Delivering a Regulatory Change project
The challenge:
Our client, a global insurance broker, had a number of Regulatory challenges including 11 Risk Mitigation Programme (RMP) actions, a Section 166 review, an enforcement and additional commitments to the FCA. To mitigate and resolve these actions, they appointed Hydrogen to provide an independent view on progress, with a focus on early intervention/remedial action.
Our solution:
We aimed to deliver Regulatory Change to the business, removing the enforcement and leaving a framework for the future. We supplied a fixed price team to review over 5,000 high net worth, high individuals, many from high risk jurisdictions.
The team was led by a Programme Director and included:
- 3 Project Managers,
- 3 Business Analysts and
- 1 PMO Manager
A Robust Programme Governance Framework was agreed by, and reporting up to, the Board, assuming the delivery liability at a fraction of the Big 4’s cost. We mobilised a team of eight, and fully scoped the project and delivered change to the business within just two months.
The outcome:
- ABC Skilled Person (S166) Review successfully delivered
- FCA enforcement findings were addressed, all enforcement actions stopped
- The work was signed off by the FCA
- The project was completed in 15 months, to budget
- Delivered a legacy without dependency to manage Regulatory issues and initiatives going forward
- The project cost £1.5m to deliver, saving 41% versus the next competitive quote, and preventing a £150m fine