New Legislation in Life Assurance

Managing the impact of a multi-million pound technology upgrade on regulatory compliance.

Background

The client, a Life Assurance business, provides a range of investment, life and pensions products to both consumer and corporate markets.

New legislation required changes to the company’s compliance procedures and supporting technology. However, the technology required a major refresh in order to retire obsolete equipment. The board were concerned that the two activities had become intertwined threatening the organisation’s ability to meet the legislative deadline. The board sought an independent review of the proposals.

The Work

Working as a member of a wider team, one of our change professionals reviewed the feasibility and suitability of the proposals. The work was conducted through a series of interviews and document reviews. It relied on the industry, technical and change management expertise of the team. The work addressed:

  • The approach recommended.
  • The alternatives considered.
  • The delivery approach and resources.
  • The detailed planning and risk assessment.
  • The costs and benefit analysis.

The Benefits

Accepting the two projects needed to proceed in the same time frame, the review made four recommendations to strengthen the approach. Firstly to decouple the two projects, reducing the risk that delays in the technology refresh work may cause the regulatory deadline to be missed. Secondly, to structure the governance and organisation of the two projects as a single programme to coordinate the activities, jointly manage cost and risk, and bring clarity to progress reporting. Thirdly, to undertake further detailed planning to resolve uncertainties. Fourthly, to strengthen the team with people who had experience of large scale technology projects and regulatory change. The business went on to complete the programme.

Work Categories