The client was an EU bank that had established a UK subsidiary to continue the activities of their currently passported branch after Brexit. The goal of the project was to assist the client with developing documentation that aligned with internal expectations and regulatory requirements in the UK.
Avantage Reply reviewed the risk management framework documentation for the subsidiary and four key documents for the subsidiary in the UK based on FCA regulation.
The principal objective of the client was to draft documents and agree with relevant stakeholders to ensure the documents are compliant with FCA requirements and based upon the existing the Group Risk Management Framework:
The client was in the process of transitioning its UK branch into a subsidiary, driven by Brexit. The principal challenges arose from:
An initial working session was used to identify the areas of focus in risk management framework for the client as well as to gather previous documentation.
Key stakeholders were confirmed, and careful analysis and review were undertaken of the documentation from the Group. Subsequently, four FCA-aligned artefacts were drafted, with continuous review from the client.
Weekly management reviews and C-Suite involvement were ensured (from Group and local perspective) to enable robust review and challenge.