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A global bank gets ahead of the Dodd-Frank curve

Client ProfileFinancial services: global bank

Business ChallengeThis client opted to aggressively transform their business processes and technology around Foreign Exchange (F/X) trading in anticipation of the Dodd-Frank Reform Act, prior to guidance being set. With the impending Dodd-Frank reform deadlines, this leading global bank wanted to systematically become compliant. The biggest challenge in becoming compliant was the lack of available internal resources with the appropriate knowledge base to perform the project.

Project Overview

  • LABUR deployed seven (7) consultants to re-onboard third party banks under the new governance and with newly signed ISDA agreements.
  • Gather documents currently on file with client’s third party banks; build database for tracking and compliance; communicate with third party banks on new governance and attain necessary documentation.
  • LABUR performed two years of project work on the proper controls and compliance documentation.

Delivered ResultsClient not only met reform act deadlines but achieved greater compliance than required, creating additional technological and process efficiencies within the organization as well as a better controls environment.