EUROPEAN BANK
Redesigning the critical path of a financial crime transformation programme
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.
- Industry Segment Banking
- Function
Financial Crime / KYC- CORe CAPABILITIES
CLM, Target Operating ModelKey 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
- Evaluating the critical path and redesigning the plan.
- Introducing agile delivery, enhancing internal team collaboration and decision-making.
- 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.
The Successful outcome
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.
change happen
We help financial institutions design and deliver world-class client onboarding and client lifecycle management functions.
