The Challenge
Multiple teams in different locations ensuring regulatory compliance with data protection, outsourcing & banking secrecy laws and policies. Lack of connection & collaboration, organizational set-up, trained people and multiple blind spots led to a significant risk exposure, high attrition & costs, and dissatisfaction. The parallel use of several intake tools, not properly maintained, in combination with bad to inexistent documentation made it impossible to tackle ad hoc challenges, introduce improvements and cope with the BaU. A backlog of over 1000 not reviewed case requests has been the last straw.
Increase efficiency, reduce risks and costs, improve workflow and documentation by designing a proper organizational set-up including processes and distributing tasks and responsbilities along the lines of capabilities, needs, interest and experience.
The approach
Having three consultants with both business, legal and substantial banking skill-sets working on this project enabled the team to accomplish the turn-around and merger of the teams within six months. Eraneos staff were integrated in the team, supporting on different angles of the project and by that ensuring knowledge and understanding of all ongoing activities at all times. This hollistic approach not only ensured that every team member understood and followed the process, but secured the on-time completion of migrating to new tools and platforms, implementing the new process, introducing the new organizational set-up and reducing the overall backlog by 50%.
A major Swiss Bank, present in the markets all over the world and active in retail & investment banking, as well as asset and wealth management. The regional structure, long developed and learned methods of working have caused petrification and prohibited out-of-the-box-thinking and strive for new solutions. The teams in the data protection office, located in different locations, worked on different platforms, followed different processes and had different scope of mandate. Lack of ambition, power and concentration led to substantial inefficiencies, resulting in exponential increase of costs, high exposure to risks and disadavantages in global competition.
The result
Introducing a new organizational set-up, accompanied by a new process with clear, transparent and logic responsibilities, workflows and materials, enabled the merged data protection & banking secrecy review team to perform their reviews on time, diligent and in compliance with regulations, laws and policies. The average duration of cases until approval decreased significantly, the overall backlog was reduced by over 50% within six months and it is fair to say that almost all blind spots and potential risks have been brought to light and mitigating measures are in place. The team now is able to perform all BaU activities as planned, is able to deliver exact reports, has a set-up in place to constantly improve processes, materials and documents and is therefore a reliable and competent partner for all divisions and functions within the bank.
Roman Regenbogen
Senior Manager
Banking