Bank of America

Bank of America is one of the largest financial institutions in the world. The bank's Corporate and Investment Banking group has offices in 30 countries serving clients in more than 150 countries. With the recent demands placed on financial institutions to track international funds transfers to minimize terrorist programs, Bank of America needed a system to monitor and manage their transactions and the risks associated with transactions. Further, they needed an infrastructure to deal with the constant flow of new government regulations.

After a rigorous 9-month evaluation process, Bank of America selected Savvion BusinessManager to automate and manage their risk management system. Through this new system they are able to mitigation the risk associated with non-standard trades and regulatory compliance due to fact that they will be able to monitor and manage activities and show transaction trails thereby avoiding huge fines and corporate embarrassment. Their secondary goal, which was to reduce the work-effort associated with constant changes in regulatory rules, was also achieved.

Benefits