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CLIENT INVESTMENT PROCESS

ORIGINAL SITUATION

NSW TAG undertake financial planning of client estates/assets on behalf of clients. The retail registry unit has been outsourced to a third party. An impact assessment was not performed for many business processes prior to the transition, resulting in negative impacts to many areas of the organisation (e.g. staff reverting to manual processing to continue functioning). Efficiencies expected from the transition were not realised, leading to the commencement of this project to address this.

DELIVERED SOLUTION

IMA provided a multi-disciplined consultant to develop the business requirements and then project manage the delivery through to completion.

The IMA consultant documented the AS-IS processes to determine the scope of change and understand which benefits will result in time and cost savings. This was followed by workshops with key stakeholders to understand the critical success factors. To-Be processes were then proposed which outlined the automated workflows to replace the manual processes. Change management deliverables like training, user manuals and implementation planning were developed out of the To-Be processes. The workflows were then automated internally within NSW TAG and led to the desired time and cost efficiencies being realised.


The benefits realised by NSW TAG can be broadly outlined as below:
1. Design of online data entry forms with overlay of approval workflow.
2. Setup of automated transfer of weekly files between NSW TAG and external Fund Manager.
3. Auto reconciliation of weekly investment transactions by implementing import/upload process.

BENEFITS DELIVERED

  • Elimination of paper forms to be replaced with online processing of investments.

  • Integrated online solution with external fund manager for secure data transfer and reducing the risk of financial data manipulation.

  • Reduction of weekly investment cycle from 15 days to 5 days.