduce financial risks and potential penalties from regulatory bodies.
Enhance operational efficiency.
Increase customer loyalty, trust, and satisfaction.
Strengthen reputation among consumers.
Fortify market standing through ensured regulatory compliance.
Why Partner with LTM?
- One-stop shop for all business needs related to preventive recurrence and remediation.
- Two decades of BFS consulting services experience
- Well-defined processes that meet and exceed apex body expectations.
- End-to-end services from edge to core.
- Identification and fixing of problems and gaps according to the factory model.
- Over 100 cataloged processes focusing on remediating misnomers and enhancing operational excellence.
- We empower Business Heads and Chief Risk Officers to navigate regulatory challenges confidently using LTM’s RaaS.
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