Improving Audit Score and Removing Staff Dependency with Daymi
Industry: Asset Management
Enter Fonder is an asset management company with equity and fixed-income strategies focusing on Swedish investments. When we first met, their CFO, Mohammed Farahani, was looking for a tool to connect all processes and activities for Enter Fonder to streamline everything from their operational plan and work descriptions to sign-offs and historical activity.
The setup at Enter Fonder was similar to most fund companies, with an internal oversight team coupled with risk and middle office functions. At the same time, they also have outsourced Fund Administration and custodians. Before Daymi, the team spent a lot of time being up-to-date on progress and working hard to keep all processes documented to avoid key staff dependency.
“Governing documents, operational documents – maintaining these are hard and tailored for auditors, not for ops people. It’s not connected to reality but ops teams must have it,” said Farahani.
Enter Fonder faced four challenges: maintaining governing and operational documents, onboarding new staff, minimizing staff dependency, and ensuring transparency and synchronization of all processes.
Ensuring transparency and synchronization of all processes.
Minimising staff dependency.
Maintaining governing and operational documents.
Onboarding new staff.
From endless spreadsheets to streamlined efficiency
Daymi enabled Enter Fonder to do all sign-offs, independently of activity, in one tool, thanks to the audit log and individual user accounts. One of the biggest takeaways from working with Enter Fonder was allowing clients to use the same naming standard in Daymi as they do in their operational plan. This has resulted in a transparent and efficient cross-referencing between signoffs, the actual processes, and the operational plan. By having all processes, sign-offs, and the actual work descriptions in Daymi, Enter minimized their staff dependency.
“With Daymi, we have categorized everything for the junior staff, they get to know, step by step, what they should do and how. For them, it is clear as day, the process is described with links, pictures, and texts for them to easily learn and perform,” said Farahani.
Daymi has allowed Enter Fonder to have an organization where all processes are well-documented and available to everyone, when needed. “For us, we can make sure everything works according to the process, and we can follow their status throughout the day.” Daymi has helped Enter Fonder optimize their tasks and processes and can help other companies within finance to do the same.
Reduced onboarding time by 50%, making it easy to learn and understand their operational frameworks.
Minimising staff dependency and allowing senior staff to focus on new regulatory demands and reports by having all processes, sign-offs, and work descriptions in Daymi.
Higher ratings in their internal audits by keeping all necessary documentation in one place and tracking progress in real time.
Before incorporating Daymi into our business, we were, like most companies, using to-do lists in spreadsheets which were printed and signed later. As you can imagine, this was both very time and energy-consuming. Daymi has enabled us to do all sign-offs, independently of activity, in one tool, thanks to the audit log. As a result, we have saved both time and costs and can operate much more efficiently. Mohammed Farahani, CFO and Deputy CEO at Enter Fonder