How Goodwell achieved 100% compliance reporting accuracy and cut audit prep time by 80%.

The compliance reporting challenge

Financial compliance reporting operates under different rules than most business processes. Errors are not just embarrassing—they are potentially catastrophic. When Goodwell filed quarterly reports with regulators, every number had to be perfect. The problem was that those numbers came from eight different systems, required complex calculations, and had to be cross-checked against multiple data sources to ensure consistency.

The compliance team had built an elaborate process to manage this complexity. Two analysts spent the first two weeks of each quarter extracting data, building spreadsheets, and calculating the required metrics. Then another analyst spent a week validating every number, checking that loan volumes matched across different reports, that percentages were calculated correctly, and that everything reconciled back to the source systems. Finally, the Chief Compliance Officer spent three days personally reviewing everything before filing.

Despite all these checks, errors still happened. A formula mistake in Q2 made it appear that Goodwell had exceeded their concentration limits in one lending category. They had not—the loans were properly distributed—but the spreadsheet error triggered a regulatory inquiry that took six weeks and significant legal fees to resolve. A similar incident in Q4 involving incorrect risk weighting calculations led to another inquiry. The board started asking hard questions about the reliability of the compliance function.

Building confidence through automation

The Chief Compliance Officer knew they needed to eliminate the manual spreadsheet work, but traditional compliance software was expensive, inflexible, and would take eighteen months to implement. When she saw Lumis's automated validation features and audit trail capabilities, she realized they could solve the problem without a massive compliance system overhaul.

The implementation focused on encoding their validation rules directly into the reporting templates. If loan volumes did not match across reports, Lumis would flag the discrepancy immediately instead of letting it slip through to filing. If risk calculations seemed unusual, the system would require manual review before proceeding. The automated data pipeline pulled directly from source systems, eliminating the manual export and copy-paste steps where most errors occurred.

Zero-error compliance reporting

The first quarterly report using Lumis took five days instead of four weeks—an 80% reduction in time. More importantly, the validation process caught three data inconsistencies that would have caused problems if filed. The team fixed the source data issues, regenerated the reports automatically, and filed with complete confidence. No errors. No inquiries. No anxious waiting to see if regulators would flag something.

The annual audit that had previously taken a month of preparation was completed in a week. Auditors commented that Goodwell's documentation and data quality were the cleanest they had seen. The automated audit trail showing exactly where every number came from and how it was calculated made the review process straightforward. The board's concerns about compliance reliability vanished entirely.