Most internal issues in organizations are still being handled in a manual or semi-automated manner. Issues relating to central bank requests and guidelines, audit, client related requests such as balance confirmations can have serious control and service quality ramifications but are often neglected. Workstream ITMS provides a simple to deploy customizable solution which will implement strong process- based management for such issues.
CASE STUDY: An expanding regional bank wanted to rebuild its internal processes to implement wider controls and improve service quality and efficiency. The bank needed to increase visibility of all outstanding issues and enforce a speedy resolution.
CLIENT PROBLEM: There were blockages in the flow of processes affecting service performance. Backlogs of pending internal control issues as a result of manual processes had made tracking and resolution very difficult. The bank was suffering from weak internal controls and was highly susceptible to both internal and external fraud. Further, Central Bank orders also slowed processing times and were proving almost impossible for this bank to expand its processing capacity with existing technology.
CLIENT SOLUTION: The Workstream Issues Tracking and Management Suite let the client not only solve their outstanding issues, it increased their capacity and ability to track emergent issues. Processes became quick and control was maintained from a more central infrastructure. Senior officers and branch heads gained instant access to summarized issue and internal control information and could see at a glance where issue investigation or resolution took too long. Workstream allowed the bank to exercise improved controls throughout, and be well prepared to meet increase in transaction volumes arising out of business expansion in the future.
The Workstream Issues Tracking and Management Suite comprise the following modules that are common to most financial services organisations. In addition, further user-definable modules can be added to target a bank’s specific requirement.
Compiles and tracks all audit related issues. Processes deceased account information and documents according to banking rules and regulations, and providing remaining balance in the account to rightful heirs. Generates and provides account balance confirmation letters to customers, tracks required documents and charges appropriate fees to relevant customer’s account. Tracks excess cash and reports shortages for various tellers along with supplying necessary documents and information regarding incident date, transaction type etc. Processes information such as central bank orders for individual and corporate bank customers pertaining to court orders, police orders etc.
Authorizes deviations from approved policies and procedures of any bank to provide temporary increases in limits, exceptional account approvals to valued customers based on current rules in bank manuals and policy documents. Processes different types of incoming incidents like stale check posted, amount in word and figures differs on checks, customer’s or authorised staff’s signatures missing, unauthorised closure of account etc. Processes miscellaneous types of outgoing incidents related to online postings, irregular endorsements, missing bank stamps, operational loss etc. Approves write off of profits or losses on a particular account by the appropriate head of department/branch manager. Right click and use the 'Save as' option to download the PDF. Click to view in your browser.
Workstream Business Suite (WBS)
Workstream BusinessAnalyst (WBA)
Workstream RapidAutomator (WRA)
Workstream ProcessRepository (WPR)
Workstream ATM Monitoring System (ATMS)
Workstream Corporate Credit Approval and Administration Suite (CCAA)
Workstream Consumer Credit Application Processing (CCAP)
Workstream External Agencies Management Suite (EAM)
Workstream Issues Tracking & Management Suite (ITMS)
