Tackling a closed book is a challenge…designing an appropriate solution and assessing the impact on those affected; understanding the cost; planning the approach; and securing resources to execute on it. The regulator will take a keen interest – existing clients will need careful management to ensure they understand their options or choices. Even with the best preparation, no major product or proposition change is risk-free – so all too often the challenge is ducked for far too long.
To ignore the elephant in the room, and avoid taking action is, however, not a smart approach. A problem ignored rarely resolves itself, and burying the issue raises the risk of later, greater cost; including potentially – worst case – a regulatory fine. Dealing with the problem early has clear, immediate benefits for the business, reducing future risk and overall, gives the clients the best outcome.
It’s time for a Spring-clean!