offshoring: sydney a live example april, 2005 fx jsc operations managers sub group operations...
TRANSCRIPT
Offshoring: Sydney A Live ExampleApril, 2005
FX JSC Operations Managers Sub Group
Operations Managers Conference
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Global Operations Managers Conference
Table of Contents
2 Centre ModelSection 1
Section 2
Section 3
Why Sydney
Section 4
Section 5 The other side of Sydney
The Reality
Support Model & Structure
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Why
Opportunity to create a dual processing centre model outside of the major financial centres
Reduced Operational headcount from four centres to two
Centralised functions
Reduces costs in supporting our core vanilla businesses
How
FX was specifically chosen as the test group for the two centre approach due to similar processing streams
A review was conducted to identify the functions which could be covered in Sydney during an extended working day.
Services provided in this location directly supports the entire Asia region and half of London working day.
Client Service Groups remained in the trading centres
Global Operations Managers Conference
2 Centre Model
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Global Operations Managers Conference
Why Sydney
Ability to leverage experienced Morgan Stanley managers on site
Low geo-political risk
Language skills (including Japanese)
Higher cost
differential
Sydney earliest time zone
Established financial centre
CLS best supported in the Pacific Rim region
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Global Operations Managers Conference
Support Model & Structure
Based on the functional review the following sub-groupings were developed.
Pre-settlement services
Account Maintenance
CLS
Trade Maintenance
Payment Processing
Phone confirms
Post-settlement support
Reconciliation
Investigations
Compensation
Sydney Support Structure
2 x 10 Hour shift structure – 1 Day and 1Night
Day shift comprises staggered start times to facilitate all time zones
Night shift work a 4 day week
Documentation & Payments
Payment processing
Incoming confirmations
Chasing
Primarily supported in 2nd location
Global coverage supported in Sydney
Primary functions
Limited functions
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People
Good pool of skilled people in relevant products / processes
Graduate population is keen to get into the financial industry
Higher than expected attrition rate
Market is buoyant in Sydney, similar organisations are competing for FX skill set
Supporting Shift structures
Processes
CLS support well established in Sydney, in-depth expertise / knowledge base now in place
Centralisation of reconciliations, creating economies of scale, improved ability to service our clients with earlier fail information
Centralisation of other functions (e.g. SSI maintenance) resulted in enhanced global standards in how we supported our businesses
Global Operations Managers Conference
The Reality
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Global Operations Managers Conference
The Reality contd……
Business Unit Relationships
Working remotely has made it difficult to establish strong relationships
with the Business Unit for new staff, a new and different approach was
required.
Global Operations Communication
Getting people to think differently in the way they communicate in a
global operations with support offices now outside of traditional financial
centres
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Global Operations Managers Conference
The other side of Sydney……