Cutting costs and enhancing performance by centralizing Corporate functions
Client: Global Financial Service Organization, leading financial conglomerate with business lines in Banking
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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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