Case Study

Operating & controls model for cross border business

Regulation & Compliance and Transformation | Banks | London

The Background

  • As part of the bank's Regulatory and Legal entity programme, NextWave was tasked with the aim of operationalising the ability to transact and serve clients involving Legal Entities, License Permissibility, Registrations, Tax, Regulation and Marketing Materials

  • Scope included Commercial Banking, Investment Banking and all lines of business and all functions with the exception of IT, covering 173 countries 

The Challenge

  • The project involved interpreting internal and external advice regarding laws, licenses and permissibility to determine how the bank and employees of each entity can do business in each country

  • The bank required help defining what Relationship Managers can and cannot do in each location and work closely with the Front Office to determine gaps, solutions and the associated implementation roadmaps

  • NextWave reviewed the bank's current Operating Model to identify where changes were required 

The Approach

  • The NextWave team organised and ran workshops required to validate and review the current state and impact on the business of any Legal and Compliance findings and/or decisions by senior programme sponsors 

  • Findings and approach were documented to create an audit trail of the plans and decisions

  • The team supported the definition and roll out of the control framework in conjunction with global Control leadership team

The Impact

  • Workshops for the international team were conducted to determine the current scope of business-by-business line and entity 

  • NextWave liaised with business stakeholders on the impact of any business model changes

  • The development and implementation of new controls and supporting processes stayed compliant with the initially agreed models

  • Support the Ace workstreams to deliver as a single unit to achieve the three month timeline and meet all executive commitments commitments

  • Comprehensive communication across the international business in relation to the strategy, programme timelines and delivery milestones

  • Ensured governance and programme control are in place across the programme

  • Stakeholder management across International to ensure a cohesive strategy for all cross-border activity in the bank was agreed and implemented

  • Provided subject matter expertise and insight to the programme’s Executive Sponsorship

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