ASSURANCE SERVICE
CLIENT: Bank of England
- High risk regulatory change programme Peer Review
- Artefact review and Face to Face interviews
- Identified risks, issues and remediation actions
- All recommendations accepted and acted upon
The Client Position
A programme has been established to deliver the changes required to all core banking systems to meet the new ISO20022 payment transaction standards. The 'peer review' is part of the standard assurance activities undertaken by the Bank's governance processes. Some issues had been experienced with establishing a cohesive and workable plan supported by controls and resources.
What the Client Said
'The Board was fully agreed with the recommendations and have pushed for completion. The review really has aided the programme to step up and work more effectively. It highlighted areas of improvement and the programme are working much better / to a higher standard than before.'
Assurance Team feedback (Bank of England)
The Need
An independent review to assess the governance, plan, dependency and resource management of the initial delivery phase to identify issues and provide remedial recommendations.
The Approach
Performed a review of relevant programme artefacts and conducted (remote) interviews with stakeholders. The information was evaluated, and key issues identified. Recommendations and findings were formulated and communicated in a formal report that was presented to the programme team, portfolio management and sponsor.
The Outcome
The review recommendations and findings highlighted key areas for the initial delivery phase and pan-programme for the Bank to consider.
All of the recommendations and findings were accepted by the team, sponsor and Board.
The Value
The assurance output helped the client,
- address key items impacting the operation of the programme and portfolio delivery
- supported activities to resolve known issues
- provided confidence of the programme structure and governance
- provided recommendations to minimise costs