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a DTI case study
CONTRACT DRAFTING AND COMPLIANCE
DOCUMENTATION SUPPORT SERVICES
BACKGROUND
FINRA requires US broker-dealers to adopt and implement written supervisory procedures
and due diligence measures covering any outsourced activities in support of a regulated
function. Our client, a global financial services firm, was looking for a partner to help improve
the cycle time and consistency of its contract drafting and compliance documentation for
approved outsourced functions.
CLIENT CHALLENGES
A global financial services firm wanted to streamline its contract drafting and compliance
documentation support function. Its challenges included:
1. The process was being managed internally by the Business Units seeking to outsource
work in support of regulated functions, but there was often inconsistency and lengthy
cycle times to complete the necessary documentation.
2. Compliance documentation needed to better reflect the content of the legal documents
3. Consistent training needed to be developed and maintained to help Business Units
complete their required documentation.
4. Templates needed to be streamlined and managed.
5. The client specifically requested contract drafting expertise - not more lawyers.
6. Support of business units around the globe.
7. Tracking of work completed.
DTI SOLUTION
DTI put in place a dedicated team of contract drafting experts, including lawyers and
paralegals, with financial services experience – based in our Atlanta Knowledge Center.
Our concept was to provide an on-demand utility resource to internal Business Units
who required assistance with drafting business and supervisory details for contract and
compliance documentation. Key elements of our solution include:
•
Process enhancement – we worked with the client to determine what needed to change
with their existing process to make our service successful and achieve their objectives.
This included elements such as involving DTI from the onset of legal and compliance
approval to outsource a function, drafting of legal documentation at the same time as
compliance documentation, and enabling DTI to determine when draft documentation
was ready for submission to legal.
•
Internal marketing – we co-developed rules of engagement for our service to help our
client promote it internally.
•
Proactive drafting process – we developed a process whereby we create initial drafts
of legal and compliance documentation proactively once a function is approved to be
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a DTI case study
outsourced. We then work in an iterative process with the Business Units to obtain all
necessary detail, while ensuring consistency with the originally proposed scope. Once
sufficiently complete, we submit to legal for review and approval.
•
Development and enhancement of training materials and templates – as we became the
resident experts on contract drafting and compliance documentation, we would enhance
materials with an eye towards improving the tools available to the Business Units.
•
Global coverage – as per the needs of the client, the team is staffed during US business
hours, with calls with regional Business Units as needed.
•
Customized workflow tool – DTI leverages its KS Synchronize workflow management
tool to track all work at the deployment-level.
THE RESULTS
The front-end planning work with our client enabled the DTI team to hit the ground running
once the utility drafting service was launched. We experienced immediate uptake by
Business Units around the globe.
Within six months, we had reduced drafting cycle time to under three weeks and reduced
the overall approval cycle time to under six weeks for most types of deployments. While
cycle time was reduced by months in some cases, it was also made more consistent across
different deployment types, thus making the process more predictable. We also added
unprecedented transparency to the progress of documentation in mid-cycle.
In addition to improving cycle time, we have also improved the quality of compliance
documentation through drafting it in tandem with contract documentation. This simple step
ensures the required compliance document is completed and it ensures consistency and
strong narrative flow, which helps make them more easily auditable.
As we became the resident experts on contracts drafting and compliance documentation,
this enabled us to suggest improvements to training materials and templates to make them
easier to use, thus yielding better output more quickly. We have also become actively
involved in providing training to Business Units contacts who are involved in their first
outsourcing deployments.
World-Class Service. Local Commitment.
Visit DTIglobal.com to learn more.