Case Study

The Bank Demonstrates Efficiency and Compliance Centricity Across the Organization

VComply helped to maintain an oversight of all the compliance programs and establish internal controls.

Headquarters

China

Company Size

434,089+ Employees

Industry

Banking

About Organization

A leading state-run commercial bank in China that also specializes in an auto insurance system supporting drivers both on and off-road. The company now has multiple offices across the globe and has more than 4,34,089 employees. The US team of the Bank uses VComply to streamline their compliance processes.

Increase in employee accountability

100%

Increase in timely task completion

85%

Reduction in compliance issues

80%

The Challenge

The Bank advocates active compliance and risk management as the most crucial aspect of bank operations. Risk management includes identification, early warning, and control of credit risk, liquidity risk, market risk, operational risk, and other risks. Before VComply, the Bank was struggling with getting visibility on shared responsibility and was missing out on compliance deadlines. There was no single source of truth. The Bank has to adhere to multiple regulations and controls formulated by state, federal, and internal, which keep changing from time to time.

The management had no visibility and insights as to whether the stakeholders were aware of the latest regulations and controls that must be adhered to control risk and drive business continuity. They also wanted to understand the risk exposure due to the new regulations.

“From getting our controls loaded into VComply, to assisting with setting up workflows and tasks, the support we received from VComply is the number one reason we were up and running so quickly and efficiently.”

Michelle Yong
Chief Compliance Officer

The Outcome

VComply helped the Bank maintain oversight of all compliance programs through a comprehensive analytics dashboard. The Bank could use various compliance reports and internal audits to uncover the potential risk areas and plug the gaps. VComply made it easier for the Bank to establish internal controls, entrust compliance tasks to stakeholders, and easily track the status of these tasks.

It also helped them break down the internal silos of the organization, help stakeholders access the same data, and communicate with each other in case any clarification is needed. Also, management now has visibility into the bank’s risk exposure due to changes in the new regulations that were in force from time to time.