Streamlining Customer Due Diligence at a Major Bank

Summary

A Process Improvement team was established to transform the Bank's Financial Crime processes, resulting in significant cost savings, improved efficiency, and a cultural shift towards continuous improvement.

The Challenge

The Bank identified that most of their Financial Crime processes were suboptimal, with waste and excess costs, necessitating a large-scale transformation. They needed to develop a continuous improvement capability to lead this change.

Our Response

We formed a specialised Process Improvement team to address the bank's challenges. Our approach centred on creating and delivering Lean Six Sigma training to 300 Operational Customer Due Diligence (CDD) staff across multiple countries. This training was delivered to all levels within the bank, including Senior Financial Crime Executives. We launched several improvement projects throughout the organisation, guided by an experienced Lean Six Sigma professional. This expert led the transformation efforts, leveraging their deep understanding of the bank's operations and regulatory landscape.

We immediately established a team of Process Improvement Analysts within the first three months, primarily supplied by Adams + Oliver.

The Outcome

Our efforts produced impressive results, with projected annual savings of £10 million. Within just six months, we successfully trained 150 CDD Analysts in Lean Six Sigma methodologies. More importantly, we fostered a culture of continuous improvement within the bank, empowering staff to identify and implement process enhancements. By transferring skills and knowledge to the workforce, we established long-term process optimisation capabilities, ensuring the bank can continue to improve its operations well into the future.

Key Stats

1. Within six months, 150 CDD Analysts completed the training.

2. Early results projected a £10 million cost benefit for the following year.

3. A cultural shift occurred, empowering CDD staff to challenge and improve processes.

4. Skills and knowledge were successfully transferred to the workforce on a permanent basis.

5. The program is set to continue into 2023, with ongoing projects and initiatives.

6. The Bank developed a sustainable continuous improvement capability, transforming their financial crime processes and operational efficiency.

At Adams + Oliver, we take pride in our ability to provide tailored solutions that drive success for our clients. Our commitment to finding the right fit from our Known + Trusted Delivery Experts, ensures we can assemble the right teams to tackle even the most complex Financial Crime challenges.  

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