How EY can help
It depends on where you stand in your journey. Our dedicated EY Luxembourg RIS team offers support across a range of areas, elaborated below.
Awareness & Impact Assessment
Since the draft Directive has already been proposed, and the market has digested the topic and feedback is ongoing, awareness and impact assessments should take place as soon as possible, for those who want to be ready on time.
- Understand the RIS, and raise awareness among decision-makers
- Analyze firm impact, identify and qualify main impacts (e.g., scenarios, quantification, etc.)
Gap Analysis & Action Plan
As we get closer to a final version being published, a detailed gap analysis should be undertaken and an action plan established.
- Map detailed gaps against the RIS requirements and determine actions needed to comply
- Take strategic decisions (e.g., those related to revenue/service/operating model)
- Develop the action plan for implementation
Implementation
As we get closer to a final version being published, firms will need to start thinking about application, and should start preparing for implementation as soon as possible.
- Elaborate on business requirements, functional specifications, design of solutions, etc.
- Project manage and coordinate workstreams
- Update policies, procedures and client documentation
- Review control frameworks and monitoring plans
- Conduct trainings and change management programs