Challenge
Client was facing a complex legal landscape and the need to comply to ISAE 3402
An independent financial services provider with offices in over 100 countries was struggling to integrate their service portfolio. Growth by acquisition had led to hundreds of different ways of working and an IT infrastructure to match. In addition, they struggled to combine one standardized way of working with the challenges posed by local legislation. This meant that they felt like they had the choice of letting each office operate independently and inefficiently or introduce a standard that would potentially cause compliance issues due to the complex legal landscape and the need to comply to ISAE 3402.
Approach
Mavim was used to begin a process standardization and risk mapping program. With Mavim, the financial services provider could visualize their processes and procedures and connect them to the related risks and local legislation. This meant that when a new way of working was introduced or when legislation changed, the company knew who was responsible and what else in the organization (IT infrastructure, physical assets, products & services) would be impacted. In addition, they used Mavim to develop a certification model to ensure continuous compliance to ISAE 3402.
Results
Thanks to a worldwide standardization of 80% of the business processes, this global financial services provider indicated an expected a 15% reduction in total operational costs. In addition, this program helped them to reduce the costs of sales thanks to increased visibility and cooperation between departments. The Program lead said “Efficient cooperation between our departments increases the quality of our products deliver, decreases the costs of sales and improves our response time.” On top of that, each location understands the impact of local legislation on their way of working and management also understands how and why each of their new offices work the way they do.