Financial Services Consultancy Delivers Impactful T&C Scheme

How ZISHI Closed the Compliance Gap for a Leading Investment Firm

When seasoned professionals hear ‘financial services consultancy,’ they immediately think of the Big Four  and the eye-watering S166 work associated with them.

However, not all financial services consultancy is created equal.

In fact, most financial services firms are lean and don’t have the capacity to address regulatory requirements as quickly as they’d like.

Firms may also be in their infancy and don’t have the subject matter expertise within their workforce. So, who do they turn to when their pockets aren’t deep enough to pay for the Big Four? Or do they want someone with a few years under their belt?

That’s where financial services consulting firms like ZISHI come in. We’ll never get too big to care. We’ll also ask the right questions to understand your needs and how we can best support you.

“Thank you to ZISHI for all your hard work in getting us shipshape. We’ve thoroughly enjoyed working with you and your efficiency will be missed.”

Testimonial from a CEO on a recent T&C scheme implementation

We deliver tailored compliance solutions and subject matter experts who care about who they send into your business. They don’t send in a graduate; they send someone who understands how your business works, an ex-practitioner, the metaphorical t-shirt wearer.

Why Choose ZISHI for Financial Services Consultancy?

Bespoke Guidance

No two financial companies are the same (we know; we’ve worked with, and in, hundreds). ZISHI provides bespoke training, advice and support designed to help your firm improve.

Results-Oriented Solutions

We’re not interested in just talking about best practice. We’re here to provide practical guidance and help you achieve results in a compliant way, while positively impacting the bottom line.

Collaborative, Friendly Support

We’re not the SAS; we don’t parachute in and start telling everyone we know best. Rather, we bring expert-led compliance support and work with you as part of a collaborative relationship.

Flexible Approach

Got a specific regulatory headache? Worried about the implementation of new rule changes? Facing a specific compliance gap and feeling like you’re behind the curve? We can work on an individual project basis or as an ongoing partner.

To understand what we do and the impact we deliver, have a read of a recent case study below:

Case Study: Designing & Implementing an Effective T&C Scheme

The Challenge – No Framework, No Clarity

At ZISHI, we’re regularly approached by clients who need support with their training and competence (T&C) schemes.

One particular investment firm didn’t have a formal T&C framework in place to evidence the supervision and competence of their investment managers.

The firm asked ZISHI to design an appropriate training and competence scheme that aligned with their existing performance review process. It also needed to support the training and development of employees whose roles were captured under compliance regulations for T&C, i.e. certified and senior management functions.

The Approach – Collaborative Design

With these types of projects, ZISHI always assigns a consultant who has relevant industry expertise to add real value.

The consultant in question spent the initial stages of the project meeting key stakeholders. They wanted to get a full understanding of their roles, responsibilities and the existing training activities in place. It’s crucial with any consultancy finance work to gain a clear understanding of a business early on. This ensures that the solutions are bespoke and fit seamlessly into the firm. Furthermore, it’s important for us to understand any concerns and identify potential challenges.

“We will never apply an off-the-shelf solution to any of our clients’ businesses.”

We are strong advocates of taking a collaborative approach and often encourage our clients to use working parties where possible. For this particular client, representatives from each business area collaborated on the format and content for their sections of the T&C scheme. This included identifying and recommending activities to assess competence and designing assessment forms and timescales for completion.

We find that employing this process leads to smoother implementation and stronger buy-in of the scheme.

Next, we developed the project plan. We incorporated regular reviews to ensure each stage of the scheme met the agreed deadlines and delivered an effective solution to the expected standard.

We encouraged key stakeholders to be consulted and involved in the design of the T&C Scheme. This allowed us to take all feedback into account and provide any further considerations before the final approval.

Before launching the new scheme, detailed training was provided to ensure successful implementation. For supervisors, this included reviewing the assessment forms, guidance for completion, assessment skills and understanding their roles and responsibilities under the scheme. Additionally, comprehensive guidance notes were produced to help embed the T&C Scheme across the relevant areas of the business.

Post-Launch Feedback

The rollout of the T&C framework was well received throughout the business. Key stakeholders were present at the training sessions, which helped to endorse the benefits of the new scheme for clients, employees and the business. It also helped with engagement from all relevant parties.

Initially, supervisors had concerns about the additional workload. However, once they became familiar with the documents, they found them easy to use alongside the guidance notes provided.

Key Successes of the Training and Competence Scheme

Following the launch of the T&C scheme, all required activities and competence assessments for the first year of the scheme were completed within the set timescales.

The client was left with a fully operational T&C framework in place. This facilitated a route to competence for new employees and ongoing activities to support the training and development of existing employees.

“Our clients get to keep the ‘blueprints’, allowing them to replicate the process for future projects.”

In the early stages of the project, it was important to understand how the client operated. They wanted to adopt a collaborative approach, so it was key to take business culture into consideration when designing the scheme.

The success of the T&C project was also helped by the early engagement of key individuals using the scheme day-to-day. By involving these individuals in the design and implementation stages, they subsequently became strong advocates of the T&C scheme.

“Early engagement from the key individuals responsible for delivering and maintaining the scheme is crucial for a seamless implementation into everyday business.”

Following the completion of the project, the client requested periodic reviews of the training and competence scheme to provide feedback on the quality of documentation and assist with supervisor assessments.

Need Help Closing Your Compliance Gaps?

If you’re looking for a financial services consultancy firm to support your business in the right way, ZISHI is here to help.

Contact us at info@thezishi.com to learn how we can support you through the changing and complex demands of the regulatory landscape.

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