New Compliance Monitoring Program Allows Leading Financial Services Firm to Achieve 16% Improvement in Compliance within One Year

Northridge Compliance Monitoring Program Reduced Compliance Violations by 16% in Less than a Year for Leading Financial Services Firm

Faced with increasing federal regulatory requirements, a large global financial services firm struggled to avoid costly fines and losses resulting from non-compliance with complex regulatory demands. Determining and implementing the operational changes necessary to mitigate non-compliance risks posed significant challenges, especially for a large financial services company that caters to consumers and places a premium on customer service.

Leveraging deep industry expertise supporting financial services enterprises and a comprehensive financial services compliance monitoring solution, The Northridge Group designed and deployed a customized compliance monitoring program specific to the regulations that presented the greatest risk for the client.

Northridge’s tailored Quality Monitoring (QM) service pinpoints and reports all customer service calls that fail in compliance areas and have led to legal action against competitors in the past. This includes such non-compliance issues as call recording notifications, customer verification, and restriction and penalty alerts.

As a result of the engagement, compliance-based violations decreased by more than 16% overall during the first seven months of deployment, saving the client money and improving customer service.

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