Thriving Whilst Complying

Issue

Regulation affects every organisation and every employee who works in Financial Services.
Managers who have trodden this path before agree that, in the search for compliance, processes risk becoming more cumbersome and less efficient. Staff may lose confidence and the customer experience can deteriorate. Sales and market share can both suffer. Over zealous compliance routines are not only bad for customers and market share, they may well not guarantee compliance. There is growth potential for companies who decide today they must get the balance right at every regulatory hurdle. Time is short - but the challenge can be met.

Solution

Partnering with your organisation's internal specialists, Setanta have developed a methodology,Thriving Whilst Complying, that will:

speed up and improve your decision making process to get you ahead of the game

marry compliant processes to customer and staff choreographies

proof, test and correct your processes, based on real life customer experience

maximise your window for roll-out to all your distribution channels

get your organisation to the compliance date more safely, sooner and better.

How it works

The approach has five key stages

Define key questions and agree direction

define and answer key strategic questions (e.g. re advised and non-advised)

set direction and stay engaged in the key decisions

Build compliant end-to-end processes During a 4-day workshop key managers and staff:

walk through and map existing processes and compare them with the demands of regulation

adapt the existing process to be fully compliant and customer friendly

Develop customer and staff choreographies

In the following week Setanta consultants help staff to:

create detailed storyboards that:

provide pictures of what staff are expected to do

model customer centric scripts that staff can use

produce common pathways that can be rehearsed well in advance of mortgage compliance day

build model supervisory and management 'diaries' that:

provide pictures of what management/supervisors are expected to do during implementation of the Training & Competence Scheme

detail what is expected of management/supervisors post implementation for business as normal

provide direction and balance to ensure continuity of activity and business results

Prove in a live environment

update and improve decisions based on real life experience

build staff ownership and confidence

involve process owners from previous stages in the roll-out

ensure all branches go live well in advance of compliance day

measure results and feedback; manage for success

How it is different

Thriving Whilst Complying is different in several ways:

Focused - On both customers’ experiences and regulation

Fast - Within 2-3 weeks you can be ready to pilot an improved customer interaction process.

Certain - Setanta starts with templates and detailed checklists for the most common sales and service processes. The templates provide a starting point: our creativity and insight provide the value added.

Innovative - We use new, results-oriented methods for diagnosing existing choreography, improving related processes and training staff.

Learning transfer - Setanta consultants teach your people to use the Thriving Whilst Complying methodology. We work with you through the initial stages and ensure that the methods are thoroughly understood in both sales and service contexts, from front to back office.

Results

In a recent regulatory project with one major UK bank:

front line advisers were actively avoiding dealing with customers' requests through fear of making mistakes in the new Money Laundering regulatory environment