Your partner through change.
Offerings
What we do
We have vast experience helping financial institutions complete highly complex transformational projects
Regulation & compliance is at the heart of what we do at 421. Since our founding in 2010, we have successfully completed a large number of engagements at almost all of the major banks in the Nordics within the area.
During these years, we have developed a specialized delivery methodology which has allowed us to approach our engagements in a tailored manner with predictable results. This is called the TRx or (The Right Change, The Right Way, The Right People) approach. For more information about our methodology, check out “Why 421” or contact us using the contact form below.
Applying our TRx methodology to our regulatory & compliance engagements requires our consultants to have a deep understanding of the banking environment and the relevant regulations. To ensure we remain at the forefront, we regularly participate in regulatory training and provide thought leadership through our perspective publications and podcast “Framtidens Finansmarknad”. To see our publications, click here.
To give an idea of some of the regulatory engagements we have completed, here is a selected list of our most recent successes:
-> Led the implementation of GDPR at a major Nordic bank
-> Led a large Basel III compliance program at a major Nordic bank
-> Managed AML-Compliance deliveries at a major Nordic bank and FinTech company
-> Created and implemented a Resolution Reporting framework at a major Nordic bank
-> Led the implementation of the AnaCredit regulation at a major Nordic bank whilst utilizing elements of the upcoming ’Banks Integrated Reporting Dictionary’ (BIRD) framework
GDPR Aftermath: The Effect of the EU’s Data Protection Regulation
The General Data Protection Regulation (GDPR) is a European Union regulation regarding data privacy rules and how organizations can use European citizens’ information, in which ultimately EU individuals now have more rights about how companies can use their personal data.
Two important fundamentals of this regulation are data integrity (emphasizing on completeness, accuracy and consistency of the data) and privacy (where the processing of data should be lawful and authorized). Thus, the intention of this regulation is to give people greater control over their personal data, force companies to be accountable for data breaches and make improvements for critical security and privacy concerns.
What Does GDPR Mean for Organizations?
Having effective data protection increases customer confidence and trust, as well as contributing to increased transparency on the type of information being processed related to them.
The organizations shall clear out the purpose behind processing personal data, through mapping of personal data, to understand what kind of personal data are being handled in the organization. This may result in the realization that the level of information is unnecessary for the organization to store.
What Can 421 Offer?
Over time, many companies have realized that they need resource support in areas such as – identifying data oversight, the integration of new policies into business procedures as well as training of the employees on how to handle personal data.
Our talented consultants bring experience from one of the largest Nordic banks and can support your business in various steps:
- Gap analysis to identify where there is a need to improve the circumstances to be compliant and help you in fixing the possible findings
- Help with governance-related topics; introduction and/or improvement of related processes, roles and policies within the organization
- Visualizing routines (Incident Reporting, Breach Reporting, Privacy Communication, Consent Management, Data Subject Rights, Data Protection Impact Assessment, etc)
- Analysis of third-party risk (Supplier, Partner, Corporate Customer) and data protection agreements
- Analysis of T&C and Privacy Notice related to products and services
- Analysis of data processing lawfulness, the data processing registers, and maintenance of registries related to GDPR’s article 30
We see GDPR as an evolution, not a revolution. No matter whether the GDPR countdown has ended or not, if you think that you could use some help with tracking your data and having a cost-effective audit, contact us to discuss how to best we can help you to move forward, optimize your processes and ensure you are compliant!
At 421, we are passionate about efficiency and competitiveness. Business and IT Transformation projects have therefore grown to become a core competency of ours.
During these years, we have developed a specialized delivery methodology which has allowed us to approach our engagements in a tailored manner with predictable results. This is called the TRx or (The Right Change, The Right Way, The Right People) approach. For more information about our methodology, check out “Why 421” or contact us using the contact form below.
Applying our TRx methodology implies that in order to successfully complete a transformation delivery, be it either business or IT, a good understanding of where we are and where we want to go is required. Thus, a thorough understanding of various IT and business systems are necessary to evaluate which change is the correct one. At 421, we have developed a broad understanding of both business and IT systems over the years, which we leverage in our deliveries.
By applying this methodology, our consultants have produced reliable results again and again. Below you will find a list of the most recent transformation engagements we have completed:
-> Database Transformation implementation at a major bank
-> Implementation of a Core Banking Platform at a major mortgage lending institution
-> Business Transformation implementation at a major bank
-> Production planning at a major financial consultancy company
-> Implementing pre-production environments at a major Nordic bank
In the TRx methodology (check out “Why 421” for more info) we apply at our engagements, a large emphasis is put on a proper understanding of the financial environment, upcoming regulations and the general competitive landscape. This is to understand which change is right for a particular organization to stay ahead of the competition. Because of this, we often assist our clients with strategic questions and help them, hands-on, to choose and develop their business strategies as well as help them implement the right change. Our Business Development assignments have grown rapidly as we have strengthened our team in recent years and has quickly become a strong core competency of ours.
Here are selected examples of the latest assignments we successfully completed:
-> Developed and implemented invoicing routines at a leading tech startup
-> Developed the fraud strategy at a collection agency
-> Led the acquisition of a large payments provider for a major Nordic bank
The approach that sets us apart
With these kind of services, you are not buying a commodity, you are buying a solution. The execution is therefore everything. We at 421 have developed a specialized execution methodology that has succeeded time and time again.