Consulting Practice Area
Finance and Product Control
“The Product Control function performs a pivotal role in the capture and verification of data which is passed on to and consumed by downstream functions. By decisively addressing issues of data transparency and control, firms will be significantly better equipped to manage risk.”
The Finance Function has undergone significant change over the past decade and show no signs of abating.
Basel III, the Fundamental Review of the Trading Book (‘FRTB’) and independent regulatory intervention have required banks to be more deliberate about a multitude of factors, including the size and quality of their assets, the funding of assets and liabilities, credit risk and the size and complexity of their market risk. In response the responsibilities of the Product Control function have expanded, providing additional oversight on the performance of PnL after considering the cost of capital and PnL associated with funding positions on the balance sheet.
The importance of the availability, accuracy, timeliness and aggregation of data has increasingly come under the scrutiny of regulators, with BCBS 239 and FRTB introducing the concept of firms aligning their risk and finance data, often requiring wholesale reviews of their system architecture. During this change, firms should closely assess opportunities for lowering their cost base through simplification and the automatisation of processes.
New Link Consulting believe that despite challenging deadlines to meet regulatory deadlines, the implementation of effective technology can become a catalyst for long-term competitive advantage. The opportunity exists for firms to gain an enhanced understanding of financial risk whilst concurrently lowering its cost base.
What We Do
New Link Consulting’s Product Control Practice is a practitioner-led service comprising of business consultants with a breadth of experience working in Product Control and Finance change initiatives across a number of different firms within the financial service Industry.
We offer a breadth of services to the Product Control function that enables our clients to improve efficiency, comply with regulations and improve risk management:
- Control Governance: Provide a robust governance framework and develop management information to continuously monitor risks and control effectiveness.
- Control Remediation: Identify remediation requirements and provide experienced consultants to prioritise and complete necessary remediation activities.
- Regulatory: Provide Product Control subject matter experts and experienced change managers to assist organisations with the delivery of a suitable PnL for regulatory reporting exercises such as 10D SIMM vs Hypothetical PnL Backtesting, P&L Attribution Test and Capital VaR Backtesting.
- Fund Transfer Pricing Frameworks: Assist organisations review their Fund Transfer Pricing Frameworks to ensure the methodology aligns with its goals and fosters proactive business engagement.
- Technology Architecture Review: Assist organisations with the review of existing technological architecture, enabling technical re-organisations and rollouts.
- Data Governance: Benchmarking of data governance against best practices (i.e. BCBS 239 and GDPR). Shape, mobilise and deliver identified data remediation and enhancements.
- Programme & Project Management: New Link Consulting’s blend of practitioner expertise along with deliver and change management skills, enables us to tailor our deliveries to the explicit requirements of our client, enabling a collaborative approach to problem solving and the execution of complex change initiatives in the Payments space.
- Operating Model: Design and implement strategic Target Operating Models (‘TOM’) for business functions and organisations, aligning to industry best practice. Identifying opportunities to create operating efficiencies by focusing on reducing risk, increasing control and optimising efficiency through people, process and technology. Our Product Control Operating Model service includes assessment and implementation of offshoring strategies.
Our Latest Thinking
Established in 2011, our practitioner-led service offering combines deep industry knowledge, gained through years of direct experience, with innovative change management skills.