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08 April 2021 6 min read

Operational excellence at a global wealth management company

   

Implementing alternative investment operational excellence and automation for an international wealth manager.

Our client, a global wealth management company, needed help in understanding the full scope of their organisation’s current state. This was to help prepare the ground for a programme of operational excellence (OE) solutions and automation.

 

Client Requirements

The client required a current state analysis which included identifying areas of opportunity for operational excellence and automation. This review needed to consider the firm’s people and culture (including skill set assessments, organisational structure and training), processes, procedures, technology and controls.

OE opportunities needed to be examined across all transaction types and product lines, with a focus on monetary, reputational and regulatory risks. The client also required support to prioritise, scale and roll out the identified solutions through an agile test and learn approach.

 

Baringa's Role

Baringa combined its wealth management expertise and specialist knowledge of operational excellence to identify tactical (quick win) projects and strategic (longer term) solutions across the organisation.

We developed and deployed a robust approach that enabled the client to roll out the prioritised solutions at pace through a joint Baringa/client taskforce. Solutions included: client service, strategic infrastructure and support, tactical process enhancements, talent development and organisation design.

 

Outcomes and Impact

Operational excellence is only achieved when everyone within an organisation can see its value and understand its core principles. Over the course of this programme with our client, we successfully ran OE training for 40 members of their team in order to achieve this.

We identified 76 tactical and 58 strategic initiatives, of which 46 were prioritised and addressed through the test and learn pilots. These solutions achieved a 12% capacity release within the first three months.

Brad O’Brien, Baringa Financial Services, Partner: “We are delighted to have supported Wealth Management Alternative Investment Operations with the review of their processes to identify opportunities for operational excellence and automation. By focusing on the key areas of impact, ranging from client experience, culture and behaviours to technology and data, we were able to identify a number of highly effective solutions which were rolled out in an agile way that suited the client’s needs.”