A Client Case Study
A major bank was required to implement a regulatory requirement across most of its divisions. While the objective of the regulatory requirement was well-publicised, the detailed requirements and operational implications were far from clear to the bank, its competitors, or even the regulator itself at the time. Yet the data collection system and process, which formed the foundation and enabler of the regulatory requirement, needed to be up and running well ahead of the actual go-live date of the regulation.
The BAU process owner at corporate headquarters had significant subject matter expertise, however he did not have the skillset to develop a system and process that could be rolled out across the bank. Stephanie from Strategy2Life was appointed and worked alongside the BAU process owner to:
- Recruit functional representatives from each of the 11 divisions and departments that would be affected by the new regulation to form a working group;
- Facilitate regular working group meetings to develop a common understanding of the regulatory requirements and to design solutions that would be workable in each part of the business, while allowing room for changes as regulations and practices evolve;
- Based on the solutions agreed upon by the working group, develop common tools, procedures and documentation that could be customised by different parts of the business as required;
- Coordinate the rollout and communications with the communications specialists within each part of the business so that the appropriate messages would be disseminated through the right channels at the right times.
The result was that the new process was implemented in time for the required regulatory deadline, with buy-in from all impacted business areas, and the BAU process owner was able to focus on his area of expertise while delivering on his performance objectives.
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