Consumer Duty Flyer - Flipbook - Page 5
Our approach
Through our effective project planning and
workflow process, insights are fed in from all
levels of the business,
to quickly build a picture of where the
hotspots are and what needs to be done to
fix them. These insights are translated into a
clear action plan which gives staff in
operational areas the right guidance on risk
levels and next steps.
The Hogan Lovells approach takes the mass
of regulations and requirements and distils
them down into ten clearly defined
elements. This enables functional heads to
easily conceptualise where the issues could
be, and articulate this to the staff on the
ground who will be driving the change.
The cross-cutting rules and outcomes of Consumer Duty cannot be decoupled. But with the right techniques, the
requirements can be presented as a series of clear objectives.
Consumer Duty rules,
guidance and Principal
Firm-wide Consumer Duty
objectives
Objective 1
Objective 2
Objective 3
Objective 4
Objective 5
Objective 6
Objective 7
Objective 8
The mass of rules and guidance are
broken down into high-level
obligations, which can be aggregated
into ten discrete objectives.
This methodology
enables firms to slice
the requirements into manageable
segments that can be actioned by 1st
Line, and quantified and monitored by
Legal and the control functions.
Focussing on common themes and
issues reduces duplication and enables
solutions to be scaled across the
organisation.
Objective 9
Objective 10
Hogan Lovells | 5