The document discusses the benefits and potential drawbacks of hiring external consultants, emphasizing the importance of choosing the right consultant based on experience, chemistry, and a clear proposal focused on business outcomes. It recommends a process for hiring consultants, including obtaining referrals, verifying credentials, and ensuring a professional demeanor, while highlighting that smaller firms may offer better value and personalized service compared to larger firms. Additionally, the document outlines a structured approach for consulting services and the range of assistance available, particularly in compliance and risk management.

2. However, we wary of the self-professed experts

3. • Every business occasionally needs outside help. Even
well-run giants deliberately choose to bring in
consultants on a regular basis to cover key strategic
and important areas. One HP executive was allegedly
asked why she hired outsiders so frequently, she
reportedly answered, "So we don't exclusively breathe
our own exhaust.”
• An outside consultant offers many advantages:
• Objective advice, not geared toward political
advancement or promotion.
• Frame of reference and best practices from other clients.
• Models and methodology to gain results more quickly
than internal trial and error.
• Permanent transfer of skills to internal people.
• Industry cross-skills training as well as own professional
development.

4. • A paradox to this, however, is that external
consultants can often create as many problems
as they solve.
• These potential issues include:
• Employees threatened by the mere presence of an
"outsider."
• Senior Managers threatened by mere presence of
“experienced outsider”
• Reliance on "off-the-shelf" methods which don't fit the
current client very well.
• Lack of sensitivity to the client's business, culture, and
environment.
• "Ideal" solutions not really practical for the client's
business.
• Pigeon-hole appraisal of clients needs

5. • The Compliance Doctor has been consulting for
a number of years and, to our continuing
astonishment, we find currently that about 50%
of those calling themselves "consultants" don't
really know what they're doing;
but almost 90% of those buying
consulting services don't know how to
tell the difference!

6. • To remedy that, here is a primer on how to hire the
best possible consultant for your needs:
• Referrals: Ask business colleagues you trust for
names of people they have used for similar needs,
and find out specifically what the results were. (Don't
ask the consultant for references, because they will
be hand-selected, wonderful, and meaningless.)
• Credentials: Has the consultant ever worked in a
conventional job? What are their academic
qualifications? How many similar organisations have
been clients? Every consultant has to start
somewhere, but I'd strongly advise that their start not
be with you! (They should start in a larger consulting
firm, and should also have "real world" experience.)

7. • Chemistry: Meet with the prospective consultant
several times before hiring. Ask yourself if you see the
other person as a peer and a potential partner. If you
don't respect them, or see them as merely a vendor
or subordinate, don't hire them. You don't need
another employee; you need a business partner, even
a mentor or professional guide for a particular issue.
• Demeanour: The individual should look professional
and act accordingly. (Don't worry if you get their voice
mail because good consultants should be busy. The
key is, do they get back to you promptly?) Their
language should be clear and articulate. At
meals, they should know which silverware to use and
not spill their soup on your lap or theirs.

8. • Proposal: The consultant should provide you with a
proposal that is based on achieving clear business
outcomes, and not on merely delivering technology or
methodology. In other words, running focus groups,
performing a gap analysis or delivering training programs is
simply a task; an activity, whereas improving sales results,
accurate completion or analysis of needs, providing robust
and suitable recommendations or enhancing customer
satisfaction is a business outcome. Achieving the former
without the latter is worthless. Measuring the former is
pointless.
• Fees: The consultant should provide a fixed fee for the
project. Hourly or daily rates are not as effective, because
there is a "meter running" as long as the consultant is
working, and there is a built in conflict of interest, since the
longer the project takes, the more the consultant is paid.
Insist on a fixed fee or at least a cap on the hours. If there
is no clock running when you need to discover possibilities,
there is no pressure to form solutions.

9. • A good consultant frames an issue quickly but
doesn't suggest solutions too rapidly as they
realise that they don't know what they don't
know until they begin to gather more data. A
good consultant will not promise the moon and
the stars, and will never base an approach on
tests or instruments that are borrowed or
purchased for a few pounds from other
companies. You get what you pay for.
• A good consultant is someone you'll hate to see
go when the project ends on time, and who you'll
want to invite back at the first appropriate new
challenge.

10. • Generally, No.
•Its usually just more expensive
• Fortunately, there are more positive
alternatives to using a niche
consultancy compared to the Accentures,
McKinseys or the big accountancy firms like
Deloitte, E&Y etc.
• We not only consider that size doesn’t matter,
but large size can actually be a disadvantage in
meeting your needs.

11. • You are always dealing with the principal when
you are dealing with my firm. This means that I am
the relationship manager and there is no junior
partner to whom responsibility will be transferred.
There is no decreased accountability, no "hand-off" to
a less-informed colleague. If your interests are at
stake continually, shouldn’t you reasonably expect my
continual involvement?
• We can usually provide resources on a "just in
time" basis. That is, our projects do not have to cover
excessive overhead, such as multiple offices, large
administrative backup, recruiting, partner perks, etc.
We are organized to efficiently provide everything
that you, as the buyer needs, but nothing more than
that which means that you are paying for value and
results and only minimum overhead.

12. • There is more likelihood of your privacy and
confidentiality being observed with fewer
people working on the project. We (and/or the
few people we might also involve) are constant
which means that there isn’t the need to sift
through dozens of differing perceptions.
• We’re faster. We can respond to requests
quickly, and return all calls within four hours
which means to you that there is no need to
worry about a bureaucracy, delays and unknown
people on the other end of the phone.

13. • Since we handle fewer concurrent projects than
larger firms, our attention is focused on the job at
hand. This means that you don’t have to "compete"
with another dozen or so of our clients, which may be
larger, paying more or are more time-demanding. We
structure our work so that every client receives
maximum attention.
• Your investment is controlled. There is no "meter
running". We work for a fixed, value-based, project
fee. Large firms can’t afford to do that as readily
because of all the people involved and their own
insistence on measuring their success by billable
hours. We measure our success by client objectives
reached, not in “time units”.

14. • The expertise that larger firms use is often whitelabelling for them by a pool of consultants
available in the marketplace at any one time. We
select our consultants from practising subject
matter experts which means that you obtain
the same or better expertise for less
money, because;
• Inevitably, we are less expensive. There are
economies to using someone who can base their
fees on each situation and not on a predetermined service scale or need for reaching a
practice quota. This means quite simply better
value to you.

15. • The benefits of dealing with the “Compliance
Doctor” and Compliance Consultant is;
• A firm with experienced and qualified former
advisers;
• A firm that can apply changes and needs in a
common sense way that is practical and
effective;
• A firm that is considered and respected as
independent and reliable by the FCA (previously
appointed as a “Skilled Person” by the FSA)
• A firm that provides you with unfettered access
to the principle immediately and on demand;

16. Phase 1
We will conduct an initial appraisal at our cost
– only charging for expenses (UK only)
Phase 2
We will make a proposal based on our
appraisal with your outcomes and needs
Phase 3
We will discuss the precise scope with you
and provide you with a project price
Phase 4
We will complete the work to your original
scope and satisfaction
Each proposal deserves
to be as unique as a
fingerprint

17. text.
We have a wealth of Financial Services Experience, and due to
the remedial and sensitive nature of our work forming over
60% of our business and that is conducted under a Non
Disclosure Regime, we cannot demonstrate every client.

18. We Do have a large
amount of experience in a
number of other fields and
industries within the major
utilities and even Local
Authorities.

19. We can provide all manner of assistance in
• Initial risk assessment or audit — an initial analysis to
identify higher risk areas of the business and weaknesses
in procedures. We also do risk management design.
• Business development — business analysis advice or
advice on particular issues — for example, how your firm is
Treating Customers Fairly and an action plan for
implementing TCF across your business.
• Help with setting up procedures — for example procedural
manuals for recruitment, training and competence,
complaints handling and anti-money laundering. May also
include templates for disclosure documents, fact-finds and
registers.
• File audits — checks to ensure that procedures are being
followed and identify good practices and weaknesses
• Complaints Handling – cost effective and project managed
from start to finish making your response robust and
consistent

20. • Technical support — may include advice on particular
products or regulatory reporting. May be available in
various formats, including website, helpdesk and individual
technical advice.
• Training — for example competency assessments, training
opportunities or product risk guidance. May be online
support, regulatory updates or seminar based.
• Support on individual issues — for example in dealing with
a complaint, a financial promotion or a particular suitability
letter.
• Financial promotions (all areas of advertisement) - full
support which would include
websites, brochures, DVD's, email templates, client mail
shots, adverts, contacting existing clients and so on.
• Remedial work — helping to action remedial work
required by the FCA/PRA and even ICO.
•
And much more … just ask!

21. ComplianceConsultant.org
www.cei-compliance-limited.co.uk
Tel +44
(0) 7801 864980
Tel +44 (0) 7092 289901 Int & Fax
Email: info@complianceconsultant.org
We operate across the UK, Europe and the
Middle East.
Currently exploring opportunities in Latin
America