Financial Services
Cornwell’s Financial Services practice provides business advisory and IT management consulting services to banking, investment, insurance, life & pensions and capital markets clients. Our consultants have a highly successful track record in converting strategy into realistic programmes of change, and working with organisations to help implement practical solutions.
Our approach is driven by client demands and business imperatives. This is a necessity in an industry that must continually respond to regulatory initiatives such as MiFID, CRD and TCF, while at the same time meeting the challenges of reducing costs, managing risk and enhancing the total customer experience, working in cost effective unison with a wide range of partners and product suppliers.
Cornwell is an independent consulting firm that understands the needs of clients in the financial services sector, shares their business aspirations and recognises the challenges. Our consultants appreciate that in today’s complex business world, the best solutions are rarely available ‘off the shelf’ but come from experience, intelligent insight and creative thinking.
Cornwell consultants work in partnership with clients to supplement their management teams to assess situations, consider issues, identify options, plan change programmes and manage their effective introduction. Our services include:
- Programme governance, including programme and project management
- Electronic document and records management
- Business/IT function outsourcing
- Business transformation
- Aligning business and IT strategy
Programme governance, including programme and project management
We provide experienced consultants to formulate and deliver major programmes of change, using established practices to align investment more closely to strategic goals, enhance accountability for change delivery, improve the realisation of business benefits and manage risk more effectively. Our expertise in the financial services sector includes:
- Programme managing the development and launch of new retail financial products
- Conducting programme assurance reviews for a major business change & IT investment
- Providing coaching and mentoring to banking staff to improve the effectiveness of their project managers
- Undertaking a ‘project recovery’ exercise and restoring a major project to good health
Electronic document and records management
EDRM covers the management of information (both structured and unstructured) as a corporate resource, ensuring that appropriate policies and procedures are in place. Information management also includes responding to the broad regulatory requirements of the FSA and the specific requirements dictated by, for example, MiFID. We employ a large number of consultants who are EDRM specialists and offer formal training programmes using the highly acclaimed AIIM courseware. Our EDRM activities include:
- Helping create enterprise-wide records management strategies
- Undertaking a Document and Records Management project prompted by Sarbanes-Oxley
Business/IT function outsourcing
Our consultants assess the business function outsourcing opportunity and examine the viability of forming an outsourcing relationship. We assist with implementation, including the structuring of service level agreements and provide help in managing the outsourcing contract. Cornwell also provides ‘health checks’ and reviews of existing arrangements and offers support for the reintroduction in to the main business of a previously outsourced service. Our experience includes:
- Implementing outsourcing arrangements for third party administration
- Reviewing potential outsourcing arrangements for a major financial institution
We achieve cost effective and efficient methods of working by redesigning operational processes both within and external to the organisation. At the same time our consultants normally review and determine appropriate technology solutions. This may involve straight-through processing to deliver cost savings by streamlining the flow of information from customers through sales channels to back-office and outsourced processes. Our work includes:
- Performing a business process re-engineering project across all aspects of sales, document production, supplier interfaces, accounting and compliance
- Defining new service level agreements and redesigning business processes between a financial services organisation and one of its clients
Aligning business and IT strategy
Our consultants work with senior management to enable information and technology within the organisation to work effectively together, delivering tangible business value. We are also skilled in helping improve the effectiveness of both development and production environments using frameworks such as CMMI and ITIL. Examples include:
- Implementing a new quality management regime into a large and sophisticated IT organisation
- Improving the performance and effectiveness of a large-scale IT function by introducing significant process improvements
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