Objective
Alba Partners was engaged to mobilise a project supporting the client to achieve.
Consumer Duty compliance by the regulation deadline with 2 key objectives:
Management Information – creating a Consumer Duty dashboard which conveys compliance to the regulation
Consumer Duty Sub-Projects – 5 sub-projects were launched to improve focused aspects
Alba Partners Solution
Reviewed and analysed all products and services against the Consumer Duty guidance.
Analysed all customer-facing processes to identify pain points, populate a gap analysis and agree prioritised remediation.
Created a centralised dashboard for companywide reporting.
Mobilised five sub projects to remediate agreed compliance gaps.
- Identified 72 KPIs required for compliance.
- Leveraged agile methodology to create a Consumer Duty KPI Dashboard, enabling ongoing identification, monitoring and remediation of poor consumer outcomes.
Outcome
Facilitated Consumer Duty compliance by the deadline by:
- Accelerating the remediation of the sub-workstream gaps.
- Providing holistic visibility for the client into any key poor customer outcomes via the Consumer Duty KPI Dashboard.
- Improved processes to better align with the Consumer Duty Guidelines.