Transforming a client onboarding function at a Tier 1 investment bank
- OverviewRead more
The bank's client Onboarding team performs due diligence on all new clients before trading can take place. Regulatory reform, increasing globalisation of financial products and services and continuing expansion into growth markets has led to significant operational challenges. Moorhouse was initially engaged to turn around a project to implement a document repository database, which we successfully delivered. Our successful turnaround and delivery of this project, combined with our seamless integration with the client's teams, led to a further engagement to bring structure, discipline and best practice to project and programme management to several other key initiatives. We significantly increased the pace of delivery and embedded organisation and structure within these projects. This ensured the team maintained its energy and focus. Our improved management of key risks and issues ensured that strategic barriers to success were removed.
- Our client's challengeRead more
Supporting sales teams across the EMEA region, the bank's client Onboarding team perform due diligence on all new clients before trading can take place. The current environment of regulatory reform; increasing globalisation of financial products and services and continuing expansion into growth markets has created significant operational challenges, critical for the bank that needed to address the challenges without any loss of accuracy or quality. These included:
- A 400% increase in Onboarding requests over a nine month period has massively increased workload.
- Accessing and identifying the correct client and other internal legal documentation was difficult and time-consuming as it was stored on a number of legacy databases across different functions.
- Further complicating matters, the regulatory reforms required increasing levels of transparency of information for clients, better data integrity and easier access to information at short notice.
- Our responseRead more
Initially we turned around a project to implement a document repository database, intended to replace a number of existing systems. We restructured and re-planned the project, refining the delivery approach to ensure benefits realisation through a more clearly defined rollout. Our successful delivery of this project and seamless integration with the client's teams, led to further engagement in several other key initiatives:
- Managing four client teams to drive the redesign of a critical internal process and accompanying systems. This enabled a tight regulatory deadline to be met.
- Leading the revision of the global taxonomy for document storage and process initiation.
- Managing a third party law firm to meet an urgent FSA deadline, requiring the bank to provide additional disclosure to over 1,000 'prime brokerage' clients.
- Creating and managing an 'in-house outsourcing' arrangement to increase capacity. This temporary function undertakes specific work packages, whilst identifying and implementing process improvements.
Managing all business requirements for EMEA for a new global workflow system as well as driving the realisation of the operational benefits of this hugely significant implementation.
- The value to our clientRead more
Our expertise of programme leadership and delivery has enabled several key benefits which were vital to delivery success:
- Project management discipline, blending rigour with pragmatism. This significantly increased the pace of delivery and enabled better communication with senior stakeholders.
- Smart organisation and structuring of work, ensuring the team maintained its energy, focus and motivation throughout delivery.
Improved management of risks and issues, ensuring that problems were properly prioritised and managed. Proper management of risk ensured that a number of potential problems were either avoided entirely, or were managed appropriately and impacts minimised.
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