Revolutionizing Compliance and Risk Management For a Fortune 500 Company – A KMTEQ Success Story
Explore how the KMTEQ team overcame several hurdles in revolutionizing the client’s Risk and Business Protection process by leveraging .Net technology!
Background
KMTEQ, a leading technology solutions provider, collaborated with the client’s Risk & Business Protection (R&BP) department to tackle the increasing challenges posed by evolving regulatory compliance requirements. R&BP grappled with over 15 existing applications and the addition of 11 new risk and compliance processes, leading to inefficiencies such as manual handoffs, data duplication, and varying levels of technological maturity.
Project Objective
The primary objective of the project was to modernize the client’s R&BP operations by implementing a comprehensive compliance and risk management solution. The goal was to streamline processes, minimize risk exposure, safeguard sensitive data, and optimize resource allocation. Key objectives included achieving significant cost savings over six years, reducing time to market, and enhancing overall operational efficiency.
Project Challenge
The project had several challenges that needed to be overcome
- Redundant integrations and duplicated business logic across multiple products increased development and maintenance efforts.
- Scalability and availability concerns arose due to the existing monolithic and traditional architecture.
- Talent attrition threatened the loss of technical knowledge, posing risks to ongoing maintenance and development efforts.
How Our Team Overcame the Challenge – A Tailored Solution
KMTEQ devised a comprehensive solution employing advanced technologies and .NET architectural principles:
- Adoption of Cloud Native design in AWS architecture with serverless architecture, microservices, and micro front end, all built on the robust foundation of .NET technology.
- Implementation of asynchronous architecture, data segregation & security measures, customizable workflows, and a configurable integration gateway, seamlessly integrated with .NET components.
- Focus on talent development and knowledge retention strategies, leveraging the versatility and scalability of .NET technology to ensure smooth operations and future growth.
Project Outcome
The solution yielded significant outcomes for R&BP
- Cost savings – Realized approximately $110K upon the deployment of the first Minimum Viable Product (MVP) for Confidentiality & Privacy. Additionally, anticipated operational cost reductions of $4.6M over six years.
- Time to market – Reduced by 30% for complex requirements and 90% for out-of-box solutions compared to traditional custom development.
- Validation of citizen development capabilities – Enabled business SMEs to configure processes with minimal technical intervention.
- The first MVP for Confidentiality & Privacy was successfully deployed, delivering tangible business value and cost savings.
- Empowerment of users through self-service capabilities for managing workflows and business configurations independently.
- Establishment of a scalable and extensible architecture, positioning R&BP for future enhancements and seamless integration with other business units.
Testimonal
“
KMTEQ’s innovative solutions revolutionized our compliance and risk management. Their expertise delivered tangible results – cost savings, faster time to market, and empowered teams. Their collaboration has been instrumental in our journey towards excellence.
– Head of Risk & Business Protection.
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