Strategy Solutions
True product transformation in banking occurs when technology, compliance, and data governance evolve together. Successful delivery depends not only on fixing errors but on embedding structural traceability and shared accountability across every product and data flow.
Product Development and Regulatory Data Remediation in Corporate Banking
Challenge
A global boutique consultancy was engaged by a domestic bank following the implementation of new corporate banking software that failed to capture required regulatory reporting outputs. The immediate need was to perform a detailed diagnostic of the post-implementation “As-Is” state to uncover data flow and process breakdowns causing non-compliance.
The project’s success would determine whether the consultancy would secure further product development engagements with the client.
Key challenges included:
Incomplete regulatory data mapping following system go-live.
Lack of process traceability and alignment between business, data, and technology layers.
Urgent need to identify and close gaps impacting APRA, ASIC, and AML/KYC compliance.
Requirement for structured stakeholder engagement across Product, Risk, and Technology teams.
Solution
Harmonic applied a structured product development and data remediation framework, combining strategy, transformation, and data management disciplines to restore compliance and enable scalable future enhancements.
Rapid Diagnostic (SPEED Framework): Conducted a 6-week sprint structured around Strategy, Product, Engineering, Experience, and Data to identify failure points across the product lifecycle.
End-to-End Business Analysis: Mapped all upstream and downstream flows — from transaction capture to regulatory reporting — to identify missing data lineage, control gaps, and inconsistent business rules.
Stakeholder Alignment and Workshops: Facilitated cross-functional sessions between Operations, Technology, and Compliance to ensure accurate requirement gathering and ownership of data correction actions.
Regulatory Mapping and Documentation: Created comprehensive BRDs, FRDs, and TSDs capturing both business and technical remediation specifications, aligned to APRA CPS 230 and ASIC expectations.
Business Change and Training: Designed change management plans including role-based training, user story testing, and pilot deployments for controlled rollout.
Product Governance Enhancement: Proposed a scalable model integrating product, data, and compliance workflows to prevent recurrence in future implementations.
Key Deliverables
“As-Is” Process & Data Flow Maps for Corporate Banking systems.
Gap Analysis Report highlighting misalignments in data lineage and control logic.
Regulatory Data Remediation Blueprint detailing corrective actions and accountability matrix.
Product Governance & Reporting Framework integrating risk, compliance, and product functions.
Stakeholder Engagement and Communication Plan to sustain cross-team collaboration.
Client Benefits
The client gained a clear understanding of how and why reporting gaps had emerged post-implementation, enabling faster and more confident remediation.
Outcomes included:
Restored trust and compliance readiness with regulators.
Enhanced collaboration between product, risk, and data teams.
A repeatable blueprint for future product implementations.
Reduction in audit exceptions and manual reconciliations.
Strengthened data governance and traceability across critical banking processes.