Experienced Advisors Driving Efficiency & Cost Optimisation

Memories aren’t short about the last big mis-selling scandal about Payment Protection Insurance (PPI), where this TLA (three-letter-acronym) had become a four-letter-word for many of the retail banking players, costing them billions of pounds, not only in redress compensation but also due to the massive operational overheads.

This change represents a significant shift in UK corporate governance, requiring boards to implement more robust monitoring and review processes for their risk management and internal control frameworks. Companies should start preparing early to ensure compliance and maintain investor confidence in the UK market. 

The AST has recognised that firms cannot achieve T+1 goals in isolation and are dependent on their counterparties providing accurate and timely information and rapid exception resolution. The T+1 Code of Conduct (UK-TCC) covers all regulated firms and includes sections on expected behaviours (1.6). These include planning that shows what they are doing to prepare for T+1, including timelines, budget and testing, with Internal Audit or Compliance oversight.

Despite advancements in encryption and secure storage technologies, a critical vulnerability persists: data in use, or data actively processed in memory, often remains exposed to sophisticated cyber threats.

The Society, as part of its BAU operations, required support to augment its IT Risk team, orientated to Cyber Security and IT Controls.

The client identified three initiatives to support the delivery of its strategic objectives. The three initiatives centred around Training, Call Centre transformation and Data.

In 2023, the banking industry globally faced more than £670 million in fines for inadequate AML Governance processes. Indicatively, it is imperative organisations to bolster their detection capabilities and stay ahead of evolving risks.

Are there opportunities for firms to significantly reduce costs and risks by automating more manual processes and controls? The answer seems to be ‘Yes, but…’. If it was easy, it would have been done efficiently & effectively already.

UK Financial Services firms reported a more than threefold increase in the number of cyber security breaches to the Information Commissioners Office (ICO) in 2023 compared to the previous year.

Artificial Intelligence (AI) refers to the capability of a computer system to replicate human cognitive functions and simulate the reasoning that humans use to learn and solve problems by employing maths and logic. Machine Learning (ML), a subset or application of AI if you will, involves using mathematical models of data to facilitate computer learning without direct or explicit instructions.

TORI completed an 8-week engagement and collaborated closely with the Client’s internal IT, procurement / product owners, examining and constructively challenging the cost base, procurement practices and licence utilisation taking account of over overarching business objectives and desired cost savings targets.

Consumer Duty is NOT a new version of the existing “fair treatment of customer” published by the FCA. The intention of this new regulation is to ensure Financial institutions re-think and shape their business models to deliver customers with “fair” value-for-money and transparency.

You acknowledge the rapidly-changing face of operations driven by global trends, shifting industry ecosystems, and digital technologies. You are continually being challenged to review cost structures and increase productivity, all the while making deeper, faster, safer and more automated changes to keep pace with competitors.

AI is a general term which describes any technology that performs tasks which demonstrate characteristics of human intelligence. Machine learning is a subset of AI which can achieve ‘intelligence’ with the use of algorithms to ‘learn’ with data, without being explicitly programmed.