Regulatory and IT Security

Sopica were engaged to implement a new payments gateway for a major bank. Our client asked us to address AML, Sanctions and PCI DSS requirements. The payments industry is in a state of flux with regards to all these areas due to regulatory and industry initiatives. We focused on the successful execution of their plans and the creation of a learn and respond process for post-2013 market changes.

The IT Security agenda for change was set and the client was engadged Sopica to also act in areas such as:

New Customer Journeys and Communication - with all the focus on the intermediaries, the change in customer experience and journeys (whether direct or via third-party advisers) needs to be completed and executed. A primary concern was re-education of business users and customers. Whilst the client had lived with its (shifting) project project for 2 years, it had tights regulatory deadlines to meet in 2013/14. Without taking the consumer with them how can organisations expect to engage with them effectively? Communication and education plans are a priority for providers, advisers and intermediaries.

Distribution Strategies - with continuing uncertainty around numbers e.g. payments transactions volumes and the potential for domination by restricted IT models post-2013, the client need to be sure that their plans met all IT Security but also all Compliance and Regulatory requirements to maintain their market relevance in the new commercial landscape. The withdrawal of bancassurers from the advice space offers an opportunity but may also point the way towards the creation of a D2C proposition in certain areas..

Positioning and Propositions - coupled with other developments such Solvency II and on-going EU changes regarding retail investment sales processes, firms should be assessing the range, pricing and value proposition. Regulatory authorities are clamping down upon in these areas too. The client intended to invest heavily in training support and raising professional standards, but needed help implementing new customer products and services. 

Sopica has been involved in significant Regulatory Compliance related projects and have supported a number of prestigious organisations in their post-2013 landscape thinking. Examples of this include:

 

  • Developing an effective consumer and adviser education/communication programme
  • Strategic level analysis feeding into the agenda for operational change and providing project and programme level co-ordination and resources
  • Drawing on our unrivalled expertise in financial planning tools from business requirements through to bespoke development teams or assisting firms choose a software package
  • Developing entirely new business solutions aimed at filling the much talked-of Advice Gap
  • Renewing and adjusting outsourcing arrangements, governance frameworks and such as TCF systems
  • Providing skilled consultants, contractors and interims to assist in the development of retail and corporate wraps; SIPPs; risk profiling and portfolio construction tools, including ETF selection engines.

 

See also: Banking, Insurance, Financial ServicesAsset Management, Regulatory

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