The client’s fund administration team provides investment administration, fund accounting, unit registry service and other tailor-made services. This involves handling large volumes of data from various transactional processes (e.g. application processing, transaction processing), which are time-consuming and expensive and require effective back-office solutions.
Our process study identified problems in:
Automation: Sundaram streamlined the payment reporting process by automating modules to communicate to multiple fund managers simultaneously.
Risk analysis: Sundaram used periodic failure modes and effects analysis (FMEA), through a structured learning management system, to create standard operating procedures and maintain process efficiencies
Quality orientation: via a robust incident management system driven by Six Sigma, Sundaram drove operational rigour and reviewed practices at every stage of the engagement.
Leveraging the time difference: Sundaram conducted same-day reporting and reconciliation
Systems health checks on portals, applications, workflows, e-mail functions: these became a daily feature and assisted in standardising operations.
Because Sundaram was set up an exclusive team to handle the preliminary registry works, the client very quickly saw improvement in accuracy and timeliness, seamlessly making way for dependent activities. Our multi-layered review not only resulted in a reduction in manual intervention but also eliminated privacy breaches.
The business impact was that the client could focus on value-added activities, because of its decision to transition high-end activities like reporting functions and quality assurance from fund services to the client’s outsourced business solutions provider - Sundaram Business Services. Over time, our client invested more heavily in its Sundaram outsourced workforce, increasing the number of staff threefold, as the number of fund managers increased fourfold.
Add your email to receive our monthly newsletter.