Large Adviser Reorganizes Legal & Compliance Department
A privately owned investment manager specializing in public equity and fixed income market investments in the Asia Pacific region requested an assessment of the firm’s Legal and Compliance Department.
The firm wanted to better assess it's legal and compliance needs in light of the historical and projected growth of assets under management, investment mandate complexity, expanded distribution, the addition of and changes in jurisdictions and regulatory requirements, and anticipated organizational change.
ReGroup interviewed appropriate senior management personnel and reviewed key business documents such as strategic plans, business projections and forecasts, and key planned changes in the business. After this initial due diligence phase, we conducted a benchmark analysis in which we considered the service delivery models of the firm’s legal and compliance functions against similar legal and compliance departments, including organizational structure and the use of technology, staff, outside counsel, and outside compliance vendors. We also assessed the service delivery models against internal client expectations, regulatory and institutional client expectations, and industry best practice and provided recommendations for improvement opportunities designed to have the greatest impact on performance.
ReGroup developed and delivered a strategy and implementation plan that supported the staged growth of the Legal and Compliance Department against the firm’s anticipated growth and changes in business. Within a one-year span, the firm transitioned its current general counsel to a new role in the firm's oversees offices, promoted its deputy general counsel, and hired the deputy general counsel's replacement along with a new global head of compliance. The firm also introduced a new model for its compliance program, implemented two new systems for compliance and matter management, and reduced the number of outside legal support, thereby increasing overall program effectiveness and process efficiency while reducing operational risks and overhead costs.