Undertaking a past business review (PBR) can be a daunting task. Our new report highlights the important elements you should consider before, during and at the end of a remediation project.
Remediation programmes are a feature of the landscape in financial services. Legacy poor sales practices and incentive schemes, inadequate frameworks in relation to conduct, culture and governance and operational failure have all contributed to a seemingly never-ending list of remediation issues for firms.
Past business reviews (PBRs) are often a huge distraction for senior management and can affect a wide range of firms’ operational units. But if undertaken effectively, they can provide a valuable opportunity for firms not only to resolve the issues at hand, but also to identify and implement wider process enhancements, build good relationships with the regulator and repair and enhance trust and loyalty with customers.
As detailed in our report, there are many important elements within a typical PBR, all of which should be given appropriate consideration before, during and at the end of a remediation project. Each stage of a PBR poses different challenges. Failure can lead to reworks, which can be time consuming and costly.
Some of the many challenges firms need to consider include:
- Will your current resources cope, or will your BAU operations suffer from being under-resourced?
- How will you manage your relationship with the regulator?
- How will you manage your communications and reputation throughout the PBR?
- How will you ensure that you obtain long term value and don't make the same mistakes again?
Undertaking a PBR can be a daunting task and it’s important that it is delivered cost effectively, efficiently, to regulatory standards and deadlines and that customers ultimately receive the right outcome.
We have assisted firms with PBRs ranging from populations of only a few hundred customers to large-scale projects that involve populations of hundreds of thousands of customers.