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Case study

Regulatory reporting: Critical programme recovery

Headshot - Matt B
Lead partnerMatt Beattie
Lead partnerMatt Beattie

Our Client, a large US bank, had quickly developed a reporting tool to meet the requirement of SFTR (Securities Financing Transactions Reporting). However, while it met the regulatory requirement, the tool relied fully on manual processes which had implications in terms of efficiencies and risk.

While our Client had initiated a programme to resolve this challenge, they needed a partner to help bring all stakeholders together, define a path for transitioning the reporting requirement into the strategic platform and make the changes within a short time
frame.

  • Industry segment

    Global Investment Bank

  • Function

    Compliance

  • Core capabilities

    PMO / Programme Management

Key outcomes delivered
  • Evolved the strategic control platform to incorporate the reporting requirements for SFTR without the need for the manual tool
  • Moved from manual, risky processes to full automation
  • Incorporated all the latest regulatory guidance requirements into the reporting process
  • Completed a programme recovery phase in just 4 months and handed back to client change teams
  • Established a critical enabler for the development of new business lines

Results

Timeframe

0 months

Programme recovery completed

Analysis

0

Manual processes/tactical platforms remaining

Enhancements

0 %

Latest regulatory guidance incorporated

Challenge

From risky, manual processes to full automation

The tool that had been developed in response to SFTR (Securities Financing Transactions Reporting) relied heavily on manual processes and could not be relied upon in the long term. Due to its manual nature, the tool was fairly inefficient to run and introduced risk into the reporting process. It also did not integrate with the existing strategic platform, meaning that it was not adequately controlled.

This created a challenge for our Client – failure to meet the reporting requirements, both from a timeframe and accuracy point of view would have resulted in a regulatory breach and the need to notify the external supervising authority. As a result, they needed to enhance their strategic control platform to meet the needs of SFTR quickly.

Our Client had outlined the desire to transition to the strategic reporting platform but due to limited resources, internal capabilities and the number of stakeholders involved, this had not progressed as intended. Delivery timeframe pressures had resulted in a breakdown of communications between key stakeholders, further impacting the timely delivery of the project. To help them overcome this, BeyondFS were engaged to expedite the programme and deliver the transition quickly.

Approach

Discovery, collaboration and guidance

BeyondFS took full ownership of the project and worked collaboratively with the Client’s senior leadership to understand the business objectives and the current challenges with the programme. We established the critical requirements and dependencies and put a project recovery approach in place.

Through intensive stakeholder management (including external vendors), we were able to define an achievable delivery approach. This involved negotiation and compromise across multiple groups and re-establishing a culture of trust within the teams.

With an achievable and common goal established, the improved team dynamic allowed the group to raise and address key risks and issues. Team members were encouraged to analyse their areas in detail and highlight any challenges to be considered by the programme.

Discovery collaboration
Outcome

Recommendations for the short and the long term

It took just four months from initial engagement to the project delivery being stabilised and back on track. During this time two successful technology releases had been completed and a further two were planned and on track. Following the recovery period the project was transitioned back to the client’s project team with a refreshed and stable governance structure in place.

The Client was able to demonstrate continued adherence to the reporting regulation, supported by the necessary controls and monitoring of the strategic platform. The successful recovery of the project was a critical enabler for the client to prepare for the expansion of a related business line, anticipated to provide material growth for the overall business.