Productivity Strategies in Banking Operations During Recessionary Times - 0 views

AML compliance program manual

started by Rob Sloan on 15 Mar 12

#1 Rob Sloan on 15 Mar 12

In a business world fraught with layoffs, budget and staff cuts, purchases and mergers, uncertainty abounds. Bank operations managers are thinking about: "What if these cuts hit my department? How can i do more with a smaller amount? " The need for efficiency in bank operations has never been greater.

Traditional approaches for addressing economic pressure in bank processing generally include admonitions including, "nose to the grindstone, " "tails and elbows, " and the ever popular "come in early, stay late, and work through lunch. " These are generally old-school work-harder strategies, giving short-term, crisis-oriented solutions.

Today's workforce and management techniques consentrate on working smarter. Working smarter for the long run, increasing productivity and quality inside your operations and cultivating opportunities to diminish operating expenses - these include the techniques that will prove most effective over time.

"Okay, " you say, "staffing cuts and increasing processing volumes have gone me reactionary and with crisis mode. How do I find time to accomplish this analysis? Where do My partner and i start? " Start by instituting these six measures:

o Focus on ones customer

o Understand your customer's needs

o Analyze your department's inputs

o Evaluate ones department's operation

u Create your efficiency plan, and

o Strategy your success.

So, let's get rolling.

Focus on Ones Customer

Sounds elementary, doesn't it? It's surprising how often this little bit of operations productivity is downplayed - or missed altogether. Who is your customer? Often in bank treatments, your internal customer is not the final external site visitor. By fulfilling your internal customers' needs, you permit them to more effectively service their customers' needs. Meeting periodically with your customers helps you to understand what they need from your department - how are able to your department service them better? A super regional bank inside Midwest employs an effective strategy that balances the necessity to understand the customer, although still managing the rising department work flow. The bank's lock container and check processing managers have a standing bi-weekly "working lunch" using processing center manager together with product managers (their own internal customers). The aim of these lunches is to discuss internal customer needs and to mutually discover solutions which will allow their bank to better service their cash direction customers.

Understand Ones Customer's Needs

To learn your customers' needs, you need to assess whether they are pleased with the service and quality levels that the department currently provides.

Are your department's processes being performed in a timely manner? What service levels are acceptable for a customer? Is that product level realistic? Achievable? Can be there additional services that your department can provide your customers to enhance the customer service that they successively provide? On the switch side, are there any unnecessary services your department currently provides that the customer doesn't need? Customer needs change after a while - make sure you're in the loop.

Is the level with quality you provide for a customer acceptable, or overkill? Provide low quality, and your customer is usually dissatisfied. Spend too enough time on unnecessary quality lab tests, and your productivity declines. What quality level is mutually agreeable to you and your customer?

Examine Your Department's Inputs

Which are the inputs that your unit receives and processes so as to fulfill your customer's must have? Checks from Lock Container Processing? Outstanding Items Reviews? Are they being delivered to your department in an organized and timely approach, in a usable data format, facilitating quick and accurate processing?

Communicate with ones department's input provider. Discuss ways to improve your department's feedback. Explore cost-effective and obtainable solutions that can help you more effectively get your customer's requirements.

Assess Your Department's Operation

What specific solutions does your department perform for a customer? Where are the logjams that will slow the delivery to your department's service to ones customer? The more detailed the analysis, the more effective you can be in discovering ways to improve process effectiveness and minimize expenses.

Start by documenting the work flow. Look at the processes which were performed within your unit, their delivery schedules together with required resources. Are any of these processes influenced by outside elements? Are all of the processes necessary? Processes that don't add value on the product being delivered to the customer should be taken off. The same goes for redundancy. Consider the effectiveness of combining processes to boost the speed of delivery for your customer. Are you working at something in two steps, where one step would achieve the same goal, at the exact same quality level? Look to recognize where the work move slows or stops. Precisely what is creating the delay? Can you control or eliminate the reason the delay? Or, do you work around it?

Study the processes in more detailed detail. How would your department's work flow be affected but if the input provider enhanced its processes before the work came to ones department? Can you make such a recommendation for change? Are there things ones department is doing which might be outsourced? Are there any processes that your department currently performs that could be transferred to your input provider? For example, input fields for consumer investment products which can be populated through electronic interfaces while using the CIF and branch personnel may help you to use your in-house staff for more critical digesting.

How would you rate your department's usage of technology? Are you benefiting from all the tools available to you? When caught in some sort of time-crunch, it's easy to write-off enough time it takes to discover new programs or technology as a waste of time. Your "we'll learn it tomorrow, when we get over the hump" approach. Unfortunately, some of us never make contact with our initial plan of blocking out time to learn about new technological know-how. Once you've worked in the crisis and managed to accomplish a minor miracle to get everything done, the urge to strategy in advance for the very next time has worn off.

Don't fit in this trap. Take the time to educate yourself on the technological advances available. Some advanced planning may yield real cost and time savings for a operation.

Create Ones Efficiency Plan

Once you've identified where your inefficiencies are, you can begin to address them. Use standard Project Management methodology to give a framework within which to figure.

First, establish your period line. What are your limitations and goals? Is it feasible to have a three-month timeline? Can you make changes inside your organization that quickly? And also, is a six-month schedule more achievable? If you need to involve other departments and resources, remember to include them inside your planning. If your plan includes staffing up, and also realigning existing staff, make sure that you're allowing enough time for hiring, transition together with training time.

Next, assign specific task responsibilities. If your evaluation has identified a lack of training on a specific process as the culprit for slowing production - document and up-date your training manual and conduct workout sessions. Assign team leaders or a key point personnel to help regulate the changes and monitor the completion of undertaking deliverable. Establish communication strategies for keeping everyone appraised on the status of the project. Set milestones and know when they've been met.

Most importantly, empower your staff to learn opportunities to increase unit and operations efficiency. Encourage their participation in helping to identify where when procedures or processes may be revamped. After all, who better to identify operations trouble spots then those with their own hands in it on a daily basis?

Change can make some employees nervous, so make it worth their while to help speak up. Recognize and acknowledge employee participation together with production excellence by constructing reward programs. Employee reward programs run the gamut from pizza lunches together with gift certificates, to wonderful parking spaces and comp time. Test the waters for what's most suited to your organization's culture.

Measure Your Accomplishment

This could be the step that is the majority overlooked. How will you fully understand if you've achieved the efficiencies you set out to attain, if you're not measuring your successes? Successes may be found in easily measurable actual time savings, cost-savings, or inside less-than-concrete improved customer satisfaction. Number crunching will give you the main picture, but don't neglect the value of surveying your customers to gauge how ones improved processes impacted these.

By implementing these six steps into your treatments, you can better prepare yourself and your department for any economic unknowns to come.

REFERENCE:

http://www.newworldproducts.org/Articles/Art/239443/99/What-Is-Anti-Money-Laundering.html

http://www.newworldproducts.org/Articles/Art/241491/215/Precisely-What-Is-Anti-Money-Laundering.html

http://www.articlecompilation.com/Article/Regulatory-Compliance-Audit-And-Also-AML-Compliance-Software/1992550

<div class="cArrow"> </div><div class="cContentInner">In a business world fraught with layoffs, budget and staff cuts, purchases and mergers, uncertainty abounds. Bank operations managers are thinking about: "What if these cuts hit my department? How can i do more with a smaller amount? " The need for efficiency in bank operations has never been greater. Traditional approaches for addressing economic pressure in bank processing generally include admonitions including, "nose to the grindstone, " "tails and elbows, " and the ever popular "come in early, stay late, and work through lunch. " These are generally old-school work-harder strategies, giving short-term, crisis-oriented solutions. Today's workforce and management techniques consentrate on working smarter. Working smarter for the long run, increasing productivity and quality inside your operations and cultivating opportunities to diminish operating expenses - these include the techniques that will prove most effective over time. "Okay, " you say, "staffing cuts and increasing processing volumes have gone me reactionary and with crisis mode. How do I find time to accomplish this analysis? Where do My partner and i start? " Start by instituting these six measures: o Focus on ones customer o Understand your customer's needs o Analyze your department's inputs o Evaluate ones department's operation u Create your efficiency plan, and o Strategy your success. So, let's get rolling. Focus on Ones Customer Sounds elementary, doesn't it? It's surprising how often this little bit of operations productivity is downplayed - or missed altogether. Who is your customer? Often in bank treatments, your internal customer is not the final external site visitor. By fulfilling your internal customers' needs, you permit them to more effectively service their customers' needs. Meeting periodically with your customers helps you to understand what they need from your department - how are able to your department service them better? A super regional bank inside Midwest employs an effective strategy that balances the necessity to understand the customer, although still managing the rising department work flow. The bank's lock container and check processing managers have a standing bi-weekly "working lunch" using processing center manager together with product managers (their own internal customers). The aim of these lunches is to discuss internal customer needs and to mutually discover solutions which will allow their bank to better service their cash direction customers. Understand Ones Customer's Needs To learn your customers' needs, you need to assess whether they are pleased with the service and quality levels that the department currently provides. Are your department's processes being performed in a timely manner? What service levels are acceptable for a customer? Is that product level realistic? Achievable? Can be there additional services that your department can provide your customers to enhance the customer service that they successively provide? On the switch side, are there any unnecessary services your department currently provides that the customer doesn't need? Customer needs change after a while - make sure you're in the loop. Is the level with quality you provide for a customer acceptable, or overkill? Provide low quality, and your customer is usually dissatisfied. Spend too enough time on unnecessary quality lab tests, and your productivity declines. What quality level is mutually agreeable to you and your customer? Examine Your Department's Inputs Which are the inputs that your unit receives and processes so as to fulfill your customer's must have? Checks from Lock Container Processing? Outstanding Items Reviews? Are they being delivered to your department in an organized and timely approach, in a usable data format, facilitating quick and accurate processing? Communicate with ones department's input provider. Discuss ways to improve your department's feedback. Explore cost-effective and obtainable solutions that can help you more effectively get your customer's requirements. Assess Your Department's Operation What specific solutions does your department perform for a customer? Where are the logjams that will slow the delivery to your department's service to ones customer? The more detailed the analysis, the more effective you can be in discovering ways to improve process effectiveness and minimize expenses. Start by documenting the work flow. Look at the processes which were performed within your unit, their delivery schedules together with required resources. Are any of these processes influenced by outside elements? Are all of the processes necessary? Processes that don't add value on the product being delivered to the customer should be taken off. The same goes for redundancy. Consider the effectiveness of combining processes to boost the speed of delivery for your customer. Are you working at something in two steps, where one step would achieve the same goal, at the exact same quality level? Look to recognize where the work move slows or stops. Precisely what is creating the delay? Can you control or eliminate the reason the delay? Or, do you work around it? Study the processes in more detailed detail. How would your department's work flow be affected but if the input provider enhanced its processes before the work came to ones department? Can you make such a recommendation for change? Are there things ones department is doing which might be outsourced? Are there any processes that your department currently performs that could be transferred to your input provider? For example, input fields for consumer investment products which can be populated through electronic interfaces while using the CIF and branch personnel may help you to use your in-house staff for more critical digesting. How would you rate your department's usage of technology? Are you benefiting from all the tools available to you? When caught in some sort of time-crunch, it's easy to write-off enough time it takes to discover new programs or technology as a waste of time. Your "we'll learn it tomorrow, when we get over the hump" approach. Unfortunately, some of us never make contact with our initial plan of blocking out time to learn about new technological know-how. Once you've worked in the crisis and managed to accomplish a minor miracle to get everything done, the urge to strategy in advance for the very next time has worn off. Don't fit in this trap. Take the time to educate yourself on the technological advances available. Some advanced planning may yield real cost and time savings for a operation. Create Ones Efficiency Plan Once you've identified where your inefficiencies are, you can begin to address them. Use standard Project Management methodology to give a framework within which to figure. First, establish your period line. What are your limitations and goals? Is it feasible to have a three-month timeline? Can you make changes inside your organization that quickly? And also, is a six-month schedule more achievable? If you need to involve other departments and resources, remember to include them inside your planning. If your plan includes staffing up, and also realigning existing staff, make sure that you're allowing enough time for hiring, transition together with training time. Next, assign specific task responsibilities. If your evaluation has identified a lack of training on a specific process as the culprit for slowing production - document and up-date your training manual and conduct workout sessions. Assign team leaders or a key point personnel to help regulate the changes and monitor the completion of undertaking deliverable. Establish communication strategies for keeping everyone appraised on the status of the project. Set milestones and know when they've been met. Most importantly, empower your staff to learn opportunities to increase unit and operations efficiency. Encourage their participation in helping to identify where when procedures or processes may be revamped. After all, who better to identify operations trouble spots then those with their own hands in it on a daily basis? Change can make some employees nervous, so make it worth their while to help speak up. Recognize and acknowledge employee participation together with production excellence by constructing reward programs. Employee reward programs run the gamut from pizza lunches together with gift certificates, to wonderful parking spaces and comp time. Test the waters for what's most suited to your organization's culture. Measure Your Accomplishment This could be the step that is the majority overlooked. How will you fully understand if you've achieved the efficiencies you set out to attain, if you're not measuring your successes? Successes may be found in easily measurable actual time savings, cost-savings, or inside less-than-concrete improved customer satisfaction. Number crunching will give you the main picture, but don't neglect the value of surveying your customers to gauge how ones improved processes impacted these. By implementing these six steps into your treatments, you can better prepare yourself and your department for any economic unknowns to come. REFERENCE: <a rel="nofollow" href="http://www.newworldproducts.org/Articles/Art/239443/99/What-Is-Anti-Money-Laundering.html">http://www.newworldproducts.org/Articles/Art/239443/99/What-Is-Anti-Money-Laundering.html</a> <a rel="nofollow" href="http://www.newworldproducts.org/Articles/Art/241491/215/Precisely-What-Is-Anti-Money-Laundering.html">http://www.newworldproducts.org/Articles/Art/241491/215/Precisely-What-Is-Anti-Money-Laundering.html</a> <a rel="nofollow" href="http://www.articlecompilation.com/Article/Regulatory-Compliance-Audit-And-Also-AML-Compliance-Software/1992550">http://www.articlecompilation.com/Article/Regulatory-Compliance-Audit-And-Also-AML-Compliance-Software/1992550</a></div>

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