Operational Risk Transformation in a leading UK Retail Bank
We were asked to lead the delivery of a high profile, multi-year Operational Risk Programme for a leading UK retail bank.
The aim of the project was to transform the level of Operational Risk management practices across the bank through defining industry leading systems, tools and processes.
Our client looked to us to provide the experience and expertise needed to mobilise, define the plans and lead the delivery of the programme as a whole. We were asked to manage a number of work streams and define an Operational Risk maturity model that could be used to assess risk practices across the bank and demonstrate these to the regulator.
Our team implemented a programme delivery structure with a clearly defined roadmap, resource plan and work stream structure. With such a high level of organisation, the programme team were then able to manage delivery of the scope, on time and on budget. Our approach also enabled our sponsor to have visibility over the status of the programme and resolve key risks and issues more effectively.
The key work stream elements we delivered were Risk and Control Self Assessments (RCSAs), Scenarios, Appetite, Incident Management, Risk Metrics, Reporting, Assurance, Policies and Governance and an IT system.
Our leadership of the programme resulted in the transformation of Operational Risk practices across the bank and elevated them to be in line with industry best practice. We delivered against all of the programme milestones and against commitments made to the bank’s regulators.
Our initial work to mobilise the programme received high praise and recognition from the bank’s CRO and we were subsequently asked to lead the two year programme.