Delivering compliance to far-reaching financial services regulation while improving efficiency

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“The innovative way in which the fees are structured means that we are paying for results and outcomes, which is certainly not something I’ve come across with many lawyers I have worked with previously!”

Ivano Ilardo, Chief Executive Office, BNP Paribas REIM SGR

At a glance

Our team helped the Italian arm of BNP Paribas’s Real Estate Investment Management business deliver compliance with the complex requirements of the Alternative Investment Fund Managers Directive and, at the same time, drove efficiencies by improving the company’s business processes.

The challenge

When the Alternative Investment Fund Managers Directive (AIFMD) came into force in Italy, BNP Paribas Real Estate Investment fell within the scope of the new regulation and had to consider the entire operation of their company. CEO Ivano Ilardo was concerned that layering on additional procedures to the existing operation would increase costs and reduce the company’s competitiveness, so he asked Baseline to review the business processes to improve operational efficiency at the same time as redesigning them to be compliant with the Directive.

How we helped

We introduced robust new risk management procedures, investment processes and remuneration approaches, as well as additional processes for valuing assets. In additional to helping BNP Paribas meet other requirements, we also provided effective tools for disclosure and reporting to regulators.

In carrying out a clear, staged plan, we provided robust measures and dashboards to ensure compliance with the new regulation is maintained. In addition, we produced processes that can be monitored and controlled effectively, making it easier to demonstrate compliance to regulators.

In addition, we created a satisfaction survey in order to focus our performance on the client’s key success criteria, the results of which were linked directly to our rewards.


As a result of the project, we expect to have delivered year one savings. BNP Paribas is also benefiting from a more robust approach to compliance that commands greater support from across the business.