Case Study
Bank boasts efficiency & compliance centricity across organization using VComply
Bank found the perfect partner in VComply to automate its compliance processes to bring in operational efficiency. The compliance team does more value-added work.
Headquarters
China
Company Size
4,34,089+ Employees
Industry
Banking

About organization

A leading state-run commercial bank of China that also specializes in an Auto insurance system supporting drivers both on and off-road. The company now has multiple offices across globe and has more than 4,34,089 employees. The US team of the Bank uses VComply to streamline their compliance processes.
100%
Increase in employee accountability
85%
Increase in timely task completion
80%
Reduction in compliance issues

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 control formulated by state, federal and internal, which keeps 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, now the management had visibility into the banks risk exposure due to changes in the new regulations that were in force from time to time.

Why VComply

Solving the Complexity of Compliance. The Only GRC platform for dissolving silos and security risks
Fast time to Value
Desired framework and maturity
Flexibility

Get Case Study

Fill out this short form to get your free case study straight to your Inbox
Ready to get Started?

Experience our Award-winning GRC platform!

Drive efficiency and value across your business with VComply’s user-friendly platform.
Product Enquiry
For any product enquiries, get in touch with a product specialist today!
Help Desk
Find your answers in our expansive knowledge base.
Start for Free
Speak to Our Compliance Expert
Get Case Study
Get Case Study
Get Case Study
Get Case Study
Get Case Study
Start a Free Trial