RED-e4 Regulatory Readiness Assessment (Communications)
The RED-e4 (Ready for) Regulatory assessment is based on a best practice operating model developed from a number of large tier 1 banks. The assessment has been carried out at a number of these institutions first by Beyond Enterprise and more recently as RED-e4; where the RED-e4 assessment tool has been developed as a guide to the core requirements needed to support best practice for Regulated Voice Compliance.
While the RED-e4 tool provides customers with the ability to conduct guided self assessments, we also offer supporting services directly and through partners to carry out assessments where companies do not have their own available resources.
The approach is based on an assessment of existing policies, standards, processes and reports. It is intended to be as non-intrusive as possible with much of the assessment being carried out offsite – only when key documents are unavailable do we take time to interview people to understand what they do.
Key areas and topics covered:
- Governance and controls
- Managing and on boarding the users
- Monitoring and surveillance for compliance
- Search and retrievals for investigations and regulatory reports
- Service and operations to support real time recording and capture
- Technology and tools in place to support the operating model
RED-e4 Accelerated RFP
Managing technology vendors in Financial Services is a permanent challenge, and growing, with more regulation and oversight affecting the decisions. Application upgrades, technology fads and disruptive entrants distract teams from the business of service delivery and keeping stakeholders engaged and content.
The RED-e4 approach is based on an expertise driven approach through the RED-e4 portal. The portal is uploaded with the framework and checklists required for the assessment. This ensures a consistent approach with all suppliers and goes further that a straight forward technology assessment, by taking into account the services and operating model that will be required to make a successful selection.
- Requirements gathering - Stakeholder buy-in to the process is essential and our associates engage with the sponsor to maximise involvement whilst minimising effort and distraction. Typically, we engage on a 1-2-1 basis with stakeholders, using a workshop where there are more than 5 contributors to the requirements. Vendor pre-qualification is also important and we check each bidder can meet the proposal-presentation-PoC-decision timing pre-agreed with the client. We then independently score vendors at each stage. Once agreed we build this data into the RED-e4 application.
- Managing the vendors - This is all about communication. Handling diaries, managing resources and tracking responses whilst ensuring vendors and stakeholders remain aware and engaged. Client feedback here has been particularly good. The use of the RED-e4 application ensures a consistent approach and allows key areas to be weighted to truly measure on a like for like basis against the agreed criteria.
- Testing the field with Proofs of Concept - Seeing solutions operate is crucial, particularly with real-world data. We drive the vendors to make sure they can securely and effectively demonstrate onsite in a client-relevant way. Proofs-of concept are driven by a clear set of client scenarios to be demonstrated.
We aim to participate closely in the selection process. The Accelerated RFP engagement includes a final report with analysis and recommendations, provided as part of our closure presentation. In addition, we can model scenarios to allow risk based selection where vendors cannot be clearly separated for that final decision.
Quote “I was handed a 2-month window to select a solution from a standing start. ….. could not have done it without help” - Voice Services’ Head, Tier 1 Bank