Our client is one of the most prestigious banks in the world. Following an audit recommendation, the Bank had recently started work to map and improve processes in its finance function. Initially, as part of this work, a small number of staff had been trained in process improvement and Lean 6-Sigma techniques, but they had not applied these skills to a live project. These staff were given the role of Process Champions.
The Bank was aware that there were several inefficiencies in its finance processes. There was a culture of duplication of effort and rework. Many of the processes are initiated in other departments, such as procurement and HR.
There were inconsistencies in how these departments worked meaning that the finance team were left to obtain missing information before processing items; for example, the amount of detail on purchase orders generated internally was often insufficient to pay invoices received from external parties. Additionally, checks on work were duplicated and there was no proper workflow in place. The duplicated checks were sometimes made against different source documents as departments did not have access to the same records. An example of this was how the Bank identified items of expenditure that would subsequently be capitalised. The project teams had access to more detailed information and made the initial decision. A finance Business Partner then confirmed the decision by reference to the original business case. The finance team then made additional checks to verify that the cost item was categorised correctly.
A series of three workshops were held with the Process Champions and subject matter experts to:
The Bank now has a prioritised action plan identifying process improvements ranked by benefit and cost of implementation.
We believe that the best way to showcase our expertise and the value we bring to our clients is through real-world examples.
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