“Keep things simple. People get lost when a systematic approach becomes over-complex and they loose sight of the actual goal.” – Richard Branson
“Take away the cause and the effect ceases.” – Cervantes
“Only through the collective efforts of their individual members do companies change; companies are incapable of changing themselves.” – V. Daniel Hunt
“The person doing the job knows far more than anyone else about the best way of doing that job and is the one person best fitted to improve it.” - Allan H. Mogensen
“If you’re not simple, you can't be fast, and if you’re not fast you’re dead in a global world” - Jack Welch
“Strategy is not only about ways to get better…more importantly, strategy formulation is about finding ways to get… different.” - Michael Porter
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” – Aristotle
“If the process is right, the results will take care of themselves.” – Takashi Osada
“To find out how to improve productivity, quality and performance, ask the people who do the work.” – Harvard Business Review
“Simplicity is the ultimate sophistication.” - Leonardo Da Vinci
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DUE PROCESS CONSULTING LTD
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Case Study 3
Bank C has operations spanning selected countries across the world. Recently, the Bank set-up operations in East Africa, starting with two flagship branches and then expanding rapidly into a sizeable branch network.As a result of the rapid expansion, the Bank found itself confronted with a myriad of operational risks, many of which resulted into losses, some of them quite substantial. The operational loss incidents at the Bank attracted the attention of the Central Bank which censured the Bank and required that the situation be regularized quickly, if the institution was to continue enjoying its license.
Bank C engaged Due Process Consulting LTD to help it stem the escalating operational risk challenges.
Our Consultants studied the Bank’s structures, systems, policies and procedures as well as operating environment and:
- Designed, documented and set-up an Operational Risk Management Framework that complied with the Central Bank’s prudential guidelines as well as Basel II requirements;
- Designed, documented and set-up an operational loss incident management framework;
- In conjunction with the Bank’s employees, assessed the Bank’s core processes and systems for operational risks and came-up with a comprehensive Operational Risk Database/Register;
- Designed an effective surprise checks system and control diaries to assist management with their check and control responsibilities;
- Trained employees nominated by the Bank including an Operational Risk Coordinator on operational risk management;
- Made helpful recommendations to assist the Bank improve its operational risk profile by proactively mitigating operational risks and reducing the severity of loss incidences.
- The Bank’s operational risk management profile improved significantly to the entire satisfaction of the Central Bank;
- The Bank’s employees were able to manage operational risk on a day-to-day basis going forward using the framework we put in place;
- Operational loss incidences reduced dramatically as possible loss incidents were identified in a timely manner and managed properly to reduce the likelihood and impact of losses to the Bank.