Case Study #2

ACCESSIS
Access Innovative Solutions

Program Management – Managing Multiple Projects

This case study discusses the process of managing multiple interrelated projects, initiatives, and activities to achieve a common set of strategic objectives. This involves coordinating and overseeing various projects within a program to ensure that they are aligned with the organization’s goals and are delivered successfully.

Background:

A Financial Services company (FI) was looking to launch a new service for consumers in a new territory, in an untapped market. The FI was looking for an alternative to handle its onboarding of new customers while at the same time ensuring that it was meeting the regulatory guidelines and compliance in that jurisdiction. Due to increasing regulatory requirements for Anti Money Laundering (AML) and Combatting Financial Terrorism (CFT) the FI realized that it needed to find an end-to-end solution to make sure the enrollment of new customers would go through a well vetted process to meet Know Your Customer (KYC) screening, as well as the ongoing monitoring of customer accounts to ensure that they remained in compliance, allowing the FI to focus on its operations.

Objectives:

  1. Launch a new financial service in a new territory efficiently and cost-effectively.
  2. Develop policies, procedures, and systems to ensure compliance.
  3. Limit risk and exposure of all Stakeholders.
  4. Establish a relationship with a business partner that has the requisite skills to launch and manage the entire program as well as support multiple services in a single solution that would meet or exceed regulatory compliance.

Stakeholders:

  1. Board of Directors
  2. Senior Leadership Team
  3. Compliance Team
  4. Government Regulators
  5. Financial Partners
  6. Program Manager (PM)

Challenges:

  1. Diverse set of projects within the program, each has its own unique objectives and challenges.
  2. Evolving regulatory environment and standards.
  3. Limited resources and budget constraints.
  4. Complex integration of services and technologies.
  5. Contracting an experienced and reputable business service provider to deliver multiple services in one solution.

The Approach:

  1. Initiation: The FI’s Senior Leadership Team appoints ACCESS as PM.
  2. Planning: The PM works with the FI to develop a Program Management Plan outlining the program objectives, scope, budget, timelines, and KPI’s.
  3. Risk Management: The teams work together to develop a strategic plan including developing the policies and procedures to limit risk.
    1. AML-CFT
    2. Business Continuity and Disaster Recovery Program (BCDRP)
    3. Client Risk Management
    4. Cyber Risk Management
    5. KYC & KYP
    6. OPS
    7. Privacy
    8. Risk
    9. Settlement
  4. Execution and Deployment of Services: ACCESS provided the development, integration, and ongoing management of the program for the Customer, delivering its integrated proprietary solutions.
    1. Cash Management Services
      1. Card Load & Cash Back Network
      2. Settlement Services – Financial Institution, Processor, and Mastercard
    2. Customer Service
      1. Live Agent
      2. Conversational AI
      3. Outbound Telemarketing
    3. Data Analysis
      1. Cardholder Profiling
      2. Cardholder Analytics Reporting
    4. Fulfillment
      1. Card & Marketing Material Support & Design
      2. Card Print Production
      3. Card Delivery
    5. Managed Services
      1. Custom Onboarding APP
      2. Photo Identification Capture & Validation
      3. Screening Platform: OFAC, Sanctions, PEP, Social Media
      4. Fraud and Transaction Monitoring & Reporting
    6. Technology:
      1. Onboarding
      2. Monitoring
      3. Payment Networks
      4. Processing

Benefits

The use of an experienced program management team streamlined the process, bringing the FI’s product to market in a timely and efficient manner, while allowing  the FI’s Senior Leadership Team to focus on marketing and growth of the program.

  1. Cost Savings: Leveraging the experience of the PM, the FI was able to achieve costs saving across multiple services (AML, card manufacturing, print, processing).
  2. Efficiencies: Having the PM team manage the program launch from conception to launch, rather than the FI having to source and negotiate with multiple new vendors, streamlined the development and ongoing processes.
  3. Time to Market: By utilizing an experienced PM and all it had to offer, the FI was able to bring its program to market several months ahead of its original target date and a jump on the competition.
  4. Initiatives: The FI was able to focus on critical sales and marketing activities.
  5. Onboarding: The availability of a customized onboarding service allowed the FI the flexibility to make real-time changes to the enrollment requirements as the program matured.
  6. Flexible Architecture: Beyond the original scope of the engagement, the FI was able to leverage other PM technologies that it had wanted to incorporate into other projects it was working on saving time and reducing costs.
  7. Risk Management: Utilizing the VeriFi platform the FI was able to incorporate a Risk Management Program into its product launch. Leveraging the knowledge base, flexibility, and enhanced tools, allowing it to pivot within a changing market.

Outcome:

Through the use of effective program management, the FI successfully launched its financial product, delivering a sustainable solution for the communities it serves while meeting its regulatory responsibilities and its overall business objectives. The FI was able to enter the market ahead of its original schedule gaining market advantage and at a significant cost savings.

Conclusion This case study demonstrates how program management can help organizations navigate complex, multifaceted initiatives and achieve their strategic objectives while effectively managing its stakeholder and customer risk.

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