News & Views - Savantor

Improving Operations Management

Monday, 21 January 2008

Improved operations management is fast becoming a greater priority for financial institutions due to a variety of factors e.g.

  • need for banks to meet new regulatory requirements
  • pressure to become SEPA compliant
  • pressure to reduce costs across the banking value chain, leading to increasing importance from scale economies, e.g. in processing
  • expensive and extensive legacy system replacements/upgrades are required to cope with increasing volumes, electronic channels and new standards
  • the credit crunch of 2007 and the resulting market turmoil have put processes under increasing stress

To manage the cost of operations in the future, processes will have to improve:

  • To provide better measurement – Some organisations still rely on largely qualitative assessments of operational risks. Without quantification an organisation will fail to take a prioritised approach to managing risk events as they occur.
  • To provide better management – line management require information that is faster and more accurate to help improve their decision making. They need process that are more flexible and can respond quickly to changing needs.  To meet these demands, systems and processes will have to evolve to become smarter.

Independent reviews which are timely and cost effective and can quickly identify weak points and actions to resolve them can provide the service financial institutions are looking for.

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