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Automating a major regulatory change in Ireland

Automating a major regulatory change in Ireland

The challenge

After the Global recession hit Southern Ireland, the Central Bank of Ireland issued a new Code of Conduct on Mortgage Arrears (CCMA) which outlined the process in which lending institutions had to undertake when dealing with borrowers facing arrears on their mortgage. A leading banking outsourcer who manage a large portfolio of retail, commercial and corporate accounts for some of Europe’s largest financial institutions, recognised that the current manual solution when dealing with customers mortgage arrears was a potential risk and cost to their business and engaged Arum to help build automation for the CCMA within Debt Manager urgently.

The solution

  • Analysis and re-design of existing strategies
  • Specification of a large amount of completely new functionality
  • Coordination with a number of third parties alongside internal development
  • Integration of all major changes into existing Debt Manager system
  • Complete design and test of migration process
  • Improvement of MI for quantification of compliance

The results

  • Full systems migration procedures
  • CCMA code automation in line with the Central Bank of Ireland’s guidelines
  • Full suite of CCMA specific letters
  • Fully configured Debt Manager system to meet Business requirements
  • Processes and documented procedures to support Debt Manager

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