Approach

CBO supported a fiduciary services provider in embedding a culture that prioritises proactive risk management, alongside reviewing its risk methodology and applying it consistently across all clients.

The project was structured around three key phases:

1. Risk Methodology Review: A detailed assessment of the existing risk framework to identify gaps in its application across different client segments. Benchmarking against regulatory expectations and industry best practices to provide a foundation for enhancements.
2. Standardised Application Across Clients: Clear guidelines and processes to ensure a consistent approach to risk assessment, monitoring, and reporting.
3. Risk Culture Action Plan: The action plan recognised that policies alone do not drive cultural change and focus on behavioural shifts. It includes leadership engagement, targeted training, and the integration of risk considerations into business decision-making.

Project governance was key to maintaining momentum and accountability. Regular steering committee meetings provided oversight, while clear milestones and progress tracking ensured timely delivery. The CBO Project Manager established a feedback loop to capture insights from employees, allowing for iterative improvements to the implementation approach.

CBO embedded a project management discipline that balanced regulatory imperatives with cultural change, enabling the organisation to achieve meaningful and sustainable improvements in its risk framework.

Impact

CBO’s structured project management approach was instrumental in delivering regulatory compliance and cultural transformation. By applying CBO’s core project management principles, the organisation successfully embedded a sustainable risk culture while meeting regulatory requirements.

• Clarity and Structure: Clear project goals, timelines, and milestones ensured a focused and structured approach to delivering compliance and cultural change.
• Effective Stakeholder Engagement: Early involvement of compliance, risk, and business teams fostered alignment and reduced resistance to change. Engaging senior leaders through structured governance and regular updates ensured ongoing support and accountability.
• Improved Risk Awareness and Adoption: A structured rollout of workshops and knowledge-sharing sessions ensured employees understood and embraced the enhanced risk framework. Change management strategies helped shift mindsets from viewing risk as a compliance burden to seeing it as a strategic enabler.

By leveraging CBO’s project management best practices, including structured planning, stakeholder collaboration, and strong governance, the organisation not only achieved compliance but also embedded a lasting, proactive risk culture. This CBO engagement highlighted project management’s role in achieving regulatory compliance and meaningful organisational transformation.

Client Feedback

By the time of this project, CBO had already been engaged with the business for some months supporting remediation projects, which ultimately became a risk culture led piece of work that would drive change throughout the business.

Whilst the business undertook the actual changes required, CBO with their dedicated PM ensured deliverables were met and all key stakeholders were accountable for their tasks. Without the project governance overlay, what has been an ultimately successful outcome may not have been achieved. CBO’s experience in this field has led to referral in other offices to follow a similar model.