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Business Operations and Profitability Improvement
Strategic sourcing, contracts and vendor management
 | Portfolio Accounting Technology and Operational Outsourcing
Challenge: Ultra high net worth unit of a global brokerage had an unprofitable client mix, too many small accounts and a higher cost structure than standard industry metrics. The technology and operational infrastructure only supported the existing low-end services business model. The internal IT staff did not have the skills and business knowledge to support enhanced systems and comply with the strict regulatory environment.
Solution: Planned and led technology and operational outsourcing to increase margins and client service quality, while maintaining key business and technical integration links to the rest of the firm. Managed team of over 150 across trust administration, IT, operations, and compliance functions. Led all stages of vendor relationships from business case analysis to final cutover and ongoing support Implemented enterprise portal, sales and workflow applications to fully integrate operations nationwide.
Benefits: Reduced costs by outsourcing mission-critical software, portions of an IP network and statement printing, and by renegotiating data feeds charges. Initiatives improved divisional cost structure by over 45% while complying with SEC and OCC regulations. Provided capability to deliver premium services to more profitable high-end client segments. |
| Client Statement Outsourcing
Challenge: Monthly statements for a bank’s wealth management business unit were continually shipped late due to in-house printing delays. Statement quality was below competitive standards, with no graphical elements.
Solution: Outsourced statement operations to a premier printing supplier. Developed business requirements document, sent RFP to multiple vendors, and evaluated responses. Built application links between internal accounting and external printing systems. Created electronic notification process for pulling erroneous statements from production until final mailing.
Benefits: Expedited client statement printing cycle from 3 weeks to 3 days. Reduced costs 50% via duplex printing and advanced softproofing. Introduced graphics, flexible inserts, secure online portfolio reports and other value-added services. Enhanced compliance by automating CD archival of historical statements.
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Systems regulatory compliance (SEC, OCC, OTS, FFIEC)
| SEC GRAS (Global Research Analyst Settlement)
Challenge: SEC ruling required brokerage firm to disclose independent and internal analyst ratings for equity holdings in client statements. Business was required under more stringent regulatory requirements to report historical data. Trust accounting systems and statement printing were outsourced, which complicated regulatory responses and data interfaces.
Solution: Worked with legal and compliance groups to define compliance requirements and appropriate business responses. Integrated Reuters and internal data feeds to create historical data warehouse from daily and monthly corporate data. Led work with accounting system and printing vendors to modify applications and develop software to dynamically apply business rules and generate disclosures at run time.
Benefits: Cost-effective solution provided flexibility for evolving regulatory, operational, and technical requirements. Seamlessly combined research, portfolio management, and printing from client viewpoint.
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| Compliance and Regulatory Audits
Challenge: Business unit did not have dedicated IT and operational professionals that understood its core business and could represent it in internal and external regulatory audits. The highly-regulated unit outsourced most of its IT processing and operational infrastructure to corporate resources and external vendors. No single person had comprehensive view of all systems.
Solution: Assumed acting role of IT business compliance liaison and vendor representative. Evaluated business and operational impact of regulatory changes, corporate strategies, and vendor product releases. Coordinated team of legal, compliance, IT specialists and outsourced services providers to respond to directives. Established reporting structure and implemented new systems and processes. Led internal and vendor disaster recovery exercises.
Benefits: Successfully led IT section of 15 corporate, SEC, OCC, OTS, FFIEC audits and raised divisional ratings. Trained a permanent IT business compliance team.
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Business Improvement
| Strategic Planning and Operations Improvement
Facilitated corporate strategic planning for executive
management of a workforce and economic development agency. Developed
initiatives to maximize contract revenue through improved
operations, performance metrics and partnership management. Worked
collaboratively with staff and management to optimize roles and
define business requirements for upgraded database and reporting
system. |
| Productivity and Cash Flow Enhancement
Improved training and workflow for a $140 million direct mail company. Established performance metrics, streamlined and automated process, and restructured roles. Increased processing efficiency by 50% and cash flow by 10%, across publications.
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| Quality Standards Training Program
Designed program to support quality improvement for the primary
producer of Sears Craftsman hand tools, covering five manufacturing
plants. Led internal team of training and quality control
specialists to review the planning process, define objectives, and
integrate new standards with the company culture. |
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