Case Studies
A Retail Bank (Offshore Branch): Operations Review
Client contact: Finance Director
Parkwell staff: 3 consultants
Objectives and project background
The bank was undergoing a period of change including increased demands from the UK Head Office, an increase in business levels and setting up of a new High Net Worth investment business.
They were concerned that the Operations provision would not be suitable to meet these new demands.
In particular the client needed to:
- Streamline the internal accounting and reconciliation function.
- Provide a better service to the treasury department.
- Review staffing levels and management structure.
Project details
After agreeing the scope with the FD, Parkwell reviewed all relevant aspects of the Operations provision by means of interviews and research. A number of problems were identified and the following recommendations were made:
- Implement an automatic reconciliations package to provide significant efficiencies in dealing with external reconciliations. All statements both internal and external would be received electronically thus removing a large amount of manual processing.
- Significant changes in the accounts department including revised process and a revised management structure.
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Recommendation to implement a specialist package to assist with the various P&L calculations and reporting requirements for the treasury function. This package replaced a complex suite of spreadsheets which was unwieldy and required constant maintenance.
Project conclusion
The project allowed the offshore bank to make considerable cost savings and to be in a much better place to support the business and the various changes that were in progress.