Global Corporate and Investment Bank
Delivering a regulatory remediation
and recovery programme

Our Client had identified a series of findings relating to the MiFID II regulatory environment that needed remediating. An overarching programme of work was required to cover all related remedial efforts and deliver these in a robust and reliable manner.

They needed absolute confidence that a series of commitments, agreed in conjunction with the regulator, would be met within the stated timeframes of 18 months.

 

 

Industry Segment
Investment Banking
Function
Front, Middle & Back Office Operations
CORe CAPABILITIES
Reliable change capability, Enabling technology Remediation delivery, Stakeholder management & senior communications
Key outcomes delivered
  • Satisfaction of external regulatory scrutiny
  • Creation of a robust control environment
  • Increase in regulatory operational efficiency

Results

Key Achievement
21

External regulatory commitments delivered on schedule

Analysis
3000

Regulatory items analysed

Enhancements
172

Regulatory concerns addressed.

Challenge
Collaboration with
multiple stakeholders

Beyond 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.

Approach
Leveraging a hybrid
client-consulting team

Beyond established a hybrid client-consulting team, to create a programme with external specialist delivery expertise mixed with internal subject matter expertise.

Working with senior leaders in both the front office and operations, the team were able to enable change across all relevant functions within the bank.

Focussing on consistent, reliable management communications, together with a robust delivery approach and tempo, the team quickly built confidence across critical stakeholders and with the wider organisation.

By combining effective sponsorship, reliable communications and efficient delivery, Beyond created a momentum that enabled us  to help resolve a previously insurmountable challenge for our client.

Outcome
Front to back review across 3000+
MiFID II regulatory obligations

Beyond were responsible for the overall success of the programme. All remedial initiative and commitments were delivered on time, enabling the client to attest to the completeness of the regulatory control environment. A permanent Regulatory Operations function was established as part of the work, providing the client with the ability to manage ongoing commitments and any subsequent regulatory changes.

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