$54M in Cost Savings for Top 5 Global Bank Executing Compliance Project

Challenge

Global bank needed help launching new Compliance Management System (CMS) to ensure their products complied with complex set of national and international statutes.

Required third party legal provider with deep experience to deliver unbiased guidance to in-house legal team and compliance department.

Approach

Axiom rapidly deployed team of 60+ attorneys with deep knowledge of financial compliance to provide strategic guidance on how to build appropriate controls into new CMS. The team of Axiom attorneys also quickly categorized and summarized a high volume of statutes into meaningful “clusters” related to specific geographies and product offerings. Outcome ensured alignment with all relevant regulations across North America, Europe, and Asia.

Impact 

• Axiom team members each had 20+ years’ experience on average. This deep knowledge allowed them to identify nuances in current laws and provide vital guidance on how to ensure compliance with key statutes on payments, debt collections, and other activities.
• The Axiom team’s extensive insights and ability to deliver a high volume of work in a short amount of time unburdened the bank’s in-house team from running the project. And, Axiom lawyers were able to add significant value as the intermediaries between the legal department and compliance department.
• Bank was able to substantially reduce costs by hiring Axiom, rather than sending this work to outside counsel.