Synerga worked collaboratively with our client to develop a new efficient and effective Controls Management System (CMS) to enable their regulatory and risk management obligations
Industry | Banking
The Ask
Develop an effective and sustainable Controls Management System (CMS) for a complex Wealth Business covering all legal entities, regulatory obligations, controls, and business processes.
The Challenge
The organisation's siloed approach to regulatory change resulted in a proliferation of duplicate, ineffective and inefficient processes and controls, contributing to cost and poor customer outcomes.
Synerga's Approach
Conducted a PoC to design, test, and prove the CMS before mobilising a structured delivery program to implement the CMS across the entire organisation.
Mapped all regulatory obligations to entities
Re-engineered key processes & controls to align with customer & regulatory requirements, breaking down organisational silos.
Tested all key controls, developed gap/remediation plans where required.
Embedded the CMS into the operating rhythm and culture, with clear accountabilities across the three lines of defence.
The Outcome
The new efficient, effective and sustainable CMS was successfully implemented across all divisions, covering all legal entities and regulatory requirements enabling them to significantly reduce their cost of compliance whilst improving customer outcomes.
Comentarios