Case Study: Tide saves 6 FTEs in 2nd Line team with Cable as growth soars

Case Study: Tide saves 6 FTEs in 2nd Line team with Cable as growth soars

Tide is a business financial platform and a leading provider of UK digital business banking services. After launching in 2017, Tide has grown rapidly, becoming the 7th largest provider of banking services to UK small and medium enterprises by 2021. This growth continued into 2022 – with Tide increasing the member base by 21.5%, and achieving 8.5% market share, making Tide the leading small business financial platform in the UK. Tide launched its app live into India in December 2022, and its future growth plans include scaling in this market and further internationalisation.

The Challenge - Tide needed to efficiently monitor its financial crime controls as it grew, without significantly increasing headcount

As Tide scaled rapidly, the company had a strong compliance programme, but saw the opportunity to leverage data, sophisticated technology, and automated systems more effectively. Given its planned growth and multi-jurisdictional expansion, Tide anticipated a need to scale its control testing and monitoring capacity in line with its business growth, which it knew would typically require numerous staffing additions. However, Tide wanted a technology solution for control testing and assurance that would scale easily with its growth, without always having to increase headcount to meet the need.

The Solution - Tide selects Cable as its complete control effectiveness testing platform

It was important for Tide that any solution gave the company increased confidence in its control effectiveness while allowing it to efficiently manage headcount. After a short pilot with Cable, Tide immediately saw that Cable gave it comprehensive, detailed control testing and oversight coverage, which was not possible through manual, dip-sampling reviews by 2nd Line analysts.

Cable does 100% of testing on something that a person can do 3% of testing on -- it's a no-brainer" - Rebecca Marriott, VP Risk and Compliance and MLRO

Tide concluded Cable would create new opportunities to save time and resources and unlock control testing and monitoring efficiencies through automation. The company now leverages Cable’s all-in-one platform for risk assessments, automated assurance, quality assurance, streamlined workflows, management information, reporting, and more.

The Outcome - Cable saves Tide headcount, time, and money, and strengthens Tide’s compliance programme as it grows

6 FTEs saved in Tide's 2nd Line team; 2 days saved monthly on ongoing basis; 3 days usage weekly on Cable's platform; 4 hours saved on manual thematic review

With Cable, Tide was able to remove 4 FTEs from its budget cycle, and eliminated the need to hire an estimated additional 2-3 FTEs that would have been required for Tide to scale, through automating control testing and assurance, expanding testing coverage, and reducing manual workloads.

"Working with the Cable product is great, I can get a picture of what's working at just a glance, and really drill down on the detail of what's not working so well in just a couple of clicks!" - Tim Barnes, Head of Quality Control

Tide’s compliance team is saving 2 days per month on an ongoing basis with Cable by automating manual tasks. Tide can now maximise the team’s productivity and focus on the activities that most efficiently grow the business.

Cable’s platform is used by Tide’s 2nd Line team 3 days per week on average. The team is now innovating new methods of streamlining manual processes using the new capabilities offered by Cable – for example, Tide’s team deployed Cable’s platform to immediately save 4 hours of work by streamlining a manual thematic review process.

"Having Cable feels like Christmas - its automated tools are so useful for everyone who does this testing and saves us so much time" - Ivan Chilingirov, QC Analyst

With Cable, Tide is quickly identifying controls that are not working entirely as expected as well as potential control enhancements. Tide’s 2nd Line team is also turning to Cable for ample data to inform decisions about prioritising control modifications, policy or procedure updates, training needs, and emerging risks.

Looking to maximise your compliance team’s productivity and have complete control assurance, while saving time and money?

Get in touch here to learn more about Cable or schedule a demo to see Cable’s platform in action.

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