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I graduated from Liverpool University with a degree in Geography in 1999, and seeking variety while I decided what I wanted to do long term with my career, I began my management consultancy career at ...
Kirsty Nethersell, Partner
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Home > Sectors > Financial Services
In the world of financial services it is far from business as usual. The industry is going through a significant period of change. There are many challenges that financial institutions are facing, but there are also some big opportunities. The four areas highlighted below are particularly relevant to many organisations and are ones where we have both significant insight and capability.
Firms are facing a challenge to interpret the wealth of new regulatory requirements. More significantly, however, many organisations are struggling to deliver successfully the scale and complexity of change that is required. With over 40 further pieces of European and UK legislation potentially coming into force over the next five years, including major elements such as MiFID II and MAR, the regulatory burden is unlikely to ease. Meanwhile compliance continues to be a major issue, as indicated by recent examples of major breaches of rules and regulations.
Since the financial crisis, the regulatory bodies have tightened up requirements on the management of operational risk significantly. Financial institutions are finding it hard to build the capability to identify and monitor risk to ensure compliance, especially when they are operating across so many markets and territories. This failure to deliver a more robust response to managing operational risk can be expensive both in terms of the significant fines being imposed for compliance breaches and the impact it can have on capital requirements.
The business world has increasingly become a digital world. As many financial services organisations are discovering, this is both an opportunity and a threat across the retail and wholesale markets. Making the most of digital opportunities and successfully landing the organisational transformation that this requires has become critical. The challenge is how to ensure differentiation by redefining and reinventing the customer experience. In retail markets this is particularly challenging, requiring insight into the needs of the next generation of financial services customers.
The combination of better analytics capabilities and the availability of large volumes of data means that ‘big data’ is more important now than ever before. The vast amount of data that most financial services firms have to deal with means that the opportunity to exploit ‘big data’ is particularly relevant to the sector, ranging from new customer insights through to enhanced fraud management and more effective operational management.
We know the financial services sector well with a broad range of experience across the banking, investments and insurance industries.
We understand the regulatory and operational risk environments particularly well and are in the relatively unique position of working with both the key regulatory bodies and a number of leading market players. As a result, we genuinely know what it takes to tackle the big complex demands of responding to regulatory change and managing operational risk more effectively.
In the areas of digital and ‘big data’ our experience of working in other sectors such as retail and FMCG gives us some real insight into what the leading organisations are achieving and what is key to their success in exploiting these technologies.
Across all four areas that we have highlighted, developing the right strategies and then delivering effectively is key. Effective delivery, for example, requires the right people in the right place; a clear direction on what to do and when; setting strong foundations at the start of the projects; controlled onward delivery and visibility throughout to avoid any unpleasant surprises. We exploit our expertise of delivering excellence in all these areas to fill the gaps in your teams and do what it takes for your organisation to be successful.
The work that do with our clients in both the financial services and other sectors is much broader than just these four areas, however, and includes:
The full range of our services can be found here.
Below are some examples of current and recent work in the financial services sector.
"“In financial services, changing behaviours to restore trust and reputation is currently one of the most important challenges, and one of the hardest. We can help you accelerate your culture change by making it come to life through your business strategies, your projects and the way you lead and manage your people.”"
Simon Close, Partner
Our team has a wide range of experience in the sector where we have worked with regulators, insurance companies, major retail banks and commodities traders carrying out a variety of projects. We understand the sector and the pressures it currently faces. Where we come into our own is in being able to help our clients create practical responses to their challenges – from building strategic road maps through to programme delivery – and critically, to drive the softer side of change through our focus on engagement and collaboration around a shared set of objectives and goals. We’ll come in with the knowledge and the experience but also with an open mind and the desire and wherewithal to engage you and your people so everyone works together and the outcomes and success is owned by you. We take this approach across all sectors and with all clients but it is particularly valuable here and now in the financial sector. One of the most effective ways to secure culture change is by embedding it in all your transformation programmes, so that the change comes to life through working on and delivering those programmes in the right way. That’s what we do – making it a part of all our work with clients.
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The Berkeley Partnership is an independent management consultancy. Since we founded in 1990 we've been helping FTSE100 clients and other household names when it matters most.
We understand the sector and the pressures it currently faces. We help our financial services clients create practical responses to their challenges – from building strategic road maps through to programme delivery – and critically, to drive the softer side of change.
Gaining greater strategic clarity so IT can better support the business