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Case Study: Financial Services

Company Profile

This company provides a range of financial services products. 

The Mission

To company was reviewing the potential options and costs to transition from its existing business model to a more sustainable model following the Solvency 2 regulation combined with increased compliance and security costs.

What Our Associate Did

Review scenarios and model the options   

A number of options were reviewed but, in essence, these were:

  • refine the current model,  
  • outsource significantly more to reduce cost and risk 
  • merge with a larger organisation 

These presented very different options for the Board to review and agree on which was the most sensible approach to take.  Given the risk profile and costs involved the Board agreed that a merger was the more certain approach. 

Deliver the pre-merger support  

After the Board agreed on the merger approach a number of workstreams were put in place to ensure all materials could be put into a data room as potential merger targets were explored.   This also involved optimising a number of areas in the business to ensure that the business would be transferred in a safe and orderly manner. 

Define and deliver the merger workstreams 

The Associate led a programme of transitional projects to ensure the merger was successfully delivered on time and within budget.   This included a number of workstreams around Operations, IT, Change, Procurement, Security, and Premises.  In addition, the business needed to deliver a new life product in 4 months and implement a number of changes to the online, telephony and organisation to ensure a smooth delivery on Day 1. 

The Results

The merger was delivered on time and to budget with all deliverables being completed by Day 1.  This included a full transfer of staff and the communications in the lead up to the transfer meant that very few key staff had left the business with most wanting to transition into the newly merged company. 

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