Improving Banking Compliance: the key role of Ignimission Platform at Crédit Agricole

Wavestone’s 2024 RegTech radar aims to highlight innovative technology solutions that enable financial institutions to meet regulatory requirements and improve compliance. Ignimission is on this radar for the second year running, as one of 106 RegTechs identified as particularly innovative and relevant to the banking and insurance sectors. In this context, Frédéric Logeais from Crédit Agricole shared his experience within the Compliance Department of overseeing compliance risks with the Ignimission Platform solution.

Context and priorities of the Compliance Department

Crédit Agricole’s Compliance Department, under the supervision of Frédéric Logeais, is responsible for managing the compliance risks of the Group’s activities. During the review of the data collection process, three priorities were identified:

1. Guarantee the quality of the data collected from the start of the process.

2. Limit the data collection effort for the entities.

3. Provide visibility of the progress of data collection campaigns to all stakeholders.

The aim was to reduce the time taken to make data available and improve the quality of non-compliance risk indicators.

Choice of the Ignimission Platform solution

The Ignimission solution, proposed by the Compliance Innovation Unit, was chosen for its relevance, flexibility and responsiveness, as well as its limited cost. Frédéric Logeais explains: ‘The Ignimission solution, proposed by the Compliance Innovation Unit, was chosen because it provided a relevant response to our needs, with greater flexibility and responsiveness than a “traditional” publisher, and at a limited cost.

Successful integration and agile mode

The project, carried out in agile mode, took six months from kick-off to the start of production of the collection campaigns. ‘Ignimission and the Crédit Agricole teams successfully integrated the tool into CA’s technical infrastructure, both in terms of security and performance.

Advantages in RUN mode

‘The solution offers a very useful advantage in RUN mode: it is a no-code platform. After a 3-day training course, the project managers can update the indicator data themselves, or even create new ones.

‘The flexibility, responsiveness and agility of RegTechs enable us to respond effectively to the simple needs of the banking business,’ he adds.

Impact and results

Using the Ignimission solution has drastically reduced the time spent on the collection phase, from 70% to 25% of the total process. Frédéric Logeais also highlights a number of points to watch out for:

  • Contractualisation requires a major effort on the part of the regtech and the bank to guarantee the SLAs without risking the regtech’s long-term future.
  • To take full advantage of the flexibility and responsiveness of a regtech, it is preferable to use the proposed solution as is rather than requiring overly specific adaptations.

Crédit Agricole’s experience with Ignimission Platform demonstrates the effectiveness of a well-integrated regtech solution in improving data quality and optimising data collection processes. Frédéric Logeais’ testimonial illustrates the tangible benefits of a successful collaboration with an innovative regtech, while underlining the importance of a balanced partnership and an agile approach.

Ultimately, the Ignimission solution enabled Crédit Agricole to improve the quality of its risk indicators while significantly reducing the time and effort required to collect data, thus illustrating the concrete benefits of a successful collaboration with an innovative regtech.

To find out more about Wavestone’s RegTech radar, click here.