Third-Party Vendor Management & Regulatory Compliance Enhancement for a Tier 1 Bank

Project Objectives

Brighter Consultancy was appointed to:

• Identify and implement a new vendor solution that met regulatory requirements and enhanced operational capabilities.
• Redesign end-to-end processes, governance, and training models to improve compliance and efficiency.
• Develop a sustainable operating model that optimised global resource distribution and reduced costs.
• Ensure regulatory alignment by supporting the bank’s engagement with regulators and evidence-based reporting.

Project Execution

Vendor Selection & Agreement

Brighter facilitated a detailed vendor selection and tender process, ultimately recommending the implementation of a third-party system from FircoSoft. This vendor was chosen due to:

• Its ability to meet regulatory enhancement requirements.
• Its cost-effectiveness and long-term sustainability.
• Its capability to support compliance, security, and operational improvements.

Brighter also led contractual and commercial negotiations, working alongside procurement specialists and system SMEs to ensure seamless system acquisition and integration.

Programme Management Office (PMO)

Given the scale of the project, a PMO function was established to provide oversight, governance, and structured reporting.

The PMO:

• Developed high-level project plans for senior stakeholders.
• Ensured alignment with regulatory timelines and compliance commitments.
• Managed resource allocation across global teams.

Operational Efficiency & Geographic Optimisation

During the scoping phase, it became clear that the existing global operational model was unsustainable. Brighter:

• Designed a new, tiered geographical structure to optimise resources and reduce inefficiencies.
• Conducted in-depth site visits and assessments in Chennai, Delhi, Warsaw, Belfast, Edinburgh, and Singapore to define the most efficient allocation of work.
• Developed a staffing strategy that reduced workforce costs while enhancing overall service quality.

Regulatory Alignment & Stakeholder Engagement

Brighter played a key role in regulatory engagement, ensuring the bank provided:

• Regular progress updates to the regulator, demonstrating corrective action.
• Detailed reports outlining improvements, milestones, and future commitments.
• Transparent communication to ensure the bank remained compliant and accountable.

Process Redesign & Cultural Integration

With a large-scale process transformation required, Brighter:

• Established a Target Operating Model (TOM) team, bringing in subject matter experts (SMEs) experienced in multi-jurisdictional compliance.
• Developed new policies, processes, and workflows, ensuring all employees followed the updated regulatory framework.
• Created training materials, business operating manuals (BOMs), and accreditation models to regularly assess staff understanding of new systems and responsibilities.
• Managed cross-cultural integration, aligning operational expectations across all impacted geographies.

System Rollout & Implementation

The full rollout of the new system and operational processes was phased over a two-year period. Brighter:

• Designed a staggered implementation plan, ensuring minimal disruption to business-as-usual operations.
• Engaged in-country leaders and compliance teams to manage risk and drive adoption.
• Established specialist teams to oversee specific focus areas, ensuring controlled and compliant implementation.

Outcomes

Successful System Deployment

A new vendor solution replaced the outdated legacy platform, improving efficiency, security, and compliance.

Regulatory Approval

The bank’s improvements were evidenced and well-received by regulators, leading to positive regulatory feedback.

Operational Cost Savings

The optimised geographical model reduced inefficiencies, saving the bank approximately £2.12m per annum.

Process Compliance & Training

A new training and accreditation framework was established to ensure ongoing compliance and quality assurance.

Brighter Consultancy’s involvement not only resolved the bank’s regulatory challenges but also enhanced operational efficiency and governance, leaving the organisation in a stronger position for future compliance and growth.