Cutting costs and enhancing performance by centralizing Corporate functions
Client: Global Financial Service Organization, leading financial conglomerate with business lines in Banking
Objective
Centralize corporate functions to achieve cost savings and process efficiencies for a leading financial conglomerate with business lines in Banking, General Insurance, Life Insurance, Wealth Management and Superannuation.
CRISIL's Solution
The CRISIL team executed the centralization of corporate functions through a process that included:
Initiation and stabilization
- Virtual captive operating model
- Seamless transitions for complex work streams
- Procurement diagnostic
- Business stabilization
- Process excellence
Ramp up and process excellence
- Lean, six sigma process simplification
- Accelerated time to market
- Finance, procurement and risk and compliance COE Creation
- Reconciliation transformation
- Enhanced controllership and customer experience
- Supported CFO priority to shift towards a highly centralized delivery model
Digital-led transformation
- Robotics automation implemented in letter of offer and new hire in HRO
- Robotic automation ongoing for 2 reporting processes in F&A
- Working capital optimization
- Strategic partnership addressing end to end value chain optimization
The long-term partnership between CRISIL and the client has spanned the following timeline:
2014 - 2016
- Transition of complex work
- Virtual captive operating model
- Seamless transitions for complex work streams
- Procurement diagnostic
- Business stabilization
- Process excellence
2017 - 2018
- Expansion and improvement
- Addition of delivery locations and service lines
- Productivity improvements
- Moving processes to Best in Class through Benchmarking
- Aligned value generation roadmap across engagement
2019 onwards
- Strategic partnership model
- 450+ FTEs and 14 service lines managed
- Strategic Partnership addressing end to end value
- Chain optimisation
- Joint People strategy
- Aligned goals to One Suncorp strategy
Client Impact
$25 million Business Impact delivered since commencement of engagement
Questions