Bright change were brought in to roll out a Global Oracle Watchlist Screening (OWS) Solution, as part of a wider high profile Financial Crime Compliance programme which was part of the 5 year Deferred Prosecution Agreement (DPA). The Mandated Group Standard Technology used for the Name Screening of Customers, Staff and Third Party Service Providers. OWS screening solution was for Sanctions, AML, Exit’s, PEP’s, Fraud & Sensitive Sanctioned Countries (SSC).

What is Deferred Prosecution Agreement?

• A Deferred Prosecution Agreement (DPA), which is very similar to a non-prosecution agreement (NPA), is a voluntary alternative to adjudication in which a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfil certain requirements.
• A case of corporate fraud, for instance, might be settled by means of a deferred-prosecution agreement in which the defendant agrees to pay fines, implement corporate reforms, and fully cooperate with the investigation.
• Fulfilment of the specified requirements will then result in dismissal of the charges.

Project Responsibilities:

• Defined, set-up and ran the OWS Programme Steering Committee around the project to ensure the appropriate controls, guidance and issue resolution required to support the successful global delivery.
• Acted as a conduit for the Business, IT, Operations, Legal and Regulatory Policy & Procedures Teams.
• Owned the Business Readiness Tracker process to ensure all the key areas of the business and IT were ready for go live.
• Supported the development of the Change & Implementation Framework and relevant artefacts which were introduced across HSBC Transformation programmes.
• Developed the Communication approach (via a Comms Plan) and completed the Training Needs Analysis (TNA) to ensure local country requirements were taken into consideration e.g. bi-lingual language translation, cultural considerations.
• Defined the phased roll out of country deployments taking into consideration regulatory and legal approval.
• Delivered clear, concise & insightful presentations to senior stakeholders at SteerCo.

Solution

• Conducted a Country Pilot to quantify benefits to achieve buy-in for future country roll outs via a ‘Good News Story’ approach.
• Successfully deployed OWS across 56 Countries taking into consideration local and regulatory jurisdictions.
• Developed and established a Change Champion Network to allow knowledge sharing via a global support model.
• Conducted Post Implementation Reviews (PIR) to capture lessons learnt to streamline the deliveries in an effective and efficient manner.

Please reach out to Bright Change for a deep dive into the above Success Story. Bright Change are recognised across the industry to help support you in your journey to fight financial crime.