IMP Develops a Comprehensive, Best-Practices Testing Solution for Compliance Rule libraries
Client: A Nationally Recognized Private Bank
- Client Need: Help with writing and testing a comprehensive rule library for mutual funds, institutional accounts and approximately 40,000 private accounts—all whilst avoiding duplication and completing the initiative within 12 months.
- Why IMP Was Chosen: IMP’s team of industry experts includes former compliance professionals and system architects who have firsthand experience with such complexity and scale.
- IMP Solution: IMP created a custom, multi-stream testing methodology that effectively accommodated the bank’s large volume of accounts. IMP also ensured that the methodology was streamlined and repeatable, allowing the client to conduct ongoing testing through a custom query tool built by IMP, which produced auditable results.
- Outcome: IMP’s efficient completion ensured a swift and successful deployment of the new compliance system and freed up the client’s internal resources for other pressing projects. IMP empowered the client with custom query capability that ensured maximization of its system going forward.