Case Studies » Leading National Bank

Buy Now, Pay Later (BNPL)

Control program for risk management

Asian woman purchasing package from mobile device

Engagement at-a-glance

A leading national bank launched a new product that allows merchants to partner with them on flexible payment options. With the lack of third-party process documentation impairing visibility, an aggressive timeline, and staff turnover—they needed a reliable, robust approach for control development, testing, documentation, and oversight; and needed a partner they could rely on throughout the journey.

Celerity partnered with the client to institute a holistic risk management program to support the bank’s flex-pay product launch by applying industry best practices and Lean Six Sigma analytical tools to develop a robust operational risk management program that would meet the control and monitoring requirements.

Our team of innovation experts focused on:

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Guided launch of new product with a robust risk profile that strengthens their financial position

innovative disruption

Ensured compliance to reduce the possibility of future actions from auditors and negative customer perceptions

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Streamlined processes enabling the development of relevant, sustainable, and easily monitored controls

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Enabled continuous improvement and established baseline and foundation for future improvement of the product and processes

The challenge

Financial institutions are subject to the highest scrutiny due to several state and federal regulations. Prior to getting the approval to launch, the bank needed to quickly build a robust control suite to ensure all known requirements and regulations are accounted for and covered with an existing control or newly created control prior to launch.

The solution

Celerity applied a suite of industry best practices and analytical tools to develop a robust operational risk management program that would meet the control and monitoring requirements for the client’s new flex pay, buy-now-pay-later (BNPL) program. After conducting a full gap analysis of the operational and technology processes with respect to compliance and regulatory requirements, and ensuring alignment with the Client’s existing governance standards, Celerity successfully instituted a holistic risk management program to support the client’s flex pay product launch.

The outcome

Celerity partnered with the client to bring risk management to the forefront of their operations. Our services enabled the client to ensure only evaluated and compliant products representing the customer’s best interest are brought to market, to launch new products with robust risk profiles that strength the Client’s financial position, establish the foundation for continuous improvement activity, and ultimately reduce the possibility of future actions from audit and negative customer perceptions.

Get in touch

In today's world of relentless change and disruption, you don't need to go it alone. Ready to see how Celerity can help you deliver better customer experiences and create a problem-solving culture that turns change into opportunity? Reach out to us today.