-
Over 1,000+
hours of work delivered
-
30% to 35%
productivity gains to the onshore legal team
CLIENT CHALLENGES
- Client is one of the leading French investment banks and was facing the following challenges:
- Bank Recovery and Resolution Directive (BRRD) had to be applied to all existing and prospective contracts within short deadline
- Difficulty in hiring right-skilled person to support on legal remediation based on an EU directive (BRRD)
- Lack of training time for new hires because of the tight deadline
- Difficulty in retaining onshore talent
- Onshore team consistently over-loaded and over-worked and unable to remediate existing contracts within the date set by the EU regulator
- Operational inefficiencies and lack of coordination within multiple business units
OUR APPROACH
- One experienced law graduate support to client’s in-house legal team
- Supported legal team, regional heads, risk managers and FO/Sales in Hong Kong, Singapore, and Paris across
- Reaching out and coordinate with internal stakeholders to understand the gaps and address them
- Explain and make client’s counterparties understand the Stay and Bail-in regulations
- Drafting, redlining, negotiating the contracts as per the new regulation
- Help execute them by reaching out to the relevant signatories for their sign-off
- Help comply with BRRD regulations within the deadline
IMPACT DELIVERED
- Quick turnaround: Help remediate all in-scope contracts within the date specified by the regulatory body
- Adherence to regulation: Able to make client / counterparties adhere to the BRRD regulations and making their relationship in line with the guidelines
- Increasing Efficiency of onshore legal teams BAU deliverables by 30% to 40%
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