Managing climate related financial risk was introduced by the Prudential Regulatory Authority (PRA) in 2019. The regulation’s purpose is to ensure financial institutions are embedding climate change into all aspects of their financial and business decision making, introducing climate stress tests, a climate disclosure operating model and climate change considerations into risk frameworks.

P2 Consulting ran the mobilisation of this group-wide programme. We created a governance structure to ensure key decisions were made at the right forums, from working group level through to the bank’s executive committee, and followed these decisions through into design and execution.

We worked closely with business stakeholders and change teams to build a robust and realistic plan – to do this we pulled together all project level plans throughout the group-wide programme, consolidating them in one place.

To ensure the programme’s progress was being accurately measured and reported, P2 set up regular RAID and milestone management. We also set up an automated process to remove manual intervention and assure the quality and timely delivery of the programme.

P2 also produced a roadmap of the different regulatory milestones and put in controls to ensure that, as plans changed, particularly during the COVID-19 pandemic, PRA requirements were still achieved. We used an agile programme management office (PMO) structure, which meant using prioritisation techniques, daily huddles and Kanban boards. This helped us to maximise efficiency and rigour in terms of how the programme was controlled and managed.