BeyondFS were approached to define, shape and deliver a significant MiFID II regulatory remediation programme for a Global Corporate and Investment Bank.
The Client had identified a series of concerns within the MiFID II regulatory control environment and that had subsequently been disclosed to the regulator. These concerns spanned front, middle and back office teams across both pre and post trade activities and included:
- Lack of governance and oversight of the regulatory environment
- Incomplete reporting infrastructure
- Missing or incomplete operational procedures
- Key person dependencies
- Unclear roles and responsibilities
- Unstructured monitoring and control environment
As a result, the Client was unable to attest to the completeness of associated senior management responsibilities required by the regulator.
Our team scoped and structured a remedial programme of work, building a hybrid client consulting team to deliver against a series of external and internal commitments within a period of just 18 months.
Critically, this involved us structuring communications for senior management to enable them to make the informed decisions needed to support the resolution of the issues.
The team delivered the complete programme of work on time and within budget, closing out the organisation’s largest remedial effort in EMEA. Completion was subsequently attested to the regulator, solving a major area of scrutiny for the bank.