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Can we improve?

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Published: 5th April 2017 by William Webster

A health check on what you are doing can give you comfort that things are heading in the right direction. For regulated businesses like banks it also gives some steer on what the regulator may want to review. After all being forewarned is being forearmed.

The Background

As part of ongoing improvements and pending regulatory reviews this client required a fresh look at what it was doing. Had the risks changed? Were the processes fit for purpose? Could challenge find holes in what was going on?

The Risk

The tight regulatory regime that has been in place for almost a decade has altered the way banks manage their business. However certain things don’t change. There’s always pressure to meet targets and budgets and make profits. Mindful of this banks now shape their business to meet the twin objectives of regulation and return. This means that the type of business and the way it is undertaken has changed. These changes can lead to unexpected long term consequences. Did this bank have any?

This was Barbican Consulting’s solution

The Proposal

A desk top review followed up with visiting the client. The outcome to be a report for the Board highlighting the relevant issues that needed action.

The outcome

This was undertaken within the client’s timeframe. Around fifteen items were highlighted some more important than others. What’s interesting is most of these issues were already known about. So why get someone from outside to tell you what you know?

The advantage of having an independent expert report is that it sets the agenda. It means the risks are drawn out and get discussed. Not just at managerial level but at Board level. That’s where it counts. It’s also where a time frame for resolution is agreed. This is what happened. I call it “getting things done”.