Case Study: Canada Deposit Insurance Corporation achieves faster, more efficient compliance reporting with Cinchy

Canada Deposit Insurance Corporation cuts CDIC reporting effort by 90% with Cinchy

The Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation, faced significant challenges with its mandatory compliance reporting process. A prominent Canadian multinational bank, one of its members, was spending over 400 hours annually to produce reports, a complex effort that required coordination across multiple teams and was followed by a six-month audit. The bank turned to Cinchy's Data Collaboration Platform to address this unsustainable and inefficient process.

Cinchy's platform created a secure, collaborative environment where over 50 stakeholders co-produced reports, slashing the annual effort by 90% from over 400 hours to under 50. The audit cycle was reduced from six months to just 30 days, and the bank realized $75,000 in annual personnel cost savings. The solution provided a traceable attestation trail and built-in controls, ensuring data integrity and freeing up resources. Following the success, the bank expanded its use of the Cinchy platform to another team for investigating suspicious activity.

Canada Deposit Insurance Corporation