You may have heard of Matryoshka in its more common name, Russian Dolls. These are hollow wooden toys, usually painted in traditional Russian dress, although some have more contemporary designs. The idea is that each doll is smaller than the last, so they nestle inside each other, and when they are all fitted together you see only one doll, the biggest doll.
The Matryoshka Principle is a technique people use to bring order to their business model, enabling them to adapt, enhance or create new processes when needed.
The principle was originally used in the computing industry, where systems and processes can be built inside one another, but it can be adapted to modelling a financial advice business too. The Finalised Guidance and Thematic Reviews from the regulator are littered with references referring to ensuring controls and processes are in place that will promote good client outcomes.
SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom. It offers regulation, vision, business efficiency, personal development, and encouraging growth services.
