Major Global Bank – Transaction Monitoring Program
The task
A major transaction monitoring backlog and large-scale remediation program was required to be established at short notice. Momenta already had a small existing Transaction Monitoring team in place working on a previous program of work.
Following an audit, the Bank required a significant and rapid uplift in scale to manage increased Transaction Monitoring regulatory requirements and expectations. Momenta was requested to supply the entire team for the uplift, from Junior Analysts to Program Director, as well as weekly intakes of between x20 and x40 people for 6 weeks. The program achieved an ultimate team size of 200+ people.
The solution
The Bank considered proposals and resourcing from across a wide range of known suppliers and intended to rely upon several suppliers due to the magnitude and importance of achieving a regulatory deadline.
The Bank appointed a Program Manager who had previously worked with Momenta in a previous role at another large bank. Their successful experience with Momenta’s ISO certified process, the quality of the team Momenta had given them, and the level of customer service provided by Momenta gave them sufficient confidence to entrust the entire project to Momenta in being the single supplier for his team and the entire Bank.
The outcome
Momenta remains the sole supplier to the bank for this, their most important regulatory program of work. 12 months after the significant uplift in scale, the program has evolved from a project to become BAU, with Momenta continuing to supply permanent and contingent teams for additional divisions within the Bank due to the success of this program.
Due to the nature of the program, Momenta was required to demonstrate significant flexibility in responding to changed intake dates, as well as frequent amendments to the scale and frequency of intakes. The Program Manger gave further feedback relating to two of the many reasons why Momenta was entrusted with the entire program:
Quality: The quality of candidates Momenta provide is the best and the Program Manager referred to a ‘big difference between the people Momenta put forward vs other suppliers’.
Service: The way Momenta service the Bank, the Program Manager and colleagues – “they couldn’t ask for more”.
- 200+ team provided
- Preferred supplier based on quality
