The Retail Distribution Review (RDR), which came into force this month, is one of the new regulations to effect the financial sector, an area that is already facing the joint pressures of the economic recession and poor brand reputation. It looks to make a fundamental change in the way that the sale of financial products is governed, forcing the process to be fairer and more transparent by using fixed fees for advice and products.
RDR as an opportunity
Resorting to traditional or even new "fire-fighting" methods may grant a temporary reprieve for companies and allow them to deliver short-term results within the new framework.
However, as the inevitable increase in regulation continues we believe the only way to avoid a complex web of short term fixes and workarounds layered on top of each other is to conduct a thorough revaluation of your current end-to-end procedures.
How Lean can help
Lean can help differentiate the areas of value and waste in order to focus on core processes and also facilitate the cultural changes needed to raise employee engagement.
It is this overall process transformation and change in behaviour that builds sustainable changes and a solid foundation for companies to respond to the fast-changing nature of the Financial Sector with significant results.