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Zero-error compliance management

delivered

Requirements

Remove human error from a risk management process

NDB is one of Sri Lanka’s largest private banks, which was formed in 1979 as a state owned development bank, and subsequently floated on the colombo stock exchange as a private bank. It continues to play a critical role as a development bank in empowering entrepreneurs and SMEs. Credit risk management is a crucial function in the FSO sector, and monitoring customer covenants plays a key role in credit risk management.

Monitoring customer covenant fulfillment levels was a manual process led by a group of personnel split between the head office and regional offices. This was a laborious task, managed through spreadsheets and was highly prone to error. Additionally, communication and alerts on this process was done through staff members emailing each other schedules and spreadsheets, creating a maze of information that was difficult to manage.

The bank wanted a solution that removed human error, and created transparency from a control and risk management perspective.

Our Value Proposition

An RPA solution that offered minimal human interference and automated workflow that was error free, provided accurate data and pipelined data-points from this process to other credit risk management areas.

With our RPA solution, the bank could re-allocate resources more effectively to areas that required critical judgement and decision making.

Our RPA solution had minimal load on the bank’s existing IT infrastructure, and fit perfectly into its technology platforms and risk management protocols.

We identified Robotic Process Automation (RPA) as the perfect fit to solve the particular problem. Our proposition in using RPA was to create a highly scalable and transparent process with minimal human interference.

Impact

80% Cost Reduction

As a result of the RPA implementation, the bank was able to move resources to priority areas that required human judgement and discretion, reducing the cost of this process by 80%

Error Free Transparent Process

The project resulted in an error-free process which provided the bank with timely information needed to evaluate credit risk.  This also created transparency in the process, allowing for a more functional information pipeline.

Rich data points with alternative use cases

With the automation of the customer covenant fulfilment monitoring, the bank is able to turn the data into a format which can be used to enrich the data points available on a given customer, lending itself to better analytics

With this being the first major RPA deployment for NDB and representing a major milestone in the banking technology landscape in Sri Lanka, NDB has set itself up to lead the charge in robotic process automation in Sri Lanka.

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