REQUIREMENT

A major bank required an experienced financial controller to help deliver integrated planning models for five-year financial forecasts incorporating capital and liquidity, in addition to stress testing. The group then required successful financial management of a £120m bank transformation and separation programme.

SOLUTION

For the Capital Raising Programme, the interim built all capital planning models necessary; previously, the bank was having to re-forecast multiple times and was struggling to re-plan and hit targets. His activity included evaluating, auditing and quality assuring the Treasury financial planning model, focusing on ALM (liquidity) and Transfer Pricing. He also contributed to delivering multiple financial plan iterations, each with tight deadlines, working under intense pressure and through complex and changing scenarios. Working on the transformation programme then as Financial Controller (Bank Separation), the interim later managed a group-wide £120m budget, including financial control through steering groups and with separation work including IT systems, processes and contracts. His activity across multiple workstreams included: valuation and sale of a social housing portfolio; valuation and internal transfer of the general insurance business; and resolution planning for potential bank failure, mapping all internal group cashflows. He also designed and built a methodology to value shares in the bank held in group accounts.

OUTCOMES

Describing himself as a ‘fixer’, the interim’s strong background in financial services and his continued presence at the bank meant he could develop long-term trusted relationships, smoothing communications, helping activity to progress rapidly and enabling him to add value in multiple processes. For example: sale of the social housing portfolio meant dealing with an extremely complicated pre-existing mechanism, which the interim identified as no longer fit-for-purpose; he corrected the repayment model, resulting in an additional £400,000 revenue. In another area, involving VAT, the interim’s work resulted in identifying an additional £300,000 for the group.

WHY CW INTERIM?

The bank had worked with Campion Willcocks before and knew it could depend on the expertise and experience of its interims.