Client Challenge
The client, a prominent wealth management firm in the financial services sector, faced substantial regulatory and strategic challenges due to new industry mandates. The mandates required a comprehensive re-design of the firm’s pricing and service models, creating significant impacts across their business functions. The client required an oversight structure to coordinate multiple project streams, streamline stakeholder communication, and ensure the programme is delivered on time, to scope and within budget.
What We Did
- To support the client’s regulatory and strategic transformation needs, TORI established a Programme Oversight Office and deployed expert leads across key workstreams, including testing, charges and proposition, vendor management, investment, consumer duty, and governance. This setup facilitated alignment with strategic goals and ensured clear communication with senior stakeholders through attendance at steering committee and executive forums
- TORI’s Programme Oversight Office coordinated all workstream activities, established governance standards, and streamlined objectives. This office provided efficient oversight, timely reporting, and decision support to executives, aligning with regulatory requirements and strategic priorities
- In execution, TORI identified resource needs, managed third-party vendors, and tracked KPIs to maintain budget and quality standards for critical milestones. A proactive approach to risk management ensured potential disruptions were minimised, with solutions implemented as needed
- Strong stakeholder engagement was achieved through transparent, structured reporting cycles, and regular check-ins with executive sponsors. TORI refined governance processes to prepare for a seamless handover to client resources, ensuring continuity beyond 2025
TORI adopted a three-phase approach:
- Initiate the Transformation Office, delivering key milestones for Projects
- Expand the office’s responsibilities to cover broader transformation efforts, ensuring detailed planning and communication of the next wave of cost reduction
- Transfer control of the Transformation Office to the client, equipping them with the tools, processes, and skills to sustain the office independently
Outcome & Results
- Strong stakeholder management ensured alignment and effective communication across all streams
- Supplier management was enhanced with clear quality metrics and performance tracking.
- A comprehensive resource-to-task alignment system was established for better task allocation
- A regulatory-compliant project plan was implemented, keeping all deliverables on track
- Alternative approaches were introduced to optimise client outcomes and improve overall performance
- Business readiness was prioritised, ensuring that the client was well-prepared for execution
- Critical success factors were identified and monitored to ensure the project met its strategic goals.
