Automated CCAR Regulation Monitoring.

Automated CCAR Regulation Monitoring.

Our client is a ‘Big Four’ auditing firm with specialization in audit, tax and advisory. Their Regulatory Risk practice helps financial services clients to navigate the many touch points where regulation makes a significant impact on their businesses.
This is a story about how Ellicium revolutionized how our clientmonitors changes to the CCAR regulation.

Challenge
Comprehensive Capital Analysis and Review (CCAR) is a regulatory framework introduced by the Federal Reserve in order to assess, regulate, and supervise large banks and financial institutions.
Government agencies publish the regulations on various websites including:

  • Federal reserve website
  • FFIEC website
  • OCC website
  • FRB website

A financial services or risk consultancy firm has to monitor all these websites manually and find out changes to the regulations to incorporate the changes into their business processes.

Challenges with this process involved the following:

  • Repetitive process of manually monitoring websites susceptible to manual errors
  • Poor job satisfaction to highly skilled financial domain experts due to non-core work, resulting in attrition issues.

Solution: Ellicium Gadfly framework
Ellicium worked with the regulations experts at Mindcrest to automate the process of monitoring CCAR regulations. Ellicium Gadfly framework was used for this purpose.
The work of monitoring the websites and downloading changed
content was automated using Python based Data Robots, part of Gadfly framework.
The revised process involved following steps:

  • Monitoring of all feds, FFIEC, OCC, FEB websites using automated monitoring scripts.
  • Downloading of relevant content using automated robots using Python scripts.
  • Finding out if the regulation has changed compared to the previous version.
  • Alerts to the business stakeholders with notification about changes in the regulation.

Results
As a direct result of automation of regulation monitoring:

  • Average time required for monitoring all government websites came down from 2 hours per day to 3 minutes per day.
  • New changes to the regulations were discovered that were skipped due to manual processing.

Ellicium Gadfly Platform has proved to be a cost effective and efficient solution for seamless automation of regulatory processes.

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