Challenges in Financial Operations
Ivan Talajic leads three teams, managing complex processes with high risks in the Securities and Fund Operations department. The stakes are high – missing deadlines or inaccuracies in corporate actions could result in fines and damage to the bank’s reputation. The need to minimize operational risks, enhance staff competence, and streamline processes was paramount for Ivan.
Previously, the teams used different methods to manage their work, including printed checklists, spreadsheet checklists, and shared Outlook calendars. This decentralized approach proved inefficient, vulnerable to key man risks, and hindered the ability to gain a complete overview of their work. Staff coordination, onboarding, and process consistency were challenging, particularly with the absence of standardized procedures.
Finding a Solution
Recognizing the vulnerabilities, Skandia envisioned a centralized system to track, document, and follow up on operations. Initial attempts using Microsoft Teams proved inadequate, and in-house development was at first an option, but was ruled out due to it being costly to maintain and evolve as demands grew. Following industry peer recommendations, Daymi emerged as the preferred solution.
Daymi swiftly integrated into Skandia’s operations, providing centralized process tracking, documentation, and comprehensive reports. This marked the beginning of a continuous improvement initiative, expanding and standardizing procedure documentation and controls. Regular check-ins with Daymi’s Customer Success Manager ensured ongoing support and a collaborative approach to shaping the platform’s roadmap.
The Audit Advantage
While Daymi was initially implemented for centralization and efficiency, Ivan discovered additional benefits during internal audits. Daymi’s procedure documentation and sign-off functionality streamlined the audit process, providing a centralized location for procedure documentation and proof of execution. The result: two consecutive internal audits with no follow-up questions on processes and controls.