Approach

Ahead of an anticipated AML/CFT visit by the GFSC, our client recognised the need to enhance a number of areas of their operations to align with the expected regulatory requirements. To prepare effectively, CBO worked with our client to develop a structured plan to identify gaps and implement targeted improvements ahead of the regulatory review.

Our approach focused on:

• Prioritised Action Plan: Establishing a clear, phased plan to address identified gaps, ensuring that resources were allocated appropriately.
• Establishing Governance: A robust governance framework ensured regular progress reviews, effective communication across teams, and swift resolution of any challenges.
• Facilitating Collaboration: We worked closely with internal teams to align efforts, track progress, and maintain focus on delivering improvements.
• Ensuring Visibility: A centralised project tracker provided real-time oversight, enabling the client to maintain control and confidence throughout the process.

By proactively addressing known vulnerabilities, our client was able to demonstrate to the regulator that it understood its challenges and was already taking action to mitigate them. This included ensuring the appropriate resources were in place to support the ongoing work.

Impact

The proactive planning from CBO delivered multiple benefits for our client. When the GFSC visit took place, the regulator was confident that the organisation not only understood its vulnerabilities but was actively addressing them. This proactive stance helped reduce the number of areas requiring remediation and positioned the organisation as committed to improving its compliance framework.

Additionally, having a structured governance process already in place allowed the firm to transition seamlessly into the formal remediation phase once the GFSC’s letter was received. With much of the groundwork already completed, the team was able to quickly focus on delivering the remediation plan without significant delays or disruptions.

As a result of  CBO’s project management, the plan moved forward efficiently, with a clear direction and reduced pressure on resources. The organisation’s ability to anticipate and address key issues in advance not only streamlined the remediation process but also reinforced a culture of preparedness and proactive risk management.

Client Feedback

CBO engaged with us and quickly became part of the team in delivering a plan to prepare for a crucial visit including managing a timeline to ensure all key parties delivered. CBO did this by bringing in one of their PMs who was consistent throughout the process and became a trusted colleague, whilst also offering much needed PM advice, steer and challenge.  This ensured accountability for all assigned tasks and led to timely deliverables.

There can be no doubt this proactive approach and stringent project plan led ultimately to a successful outcome in which the GFSC had belief it could be delivered.