Creation of a best in class governance function
Introduction of a new product governance framework
Creation of effective reporting mechanisms
Strong corporate governance is critical to the proper functioning of the financial services sector. Effective implementation of corporate governance requires relevant legal, regulatory and institutional foundations. Our client was struggling to identify, develop, implement and monitor product governance practices that were compliant with external regulatory guidelines. The organisation was also challenged by its corporate culture which was having a detrimental impact upon risk awareness, risk-taking behaviour and its overarching approach to risk management. Corporate culture is a fundamental component of good governance and this particular bank needed to reinforce the importance of responsible and ethical behaviour in order to optimise its risk management strategy and enable regulatory compliance.
Albany Beck mobilised a team of subject matter expert consultants. This team, led by one of our highly experienced Engagement Managers, worked closely with the bank’s COO and HR functions to understand the specifics of the challenges faced by the organisation around corporate governance. Our team then worked closely with the bank’s key internal stakeholders providing the appropriate guidance on governance and coordinating the required product governance activities, policies, projects and change initiatives. Processes and workflows were subsequently streamlined and aligned, wherever possible, with similar processes undertaken by other parts of the organisation. This was particularly important as our client wanted to roll out its EMEA product governance framework across its US corporate operations.
Embedding of stringent risk management practices
Full compliance management through annual planning activities
Creation of a progressive, more risk-averse corporate culture