Set Up of Initial Plan, Documents and Tools for Auditable and Regulatory Purposes
Description of Project
The Compliance function had been subject to a critical audit by E&Y and a similarly critical review by the FSA.
As a result, the newly appointed Head of European Compliance and Assurance needed a programme office and tools that would enable greater transparency in the work required to satisfy the auditors and Regulator.
The Head of Compliance was also keen to demonstrate to the Head of the European Bank that he was in control of the work streams being undertaken – and asked our help in developing a dashboard to highlight the progress of key activities.
Chaucer’s Scope
Our project team began with an examination of the E&Y audit report and FSA ‘Arrow’ report, in order to establish the scope and deliverables of the programme.
Those deliverables - and the associated timelines - were then agreed with the owners of the individual audit and regulatory recommendations, and incorporated into a detailed project plan.
We designed and developed a dashboard, and loaded onto it key project information. The completed dashboard, approved by the Head of Compliance, comprised an activity listing with end dates, issues, risks and a RAG assessment for the overall status of each work stream’s progress.
It also highlighted themes such as training needs, regulatory monitoring requirements, communication issues and policy requirements.
Although designed to highlight progress on an exception reporting basis, the dashboard allowed for detailed drill-down into the constituent activities including the detailed project plan and risks.
During the scoping phase, a number of discussions were had and observations made concerning the benefits of instigating a formal change management programme. The consequent proposal was presented to a selection of the leadership team and will be followed up at a later date following positive feedback.
Benefits
The Programme Office, initial plan, documents and tools were successfully delivered on schedule, despite the short turn around time. All received a positive response from the client, with clarity achieved over the whole programme and progress assured.
Senior Management appreciated the oversight that this work produced, and the various documents created were used in the response to the FSA follow up to demonstrate that the bank was fully in control of all initiatives related to regulatory compliance.
- Accreditations/Partners
