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EUROPEAN BANK

Redesigning the critical path of a financial crime transformation programme​

Our client, a leading European bank, was midway through a comprehensive three-year financial crime transformation programme aimed at reducing risk, and enhancing efficiency and digitisation across the bank. This was complicated by regulatory orders, recently acquired businesses, and a convoluted IT architecture with extensive vendor customisations. 1,300 personnel were employed in KYC Operations.​

Lacking a standard operating model, the bank required a Target Operating Model (TOM) design, a data model, process redesign, and the implementation of a new Client Lifecycle Management (CLM) tool. 
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  • Industry Segment Banking
  • Function
    Financial Crime / KYC
  • CORe CAPABILITIES
    CLM, Target Operating Model

Key outcomes delivered

  • Clear and achievable roadmap: a realistic, well-defined programme plan with a revised timeline.
  • Enhanced stakeholder engagement: improved communication, transparency, and leadership support.​​
  • Shift in programme culture: from negativity and fear to collaboration and problem-solving.
 

 

Results

People
60

Key stakeholders and 7 governance forums

Strategic plan
3year

Strategic Financial Crime transformation programme

Timescale
4months

To redesign the plan, accelerating programme delivery by a year

Challenge

The programme aimed for a 15-20% cost reduction, based on a strategy developed by a 'Big 4' consultancy.​ However, the initial plan was failing.

The team, with 60-100 members at any time, had underestimated the programme's complexity. Meeting the original deadline was clearly unattainable, resulting in a toxic atmosphere where staff felt overworked and unsuccessful.

Approach

BeyondFS introduced a lead consultant as the co-programme head alongside a senior in-house programme director. Our mandate included:
​
  1. Evaluating the critical path and redesigning the plan.​
  2. Introducing agile delivery, enhancing internal team collaboration and decision-making.​
  3. Improving the programme's structure​

Our banking expertise and familiarity with CLM enabled us to review plans and communications with business heads. We rebaselined the entire programme, with a mechanism for quarterly plan re-evaluation, bringing much-needed transparency.​

Recognising that the original deadline was now impossible, we provided options to increase spending or de-scope items, outlining the impact on delivery dates. The client prioritised risk reduction, and we delivered a cost-effective plan accordingly.​

We standardised the programme reporting format, ensuring consistent messaging and addressing risk and issue management. The new plan was presented to over 60 business stakeholders and seven governance forums. The redesign was completed in four months.​
Office workers sitting round a table

The Successful outcome

Initially, the client had a robust plan for only one quarter. We extended this to a complete end-to-end plan. This overshot the original delivery date by 6 months, but a full year ahead of where it would have been without our recommendations. We gained senior leadership endorsement for the changes, boosting morale among programme personnel.​

With standardised progress reporting and consistent messaging we improved confidence in the programme among stakeholders, transforming the perception from negative and fear-driven to a collaborative 'how can we help' attitude. ​

By re-prioritising and focusing on execution, we introduced structure and transparency, enabling the client to begin executing the proposed structural changes, and re-orienting roles and responsibilities within the programme management structure.​
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