Living Will regulations are only part of the increasing wave of demanding regulatory requirements facing Boards and Executive Management of Financial Institutions globally. 

There are significant personal, economic and reputational risks to Bank board members and senior executives resulting from errors or omissions of required oversight regarding Living Wills, Recovery and Resolution Planning (RRP) and other similar regulatory demands. Oversight requires independent senior advisor support to ensure an appropriate due diligence process is established and followed in the preparation and submission of detailed responses by each of the Bank’s Critical Economic Functions (CEFs; UK definition) or Critical Business Units (CBUs; US definition).The ability of the Bank to demonstrate and the Board to certify that activation of the Resolution Plan by regulators will allow for separating CEFs over a 48-hour period is recognized as one of the most difficult and expensive aspects of RRP compliance. 

GEG Regulatory Advisors and elevenCanterbury have developed a unique approach to support senior Bank executives and board members regarding RRP oversight responsibilities.  We recognize that:

• The required plan will need to be discussed formally and informally with key regulators in all major jurisdictions in which the Bank operates. The level of seniority and global experience of these advisors will be a key factor in developing an acceptable and implementable RRP plan.
• The review of CEF submissions can only be accomplished by subject matter experts (SMEs) who are accepted by CEF business executives as having the required, senior-level practical experience to add value in the process.

GEG Regulatory Advisors have recruited a team of senior advisors able to deliver on both the regulatory and business unit level. These teams are augmented by highly qualified and experienced consultants who are available to support our clients in the design and implementation of RRP plans. ElevencCanterbury and Wildhaber Consulting take part in this initiative.

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