Recent Case Studies | Broadgate Partners

Regulatory Trade & Transaction Reporting

Project Brief

Requirement from a global bank for a team of 16 staff based in 2 UK locations for a minimum of 6 months to address control issues with the current BAU process in Trade and Transaction Regulatory Reporting and additionally identify, collate and document into packages of work, issues requiring system/technical remediation.

Deliverables

Implemented a robust governance structure and operating model including a control framework
Trained the BAU team and delivered the new process
Established MI and metrics fit for purpose for distribution to appropriate managers and stakeholders
Gathered requirements for the build out of a database, reconciliation and tracking tool
Built and tested the new tool, ensuring it was fit for purpose, enabling a controlled implementation,
Categorised and recorded break types accurately and tagged them in the break tracking tool accordingly
Reviewed break reports, identified themes and performed analysis.
Grouped common issues/themes into packages of work and delivered to Technology Division, enabling them to execute the required systems/technical remediation
Cross-referenced break themes versus existing lists of known issues, escalated and handed over new issues to the Investigations Team
Investigated and remediated breaks, liaising with clients where appropriate

EMIR Client Delegated Reporting Support Model

Project Brief

An assignment at very short notice with a top-tier global investment bank to engineer and implement an Operations Support Model for EMIR Client Delegated Reporting (CDR) for all in-scope asset classes ahead of the industry-wide go-live date.

Deliverables

Documented and implemented a Day 1 Support Operating Model
Produced cross-functional flow charts detailing:
1. Client delegated reporting process for all asset classes including management of the DTCC Match Status Report and NACK IT process flows
2. Transaction reporting failure – escalation and client communication process including action timelines
Implemented a communication model to notify clients in the event of transaction reporting failures and service limitations including the design and implementation of a secure, web-based application for individual client access and usage
Produced a client query Specific Point of Contact (SPOC) matrix for delegated reporting by functional responsibility
Implemented an internal business escalation contact matrix to be used in the event of a failure to execute transaction reporting on behalf of a client(s)
Produced a control inventory for all applicable systems and information flows, identifying owners for accountability and responsibility and assigning each control a Red, Amber, Green, (RAG) status

Regulatory Transformation Programme

Project Brief

Long-term assignment with a global bank to assess and deliver business requirements for mandatory/regulatory transformation programmes impacting their Data Services Division to ensure compliance with Global regulations including MIFID II, EMIR, Dodd-Frank, FATCA, IOSCO Un-Cleared Margining and 4th EU MLD

Deliverables

Provided detailed impact analysis and advice/direction to implement proposed and final regulations to Data Services RTB teams.
Liaison between RTB business owners (Front Office & Operations), Legal & Compliance, Regulatory Affairs and the relevant technology delivery programmes.
Provided stakeholders with clear status and progress updates to assist the delivery of timely, accurate and compliant business requirements documentation using our client’s established project governance frameworks.
Facilitated business requirements and design workshops to ensure mandatory project artefacts were delivered in accordance with the bank’s governance framework.
Assisted in the scoping of test planning and delivery of user acceptance testing.
Responsible for producing end-to-end delivery plans covering the entire bank’s governance framework.
Ensured project deliverables were fully traceable to original regulatory requirements

KYC Remediation

Project Brief

A team of 8 staff including a Programme Manager, Business Analysts, KYC SMEs and QA Specialists to work on a long-term KYC Remediation Programme.

Deliverables

Supported the various sub workstreams within the wider programme (Reconciliation, Analysis, Remediation), ensuring appropriate handoffs were defined with other groups where overlaps existed.
Developed detailed plans for each workstream, ensuring that all elements were co-ordinated and maximum efficiency was achieved across the Programme as a whole.
Developed a QA function to sit underneath each workstream, ensuring that all Remediation and other activities were executed to the appropriate standard. Worked with RTB teams to align this function with the RTB QA Model and ultimately transition to BAU.
Worked with wider Remediation team, KYC Programme and local management to identify and mobilise most appropriate resource pool to fulfil remediation requirements.
Identified key stakeholders and defined governance structure and MI reporting requirements. Conducted and led status update calls, ensuring that relevant risks, issues and actions were documented and tracked.
Defined MI reporting dashboard and produced accurate, complete and timely MI on client remediation and off-boarding activities throughout the project to highlight risks and issues
Remediated deficient KYC/AML information in client files.
Identified breaks between downstream trading and settlements systems and KYC platforms, resolving the breaks to mitigate KYC Risk across the Bank.

Front Office to Front Office Internal and Intercompany Reconciliations

Project Brief

A six-month assignment at a top-tier global investment bank to review the current state of the Front Office to Front Office internal and intercompany reconciliations landscape for all asset classes, globally.

Deliverables

Recertified all in-scope reconciliations coupled with the verification of the complete inventory
Organised and documented analysis workshops, recertifying in-scope reconciliations, and presenting analysis of findings to business sponsors
Produced a reconciliation roles and responsibilities policy
Produced a Key Risk Indicator MIS solution with Root Cause Analysis
Implemented a Change Management governance model
Defined and deployed a Quality Assurance workflow
Implemented procedural and behavioural quick-win opportunities
Re-designed sub-optimal reconciliation reports for priority delivery
Produced remediation recommendations for the next phase of the project, including: reconciliation re-builds, procedural changes, technical development and consolidation of trade capture and reconciliation platforms

Cash Equity Intercompany Nostro & Depot Reconciliations

Project Brief

Remediation project at a global investment bank to clear a target population of outstanding, aged, intercompany exceptions on the Securities Operations Nostro and Depot Agent reconciliations for German and UK Equities.

Deliverables

Definition and documentation of the process required to support the German and UK Equity depot account remediation project
Reconciliation, investigation and clearance of several thousand, aged, intercompany German and UK Equity position breaks
Oversight and control of onshore and off shore departments to ensure the system settlement, journal entries and stock movements required to clear the breaks, are executed
Produce MI reports on the reconciliation process to track progress and highlight root causes identified as part of the investigation process

Finance – Balance Sheet Adjustments Remediation

Project Brief

One of the key strategic objectives of the Finance department of this investment bank is to compile a complete and accurate Daily Balance Sheet on a timely basis. The project requires a review of material month-end adjustments to identify and prioritise upstream fixes and/or daily resourcing requirements and partner with Asset Liability Committee (ALCO) owners to interpret and assess the data and translate it into a migration strategy for each of the Daily Balance Sheet (DBS) system adjustments.

Deliverables

Worked with adjustment owner/Finance IT (FIT) resource to document business process definition for each solution.
Analysed and assessed other material DBS adjustments required but not currently performed in the system or in the general ledger
Analysed incremental headcount impact from various proposed solutions to RTB resource requirement.
Managed overall coordination and provided leverage to input from ALCO owners to achieve a population of adjustments executed daily to meet required DBS accuracy targets
Defined Target Operating Model for daily process including cross-functional roles and responsibilities
Produced a set of business requirements for each migration solution per adjustment, which has been signed off by FIT