Summary
Re-opened revenue opportunities while maintaining strict alignment with regulatory requirements.
Develop a process and necessary technology solution to manage a heavy regulatory burden opening funding opportunities to customers who, otherwise, would not have this same opportunity.
Skills Demonstrated
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Problem Statement
Current State
The sections of the regulation in question stipulate requirements on the ratio of customers using a specific type of funding effectively in two phases. The first phase is when the ratio of customers using this funding type initially exceeds an established threshold. Once the threshold is exceeded, no new customers may use this funding type. The second phase establishes conditions under which new customers may once again use this funding type. This phase requires that the ration drop below the established threshold and appropriate controls are in place to ensure the threshold will not again be immediately exceeded if new customers are allowed to use the funding type.
A point-in-time assessment of ratios conducted monthly ensured alignment with the first phase. The administrative burden of maintaining the second phase was prohibitive using manual methods and no procedure or technology solution existed to relieve the burden. Therefore, when a ratio for any specific offering exceeded the threshold, this had the effect of closing the funding option to any new customers for that specific offering in perpetuity.
A point-in-time assessment of ratios conducted monthly ensured alignment with the first phase. The administrative burden of maintaining the second phase was prohibitive using manual methods and no procedure or technology solution existed to relieve the burden. Therefore, when a ratio for any specific offering exceeded the threshold, this had the effect of closing the funding option to any new customers for that specific offering in perpetuity.
Gap
Administrative burden of the manual solution is prohibitive.
Desired Future State
A technology solution and accompanying procedures which consistently monitors for offerings ratios dropping below the established threshold, and once identified, continue to monitor and control the number of new customers allowed into the offering using their funding type.
The solution should have technology controls in place which:
1) Continuously monitor and ensure alignment with both phase requirements of the regulation and have built in capability to rapidly adjust as ratios adjust in real time to ensure timing of changes does not jeopardize regulatory compliance.
2) Capture and track required data for regulatory reporting and compliance oversight
My Contributions
Results
Challenges
There are numerous variables that are all in constant flux which are used in the calculation of the ratio
At the start of the project, none of the necessary data sources for the variables had been identified for continuous monitoring
No allocation for technical resources (development team) in the FY when we needed the work done, and no funding allocated for outsourcing
Resolution/Outcome
Outcome: Successful
Timeline: On-Time (7 months from concept to delivery)
I led a large coalition of cross-functional collaborators who came together to consider all of the impacted systems and help establish the necessary requirements for the solution. We also developed change management communication, training, and SOP’s to aid in a smooth roll-out. We found a team of developers who agreed to take on the project outside of the scope of their normal duties to complete the development.
Lessons Learned
Prioritization challenges
I personally learned about prioritization challenges in Agile work environments and how to write a strong business case.