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. 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.
