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

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