Understanding the challenge

The client’s Overseas Reporting Program is responsible for ensuring that regulatory returns from certain territories outside of the United Kingdom are submitted correctly. Established 18 months prior to FDM’s involvement, there were several aspects to the project’s original scope.

This included a new local data lake facility, streamlining Actuarial and Financial teams’ operations, stabilisation of existing outmoded bespoke data solutions, procurement and delivery of a new actuarial modelling tool and financial reporting tool and significant negotiations with the Canadian regulator (OSFI). Also required were regular updates to OSFI with test submissions of financial reports.

However, the project suffered from significant delays, strained stakeholder relationships and a fragmented project management structure.

A review revealed that the project faced significant risks of failure due to the lack of coordination among three separate project managers, which resulted in siloed operations and ineffective communication. To address these issues and rescue the project, the client transferred oversight from the IT department to the Finance portfolio, placing it under the leadership of the CFO – Global.

Leveraging experience

FDM was approached to find a Senior Project Manager to streamline the project management structure, reduce redundancy and ensure the project met its tight deadlines. FDM leveraged its unique Returners program, which taps into experienced professionals returning to the workforce after a career break.

Our Returners bring the advantage of a prior successful career foundation combined with specialist upskilling through the FDM Skills Lab. Their richly diverse background experience means they can be rapidly brought up to speed and better equipped to step into leadership roles.

To equip them with the required expertise, Returner talent was upskilled in FDM’s Change & Transformation Practice with a focus on project management, Agile delivery, risk assessment and process mapping optimisation.

FDM identified a Senior Project Manager with transferrable skills who could start immediately. This individual was tasked with reorganising the project management structure, enhancing communication and bringing the project back on track.

Client’s control reestablished

With the new FDM Senior Project Manager in place, significant progress was achieved:

• IT architecture: A revised structure that included a Global Data Lake infrastructure and a new Single Sign-On provider, improving system stability and data accessibility.
• Contract renegotiations: Adjustments with the Financial Reporting tool provider streamlined the project’s scope and reduced complexities around data integration.
• Program culture shift: The working environment transformed from adversarial to cooperative, with transparent communication and stakeholder alignment.
• Compliance and collaboration: Progress in negotiations with the Canadian regulator and successful trial financial report submissions demonstrated restored program health.

As a result of FDM’s expert resource and the Returners program’s flexibility, our client regained control of its critical regulatory reporting program, ensuring compliance with IFRS17 and safeguarding its operations in the Canadian market.