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.

BeyondFS 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, BeyondFS created a momentum that enabled us  to help resolve a previously insurmountable challenge for our client.

BeyondFS 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.