I wanted to drop the group a quick note as we head into the final holiday weekend of the summer.
Where We Stand
We are currently providing support for 6 clients (2 more since my last message), still primarily related to analytics and enterprise policy support. They include two top 30 banks, one GSE, two departments of a state government, and our sister company.
In August, we began work through a partner consultancy (and their partner, BCG) to begin delivery on Phase 1 of a project supporting reporting needs at one of the two state departments. We expect to hear shortly what the client thinks of our effort in the first phase and whether or not additional phases (and needs) will arise.
We also began working with a top 30 bank in their credit organization. Several team members onboarded toward the end of August and will be supporting the Chief Credit Officer and her organization through the remainder of 2023 with a good chance to continue our support into 2024 if budget permits. What is also notable is that we received approval through the bank’s managed services provider which now gives us line of sight to supporting other groups at the bank. I have already heard back from their Chief Credit Risk Officer and Head of Credit Operations. Hopefully it is only a matter of time before they start to share their resource needs. And the current client is likely to onboard one more team member for credit analytics work in September.
Separately, one of our Augment team members has taken over leading project management activities on a large M&A deal in the mortgage space for our sister company. Roles like this are always tough because we operate at the behest of two separate clients with sometimes different priorities. Already, our team member has rolled up her sleeves and begun adding a lot more organization to the daily activities that are quickly picking up steam.
The Process Excellence Opportunity
We are awaiting final approval to onboard a small team to a top 50 bank supporting their very large process excellence initiative. While the initial team will be made up of one team member with a great mix of analytics, process, project, compliance, and data experience as well as two data analysts, I am confident that the client will seek a much larger team of performers to help them map out over 80 large processes that exist across the enterprise. They are currently on track to map only around a dozen by 2024 and most of that support is coming from a consultancy that they are not thrilled with. While I am not sure we have enough resources to help them cover the entire scope by the end of 2024, I am certain that we’ll be able to provide better people at better prices who will be true partners for them. And for the same client, I am meeting with the CRO, the head of Compliance, and the head of Enterprise Risk, together, next Thursday where they intend to tell me about the bank’s risk management priorities and resource gaps. Fingers crossed.
GSEs and Large Mortgage Entities
When it comes to GSEs and large governmental mortgage entities, we continue to impress on one initiative and will learn soon whether or not there will be additional phases. For another, we are putting forward profiles for a time sensitive data analytics need. The client is currently expecting the resource to be in the DC metro area 3 days a week (but I am hopeful that they will offer some flexibility to get the position filled). They have a critical model that they need to deploy and need someone for 3 months who can work in a modeling environment providing hands-on SQL/Python data capabilities to validate accuracy of new data and modeling infrastructure, act as a go-between for the business and C-level with good communication.
In addition to that need, we are hoping to hear soon whether or not another one of our consulting partners has successfully landed an RFP for the third large mortgage entity related to credit model development for which we will provide some of the data science and credit expertise.
A Chance LinkedIn Exchange
Just this evening, a former colleague reached out on LinkedIn to thank me for regularly contributing valuable content on the platform; that was nice of him. He now leads all lending at a mid-sized fintech. I wasn’t too proud to throw out there for him to “let me know if you need some fractional former-Capital One-like talent, including regs. I have a lot of great resources through Augment. Happy to send profiles along any time.” It just happens that he is about to begin a search for a part-time resource who would be a second line performer, doing testing and assisting with third line and regulatory reviews. I think we have a few great candidates for him to speak with!
I am really proud of the progress that we continue to make as an organization and I believe our business model will resonate with so many business leaders who are in need of great resources at the right prices. Don’t hesitate to let people know that you’ve recently decided to hang a shingle as a consultant and then offer to help people you know find resources to help them if they ever need it. You never know when they will take you up on the offer, right then and there — just like my chance LinkedIn exchange an hour ago.
