I’ve got a steep slope down one side of my garden, have clay soil, and can tell you what I’ve learned.
Build steps in to the slope at intervals along the bank, otherwise when it’s wet you are likely to slide down and break your ankle, because it’s very slippery (and you will be up there more than twice a year).
Don’t plant tall perennials, they are too needy, they all flop forwards and you need masses of stakes to hold them up.
Bulbs do well because they are strong enough to remain upright - I’d never plant crocosmia again though, it seems to spread down the slope very rapidly, and it’s hard work to dig out.
I also wouldn’t plant a holly again, mine is lovely but suckers come up from the roots, and the roots spread.
Things that have done well for me and are trouble free - spirea, berberis, broom, hydrangeas, dog roses, heathers, perennial geraniums, pulmonaria, cyclamen, achillea, doronicum, geum. For some colour, I also have nigella, aquilegia and snapdragons, with no mulch around them, and they both self seed.
I mulch my bank from the top as the mulch moves down on its own over a few weeks, and I also water at the top, from standing on the lawn below with the hose on sprinkle mode - if you’ve got a deep mulch you won’t need to water much.