MiFID COMPLIANCE

What the client said.

“Pinnacle managed the programme from initiation through to its successful conclusion, ensuring we met all our commitments along the way. Pinnacle’s collaborative style ensured we worked as a team to maximise our business and programme experiences and meet the Financial Regulator’s deadline.”

- Pat O’Donnell, MiFID Programme Director, Bank of Ireland.

Compliance : Bank of Ireland MiFID Programme

Background
The MiFID (Markets in Financial Instruments Directive) Programme was a large compliance programme within Bank of Ireland’s Group Regulatory Risk & Compliance departments and the Bank’s Capital Markets Division. The duration of the programme was 11 months with a formal deadline date for the implementation of the Directive on 1st November 2007.

The impacted Business Units within Bank of Ireland Group were Bank of Ireland Asset Management, Bank of Ireland Global Markets (Republic of Ireland & UK), Bank of Ireland Private Banking, Bank of Ireland Corporate Banking, Corporate Finance (IBI), Bank of Ireland Shared Services (BOISS), BOI Group Operational Risk, Group Compliance and the Bank's Retail Branch Network.

Pinnacle Role
Bank of Ireland selected a Pinnacle Senior Manager as Programme Manager for the (MiFID) programme in Bank of Ireland. Planning and coordination were core activities as the Directive had different implications for each Business Unit and all areas had to be reviewed and changed accordingly. The programme was implemented by working closely with business & compliance representatives from each Business Unit and both internal & external legal support.

The Work Content
The programme manager's responsibilities included

Programme initiation & set up
Creation and maintenance of the programme plan, throughout all phases (initiation, execution, implementation, verification)
Implementation and execution across 9 different business units and departments within BOI Group. The programme team supported each Business Unit in their planning and implementation and also ensured clear communications and information flow to the steering group throughout the programme.
Upon programme completion, performing verification and quality control throughout the affected Business Units
Programme governance including monthly executive steering group meetings and biweekly working group meetings
Using a formal, structured approach to the management of risks and issues

The Results
The implementation was successfully completed within the deadline set by the Financial Regulator.