Case study

Enhancing periodic review: Design, delivery & execution

Lead partnerMatt Beattie

Our client had been issued with a regulatory warning and was required to increase their annual periodic review throughput from 2,500 to over 15,000 cases.

At the point we were engaged, there were 9 months of the year remaining and the existing process and systems were not fit for purpose.

Industry segment
Global Investment Bank
Function
Client Lifecycle Management
Core capabilities
Dashboarding & Reporting, Client Outreach, Remediation

Key outcomes delivered

Objective of 15,874 case completions met on time
Approval received from the regulator

Results

Automation

cases closed through automated updates

Reviews

PR case closures in 8 months

Productivity

year-on-year increase in completed cases

Challenge

A considerable challenge to address within 9 months

At the point of engagement, the scope of the challenge was not entirely clear, however our team rapidly engaged with the client’s core team to identify the main obstacles to successfully delivering this regulatory population within the required timeframe.

Our assessment indicated that the challenge was considerable: Technology systems were not fit for purpose, processes were not tailored the meet the challenge, the team was not appropriately resourced and 3^rd parties were not engaged.

The challenge was made greater by the fact that the annual target had to be met within 9 months.

Approach

'Follow the sun' model employed for 9 months

We rapidly implemented a turnaround programme which included: designing tactical systems, refining processes, engaging 3^rd parties, and hiring a team of experienced consultants to increase capacity in the short term.

BeyondFS then designed and implemented the reporting structure, target forecasts and governance required to deliver the required pace of closure. Our team also took responsibility for applying automated systems to close out c.4,000 cases (these cases still required a considerable amount of attention and refinement before completion was possible).

Our team were with the client for 9 months and ran global meetings twice a day on a ‘follow the sun’ model to ensure targets were met, challenges addressed, and stakeholders fully informed of progress.

Outcome

Threat of regulatory action was lifted

Our team was integral to the successful delivery of the periodic review and over the course of 9 months, dramatically shaped the capability of the client’s team.

We were able to meet the objective, with the annual population of 15,874 cases completed within the 9 month timeframe. This satisfied the regulator, and they lifted the threat of further regulatory action on the matter.

“BeyondFS have the highest level of honesty and integrity of any consultants that I have worked with. As circumstances change, as they always do, they operate with agility and pragmatism to deliver tangible, high impact and measurable results for their client. These guys have done the “hard yards” helping deliver Client Lifecycle Management systems and navigating Financial Service regulatory reform and bring with them a wealth of real-life experience in process optimisation and transformation initiative. Their “whatever it takes” attitude really sets them apart and I would have no hesitation in recommending them.”

Head of Client Onboarding

Tier 1 Global Investment Bank