Case Study 6: How can I manage regulatory obligations with consistency?

OUR CLIENT: Financial Services Partner
A household name in the UK, our client is an established European financial services firm with retail and commercial banking operations. Due to some restructuring, they have been focusing on reducing costs. 

They are seeking long-term sustainable value around their investments on behalf of their customers and recognise ESG (environmental, social and governance) factors as both an opportunity and a risk factor.

SITUATION:
Our client had, had its share of regulatory issues with fines and conduct issues hindering their regulatory compliance and drawing increasing focus on their operations by some regulators.

They agreed with one of their primary conduct regulators to carry out a rules mapping exercise, mapping regulations to policies and controls. This was to prove that they have an understanding of regulatory obligations, that their policies effectively deal with the obligation and that the appropriate controls are in place within the firm. Finally, the project provided the added benefit of being able to evidence the mapping of regulatory obligations to policies and controls to the regulator.

SOLUTION:
Our client’s approach was driven by its need to show greater regulatory oversight to its regulators. With a long-term vision in mind, our client worked with both Corlytics and a third-party consultancy with specialisms in this area. Part of the vision was to replace an older, less focused regulatory solution that was no longer fit for purpose.

The specific client requirement for rules mapping was met by the consultancy and Corlytics, with the rules being provided by Corlytics. ….