Client type
Top tier bank
Key stakeholders
Middle/Back Office
Location
United States
Project outline
- A complex operational process surrounding the management of periodic tasks across thousands of transactions on an individual basis
- The StructureIt solution centralized automated transaction-specific task creation and management, including 4-eyes controls and Management Reporting. This transformed the business, moving it from an unconnected, manually intensive process to a systemized, consolidated control system.
- Implemented globally to ensure consistency and scale across the organization
The Challenge
Initially, our customer managed thousands of transactions across multiple asset classes, each with their own unique operational requirements such as:
- Periodic Reporting
- Periodic Payments
- Billing
- Corporate Actions
- Annual Reviews
- Know-Your-Customer (upfront and recurring)
- Key Dates such as AGM
However, each team managed their transactions using manually maintained spreadsheets. Teams distributed these spreadsheets across departments with no central coordination.
When critical events occurred, teams added transactions to operational calendars on an ad-hoc basis. Furthermore, these calendars had no connection to regulatory requirements, creating compliance risks.
Our customer identified the opportunity for automating and centralizing transaction task management and engaged StructureIt to design and implement a solution.
How StructureIt helped
First, we analyzed the operational needs of the business, focusing on how different units managed tasks. This analysis included examining central operational resources and identifying gaps in front-line task management. Additionally, we developed clear logic for automatically calculating key dates and deadlines.
We then designed and deployed a centralised platform that integrated with:
- We integrated the core data management platform as the primary transaction source and deployed the calculation engine to accurately project key dates based on business logic.
- Automated workflow processes to streamline task assignment across teams
- We connected internal and market data feeds to trigger automated task creation based on predefined rules.
Additionally, the system allowed users to create custom tasks as needed, ensuring complete management of all operational requirements.
The system displays upcoming activities in transaction lists, making them visible to all relevant team members. Therefore, when tasks were completed, team members could easily track progress and access supporting documentation.
The client services team could now log into the system daily and plan based on the upcoming activity as dictated by the tasks on the transactions that they were responsible for. When team members completed activities, they marked tasks as complete, including links to supporting documentation with additional 4-eyes confirmation as needed based on task sensitivity.
Ultimately, this centralized task management banking solution integrated existing data sources with automated task generation. As a result, the system created unified calendars, flagged exceptions, and prioritized critical items. This allowed teams to focus their attention on the most important operational tasks.
The Results
As a result, operational task management became a highly automated process.
Specifically, the bank achieved the following results:
- Teams now manage transaction tasks on an exception basis across the business through a centralized platform.
- Improved upfront communication around key date planning and occurrences created a better customer experience. Furthermore, this proactive approach reduced missed deadlines.
- Following a successful regional implementation, the solution was rolled out globally, streamlining identification processes across all international operations. Therefore, the bank achieved consistency across all regions.
The solution provides complete visibility into operational tasks for each transaction. Built-in dual-approval controls (4-eyes principle) help teams ensure accuracy and compliance. Furthermore, rich summaries and detailed reports give management confidence that no critical tasks or dates will be overlooked.
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