New regulation and additional trade and transaction reporting places a heavy burden upon financial organisations. Unless they can redefine operating models.
The challenge
In a world of increased regulation and the necessity for more and better trade and transaction reporting, our client faced a familiar problem of doing more with less.
To complicate matters further, our client operated across numerous jurisdictions with different formats and varying standards. And all against a backdrop of rationalisation and reduced overheads.
Initial research had suggested our client could introduce new efficiencies and reduce costs across its vendor base, but they had not adequately assessed the strength of this research in a systematic manner.
What’s more, the client believed they were over paying for Global Trade Repository (GTR) services.
Our approach
We were asked to define the client’s operating model and streamline reporting processes for all relevant regulation. In parallel, we were also asked to evaluate the feasibility and costs of various operating options such as internal verses outsourced solutions.
Our regulatory and change management experts quickly gathered views and data across operations, technology and assurance on the potential cost and control implications of vendor hosted IT and managed services.
We also listened to vendors to understand the landscape and the maturity of separate offers, and identified savings linked to the selection of a new GTR.
Our impact
Our knowledge and expertise came to the fore for our client. We produced a series of reports to enable them to make evidence-based decisions regarding the way they implement regulation and conduct trade and transaction reporting. Specifically, our advice allowed the client to decide between hosted IT and managed services options, and to better understand the real costs of trade and transaction reporting to technology and operations.
We also put in place a platform to progress the RFP stage, including assessing the vendor base and drafting initial RFP questions.
Overall, our client so valued our contribution that they invited us to continue our involvement.
Note: This case study was first published by Catalyst prior to the Sionic merger
