Optimising contracts for better financial services partnerships
Our client is one of the largest long-term savings and retirement businesses in the UK. They had an existing, long-term relationship with a supplier...
3 Oct 2023
Time to read:
Challenge
The PRA issued new regulation pertaining to the risk management of third parties and outsourcing.
Our client (a Financial Services institution) needed to develop a risk-based approach to the management of all its third parties.
Approach
- Peru applied a holistic view of all third-party arrangements classifying suppliers in accordance with risk.
- We worked with the client to develop and execute a new Third Party and Outsourcing Policy.
- We analysed all existing material outsourcing contracts remediated gaps on exit provisions with contractual amendments.
- Peru further analysed other business critical contracts applying a risk-based model to the management of these suppliers.
- In collaboration, we instituted new governance and risk protocols to maintain the client’s risk posture. This includes exit plan reviews and putting in place a Risk Committee.
Outcomes
- An independent assurance that the new policy and processes would meet Regulatory requirements.
- Execution of all changes to enable the new policy and processes to be operationalised including contract amendments.
- Remediation of prior known risk issues which were addressed as part of this project.
Start a conversation
Get in touch with our principal consultants to learn more about what we can do for your organisation.
Get in touchSimilar customer stories
Transforming a banking client's mortgage platform: a case study
Following acquisitions and divestments the bank was operating five separate legacy systems for their mortgage and savings books. This represented...
Independent benchmarking helps extend client contracts competitively
Our client has a complex inhouse datacentre solution with a market leading provider. The solution needs transformation including the leveraging of...
Start a conversation
Get in touch with our principal consultants to learn more about what we can do for your organisation.
Supplier Selection: Step by Step Process
Automation Consulting
Introducing our Bid Support service
How Multi Disciplinary Teams deliver successful transformation
Cloud Computing Consulting Services
Related resources
Beyond boundaries: Multi-disciplinary teams driving AI-powered procurement
Procurement alongside AI Procurement in the financial services sector isn’t just about securing savings or supplier performance anymore. In...
Optimising contracts for better financial services partnerships
Industry Financial Services Geography UK Challenge Our client is one of the largest long-term savings and retirement businesses in the UK....
Transforming a banking client's mortgage platform: a case study
Industry Financial Services Geography UK Challenge Following acquisitions and divestments the bank was operating five separate legacy...