Our Milestone Projects

The bank faced significant gaps in the registration and maintenance of collateral data with the Land Titles Office, and issues with data integrity in the collateral management system. Internal and external reviews highlighted these gaps, which had grown over time due to a lack of mechanisms to maintain high data quality. The bank also faced increasing regulatory pressure to ensure better control and compliance.

A series of customer events, primarily relating to overcharging of fees and interest, were identified, many of which were highlighted as part of the Royal Commission into Financial Services. These issues created significant regulatory concerns and eroded customer trust, prompting the need for a robust remediation process.

The introduction of new reporting requirements, such as the adoption of IFRS and EFS for APRA and breach reporting under ASIC, posed significant challenges. Meeting these evolving regulatory requirements demanded access to accurate, high-quality data. The organization needed a streamlined approach to ensure timely, compliant submissions that met the latest standards.

The client faced major IT service management issues due to poor integration between multiple service providers’ ticketing systems. As the organisation experienced rapid growth, thousands of overdue tickets, missed SLAs, and unresolved incidents created operational chaos. Service providers blamed one another, accountability was unclear, and users experienced delays – significantly impacting customer satisfaction and business operations. Vendor risks had materialized into real problems.

Investment property loans were misclassified as owner-occupier loans and vice-versa, among many other examples of incorrect classification. This issue led to the misrepresentation of the bank’s mortgage portfolio and, in some cases, resulted in incorrect interest rates being charged to customers. The inaccurate data also affected the regulator’s ability to make informed decisions based on the bank’s reporting.

The client faced a growing threat from liar loans, where applicants or brokers submitted fabricated or altered documents – such as fake payslips or manipulated bank statements – to secure loan approvals. These document alterations were sophisticated and difficult for the human eye to detect, posing a significant risk to the client’s lending process, regulatory compliance, and reputation.