Business Challenge - One of the world’s biggest movers of currency applies controls whenever currency leaves any of its global vaults and again when that currency arrives at a retail store, ATM, B2B partner, national bank or central bank. This generates millions of financial transactions every day. Our client wished to reduce the cost of daily operations whilst enhancing governance and control.
- Our Role in the Solution - Our consultant undertook a strategic review of currency operations and proposed that transactional, repetitive activity be subject to salary arbitrage and moved to a cheaper location, but that a city be chosen to benefit from the generally higher capability of people drawn to major cities. On Board acceptance, our consultant led an extensive period of solutioning, wherein all Finance activities at Group, Business Partner and Shared Service Centres were captured and analysed. A new team was recruited in the new location and, on joining the organisation came to the UK for an extensive period of knowledge transfer and the creation of SOPs.
- The Outcome - The previously extant responsibilities were either confirmed or moved to a more appropriate function. A complete, new department was recruited, on-boarded and trained in the offshore location. Teams representing different operational regions around the world then went live after extensive knowledge transfer and stabilisation support. The new operation worked smoothly from the beginning, with very few of the early-voiced misgivings happening.
- Achievements - The client’s Board were extremely pleased with the success of this engagement. Finance Operations continues to function effectively and efficiency, with increasing productivity allowing for standardisation, automation and headcount efficiencies, to add to the £Ms annual operational savings.
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