The Client
Consumer loan division of US Bank
Challenge
- Audit review time high in dispute resolution, and required error validation due to manual dependency
- Inability to increase sample size more than 60% due to increase in operational cost
- Lack of standard tools for reporting and analysis
Solution
- High financial losses & compliance issues if errors not caught during audit
- Mismatched entries impacted collections, payments, communications & led to customer dissatisfaction
- Non-compliance to required processes
Execution
- The Copasys® solution:
- Automated upload of data by mapping Copasys with source systems
- Configured 30+ automated rules in Copasys, leading to 70% automation
- Inbuilt remediation workflow for Audit agents to review exceptions and to take further action
- Reporting enabled through Power BI for detailed analysis / reports
- 100% coverage of data through automated rules
Value Delivered
- Reduced the total audit review time by 70%
- 100% accuracy on automated audit results
- Increased sampling percentage from avg. 60% to 100%
- 100% of turn time requirements were met irrespective of the volume inflow
- Overall cost reduced by 50%
- Reduced FTE count
- Decreased average handling time
