The Challenge: Restoring Trust and Compliance
A company faced a major setback after being penalized £38.5 million due to fraudulent contract profit inflation. The company entered a Deferred Prosecution Agreement (DPA) with the UK’s Serious Fraud Office (SFO) and needed to meet strict compliance obligations while restoring trust with government clients. The company required an overhaul of its internal controls to regain credibility and prepare for future Sarbanes-Oxley (SOX) compliance.
The Solution: Creating a Structured Compliance Framework
The Expert was brought in to develop a comprehensive Contract Playbook to meet DPA requirements and streamline contract management. Previous internal attempts had failed, but the Expert completed the playbook in just six weeks, far faster than previous efforts.
Key Steps in the Solution:
Developed the Playbook Structure: Included an overview of compliance responsibilities, risk management, and guidance on contract lifecycle stages.
Collaborated with Leadership: Worked closely with the UK Board and key contract managers to ensure buy-in.
Training & Testing: Ensured the playbook was integrated and adopted across all divisions through workshops and digital systems.
Key Achievements & Impact
✅ Standardized Compliance: Established a consistent contract management framework across all divisions.
✅ Digital Transformation: Enabled transparent, auditable compliance monitoring through digital platforms.
✅ Restored Trust: Strengthened relationships with key government clients, particularly the Ministry of Justice.
✅ SOX Compliance Ready: Positioned the company to meet evolving governance standards under Allied Universal.
Results: A Strong Foundation for Future Compliance
In just six weeks, the Expert's work transformed the company’s approach to compliance and contract management. The company is now better equipped to meet regulatory standards and has regained trust with key stakeholders, positioning it for long-term success.
Key Lessons
Expertise Matters: Bringing in external knowledge can accelerate success.
Digital Integration: Embedding compliance tools into digital systems enhances transparency and efficiency.
Stakeholder Engagement: Close collaboration with leadership ensures successful implementation.