Background
Our client wanted to introduce a range of new products to be carried in their network both inland and overseas. The new products were subject to a public consultation as required by the regulator. The addition of these products would affect how their operation would handle them and how they would be sold in their partner retail operation because they were subject to a number of stringent compliance controls.
What we did
We were engaged to support delivery of the new products assessing the impact that introduction would have on their inland and overseas network. Before starting, we developed a multi stream stakeholder plan to cover multiple stakeholders inside the organisation and external to the organisation including government stakeholders, regulators and customers as well as internal teams and leaders.
We managed the public consultation exercise over the course of a 3 month period providing factual responses to address any concerns.
We developed the consultation summary report for the business to provide to the regulator along with recommendations for the introduction of the new products.
We developed the compliance controls and delivered the communication and training interventions needed in order for the operation and retail partner to sell and carry the new products.
We developed a range of mystery shopper questions designed to test compliance in the retail partner network and managed the training required needed as a result of compliance failure.
The Result
Following the introduction of the new products and compliance checks. The initial compliance to the controls within the retail partner network was 65% which was very low. Once the mystery shopper checks were put in place supported by us, compliance rose to 85%.