In the run up to MiFID II the bank had no project team or clear idea of their main touchpoints for January 3 compliance. The designated project sponsor wanted a clear roadmap of how they would be affected and how they could deliver with a small headcount budget.
Our solution:
FourthLine used a product from our extensive service line known as a 'technical advisor meeting'. Here we facilitated a meeting with a leading MiFID specialist from our associate network and all the affected stakeholders in the bank. This fact-finding session helped the client to understand what areas affected them and to subsequently draw up a clear project plan to satisfy all the relevant MiFID II workstreams. Our ‘built on knowledge’ approach then allowed us to support the client in writing a job description for the hybrid Project Manager/ Business Analyst they wanted to help them deliver the project. Following this we were able to shortlist four candidates against our collaborative specification and manage the end to end hiring process to hire a high impact day rate consultant. The consultant first had to build a business case on whether to buy a vendor solution building internally. Following this our consultant was able to build a comprehensive project road map, undertake a deep dive analysis and documentation phase, including a new target operating model and regulatory traceability matrix, while constantly managing project governance and vendor interaction. The bank utilised the consultant for a nine-month period when he was able to hand over to the internal testing and BAU teams.
Topics: Insurance Sector, Retail Finance
