Accenture (NYSE: ACN) has helped Florida’s Office of Financial Regulation (OFR) implement a significant operational and technology upgrade on-budget and ahead of schedule. The implementation of OFR’s Regulatory Enforcement and Licensing (REAL) system has streamlined and improved the efficiency of OFR’s licensing and regulatory services.
OFR is a statewide agency responsible for licensing, chartering, examining and regulating depository and non-depository financial institutions and financial service companies.
The REAL project, which began in early 2007 and was completed this January, replaced more than 20 legacy information technology systems to provide OFR with an integrated financial regulatory management system. Drawing on its global systems integration expertise, Accenture helped design, develop and implement the new system to combine and automate some core processes for fiscal, licensing, investigations, examination, legal and complaint functions that previously required significant manual input.
The REAL project established new self-service functions and extended the back-office licensing processes in order to improve overall processing times. As a result of these new features, 100 percent of initial applications from the mortgage industry and all mortgage industry renewals may now be received online. The average processing time for mortgage industry renewals declined from more than 12 days at the project outset to less than an hour today. The new system also strengthens OFR’s capability to assess license applicants and to monitor regulatory compliance of financial institutions.
“The REAL system helps state workers deliver higher-quality services to Florida businesses, while at the same time making it easier for companies to conduct their business with the state,” said David Moskovitz, managing director of Accenture’s U.S. state and local practice. “Streamlining business processes, improving customer service and implementing new technological capabilities have helped modernize this vital state agency.”
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With more than 186,000 people serving clients in over 120 countries, the company generated net revenues of US$23.39 billion for the fiscal year ended Aug. 31, 2008. Its home page is www.accenture.com.