Non financial institutions

Business process improvement for non financial institutions

Board members and senior executives need to ensure that their management teams have robust and ‘fit for purpose’ risk management processes in place across their enterprise. Embedding risk management in the ‘business as usual’ processes is by far the hardest element of achieving enterprise-wide risk management – but getting it right delivers the most benefits.

The need for business process improvement is also pivotal to meeting rating agency, customer, government agency and investor demands for greater transparency and effective management of the balance sheet risks.

The challenge for process improvement extends across various levels of an enterprise, including:

  • Chief Risk Officers and Group Risk Managers seeking ways to broaden and deepen the risk assessment and response at an enterprise level to improve the effectiveness and efficiency of risk management at a group (or portfolio) level;
  • Business Unit and Business Line risk representatives challenged to move risk from a bi-annual compliance obligation to embedding the principles of risk management in day-to-day decision making throughout their operations; and
  • Finance and Treasury seeking to move real-time accounting data and intelligence from diverse internal and external sources into central accounting systems of record in order to compile and interpret the information so that it gives a view of the global cash position and forecast.

Enterprises need to continually improve the efficiency of business processes, and the quality and availability of information to make risk informed decisions. Reply team has extensive experience in risk management, finance, and treasury processes and can help in all areas of business process improvement and operational effectiveness. Typically, this will include:

  • Integrating business planning, risk assessment and budget setting processes to ensure that resources are best aligned with strategy and risk limits at all levels of an enterprise;
  • Assessing and making recommendations to improve processes and controls across the whole of the enterprise to ensure risk and performance measures are embedded in key business processes;
  • Delineating and integrating the roles and responsibilities of risk, treasury and finance functions and the design of integrated processes, policies and procedures;
  • Improving the effectiveness and efficiency of finance and back office operations by enhancing core transaction processing and reporting competencies of the finance function, while strengthening its ability to support management decision-making and corporate strategy;
  • Identifying current risks, and building appropriate governance and compliance programmes that control compliance infrastructure and measure/monitor ongoing governance and compliance practices;
  • Designing and implementing initiatives geared towards cost reduction, sourcing and analysis of shared risk management, treasury and finance services.

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