As financial institutions move to integrate, automate and streamline their systems (all in the face of a toughening regulatory environment), process flows and the underlying data points are coming under increasing scrutiny. As such, customer and operational remediations continue to be a common occurrence. Despite this many remediation efforts have become a blocker to the successful implementation of wider strategic objectives within financial institutions, often due to inconsistent, missing or unverifiable data points.
While each remediation is bespoke in nature, they have a significantly greater chance of success when a structured approach is followed – ensuring that the challenge is carefully considered, appropriately resourced and carried out with the support of key stakeholders.
Below are ten key considerations ahead of your next remediation programme.