Key Practices

The four key practices are:

1. Operations and Risk

Operations and risk are inexorably linked, integral elements of banking. By improving operating efficiency, in the correct way, operational risks are reduced. Similarly, by addressing operational risk in the wrong way by, say, the introduction of inappropriate controls, operating efficiency is likely to decrease with consequential increases in cost.

The Practice applies operations "best practice" and advanced risk assessment techniques to deliver innovative but pragmatic solutions for Operations and the management of Operational Risk.

2. Regulation and Compliance

Across the EU and globally, financial institutions are finding that their businesses are being impacted by more and more regulation. Moreover, new regulations are increasingly becoming principle-based which means that interpretation becomes a vital component of any compliance assignment.

From draft publication of new regulations, through the consultation phases to eventual introduction, the Practice, backed by a research team, is able to assess the likely impact and necessary action. Throughout a regulation’s life-cycle, Practice consultants are able to guide and assist clients.

Whilst the need for compliance is a given, BRAXXON sees it as an ideal opportunity to grow the client’s business through improved efficiency and the business opportunities that inevitably accompany change.

3. Business Continuity Management

70% of companies without a formal Business Continuity Plan do not survive for more than a year after a disaster. Most banks do have some form of BCP but, in many cases, the plan is not comprehensive and tends only to address IT disaster recovery. Once established, these plans have to be regularly updated and tested and are coming under increasing scrutiny by the FSA who are toughening their demands for more comprehensive and demonstrable plans.

This practice has in-depth experience in risk reduction, crisis management, data recovery, IT systems recovery, business unit recovery and regulatory compliance.

4. Smartsourcing & Consolidation

Smartsourcing business functions and processes of non-core operations is a `hot topic` at the moment and is likely to remain so for some considerable time. It is seen as a principal means by which banks and other financial institutions can significantly cut costs, save on capital investment, cut risk, concentrate on value generating sectors of their business and generally maintain a more flexible business model capable of meeting the ever-changing needs of the market.

The Practice brings to bear essential skills and experience underpinned by a specially developed methodology to guide and support clients from evaluation through to implementation of a smart-sourcing solution. This same expertise and methodology is applied when the client seeks support for the consolidation of business processes to a centralised or regionalised in-house operational facility.

(Smartsourcing is a term that covers in-sourcing and outsourcing for cost savings and other benefits as a total or partial solution, to the operational challenges that our clients face.)