Overview
Time was running out for this major British banking group with operations worldwide, to ensure that all divisions, including its retail, investment, private wealth and credit card arms, were fully compliant with new international regulations coming into force.
Having realised that the compliance system it was introducing was not fit for purpose, it urgently sought the help of external experts led by one of Novo Altum’s consultants, to rectify this major problem with its finance and risk/risk management systems.
The solution he devised turned the situation around within a very short timescale to deadline and delivered a sustainable, cost-effective infrastructure to ensure the business’ ongoing regulatory compliance.
The Challenge
With a significant regulatory compliance deadline looming, the bank was under intense pressure to get its house in order. A third party IT solution had been purchased without clear specifications having been set, and it was failing. To re-design a workable infrastructure in the time available would be a huge undertaking.
Novo Altum’s consultant would have to lead the client through the process of defining its requirements and designing and communicating a coherent business and IT strategy – a huge challenge in itself, given the scale and diversity of the group’s multinational operations. He would then have to work closely with a multitude of disparate parties, such as external software vendors and other suppliers, to implement the solution successfully.
The Solution
Novo Altum’s consultant designed an IT architecture which not only implemented optimum technological resources to facilitate processes such as data reconciliation and regulatory reporting, but also, crucially, supported the whole business in facing the challenges posed by these new rules.
A holistic solution was developed, beginning with an intensive review of the client’s core objectives and assessment of existing processes, followed by the implementation of a test strategy and system configuration programme, and support in training and recruiting staff. This culminated in the Novo Altum consultant leading the transition of all operational compliance capabilities to an offshore team.
Results
A fully-functioning, high performance IT infrastructure tailored to the client’s unique business needs was delivered on time to ensure the banking group’s advanced regulatory accreditation within deadline.
By successfully managing the knowledge transfer process offshore, Novo Altum’s consultant was able to further add value by establishing a sustainable, highly trained yet cost-effective, regulatory compliance capability based in India.
