The regulatory quality assurance process has been transformed from reactive to proactive—no longer is the team waiting one to two months for results, but instead can address issues as they occur.
Customer Story
Bank of America Transforms Regulatory Testing from Reactive to Real-Time
Bank of America Key Stats
Industry: Financial Services
Data Stack: Cloudera, Designer Cloud, Tableau, Qlik, MicroStrategy
Region: Global
20%
Saved annually on resources
2 Months
Saved on regulatory quality assurance (QA) processes)
99.94%
Reduced test development from 1700 hours to 1 hour
Core Challenges
One of the main objectives of the Enterprise Testing Team at Bank of America is ensuring that all regulators are notified of any applicable transactions. Given that there are millions of transactions happening every minute at BoA, manually preparing and cleansing this data for QA was an extremely slow process. It wasn’t until up to two months after the transaction had occurred that the team could be assured that the appropriate regulators had been notified. This delayed response left BoA susceptible to costly regulatory fines should anything in the system fail and require correcting.
How Designer Cloud Solved this Problem
Bank of America built an automated data ecosystem that included Designer Cloud for data engineering and a combination of Tableau, Qlik, and MicroStrategy for visual analytics. This data stack created a streamlined workflow that alerts BoA in real time should they need to take corrective action on any regulatory measures. Automated recipes developed in Trifacta wrangle data from a variety of sources on command, which are then determined to “pass” or “fail” certain regulatory standards and, later, are made visible in a regulatory monitoring dashboard. The team can easily share these Designer Cloud recipes for regulatory transparency or make quick modifications, if necessary.
Benefits
Faster Regulatory QA
Reduced Risk
Automated, real-time data preparation improves the quality of data and ensures that BoA can mitigate risk by correcting any (potentially) costly mistakes.
Highly Scalable
As banking regulations became stricter and more complex, BoA can easily scale its workflows to meet new demands. Automation allows for exponential growth.
Company Background
Bank of America provides people, companies and institutional investors the financial products and services they need to help achieve their financial goals at every stage of their lives.
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How Bank of America Uses Data Prep for Faster Reporting
Our automation engine is driven by data. We needed a platform that was capable of connecting to our large volume of data, with real-time or near real-time wrangling and, most of all, that has a simple UI that our existing knowledge workers who have the domain knowledge could be trained to use.
Raj Anand, Sr. Vice President, Automation Global Risk
Bank of America
15 MINUTES OR LESS
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