Forensic Health Checks

Written by
Sean Vickers

Chief Executive Officer

Published on

9 May 2022

Under the category

CLM Experts, Let's Talk

Our focus is to gap what you don’t know rather than to replay what you do.

Aurora CEO Sean Vickers on why the company’s forensic health checks are a must for banks and financial institutions alike.

Let’s go back to basics. Effective Client Lifecycle Management (CLM) and the associated processes and functions that hang from it, just like coat hangers on a clothes rail, have long been recognised as a necessity for Banks and Financial Institutions. 

Originally defensive in nature and focused on regulatory compliance, CLM is now recognised as an opportunity to connect a whole organisation, effectively drive revenue generation, and minimise the cost of doing business.

We think a successful CLM outcome is dependent on an organisation developing and aligning people, process, policy, data, and technology resources in synchrony and releasing value across hitherto segregated components. 

When we work with our clients, often they’re running multi-million dollar projects across numerous countries and sometimes they can’t see the wood for the trees. What we often see in these cases is that the CLM delivery programmes tend to focus on obvious point-solutions to apparent pain points and deliver narrow and unbalanced outcomes. Potential is not realised, costs spiral, and expectations are not met.  

Now let’s pause for a second and think about all of this in another way. Our highly productive health check service offers a way for you to re-align the output of effort to the right places. Our health checks are designed to help firms reset the big programmes they’re undertaking. We’re here to ensure coherent and measurable success across geography, function and programme.

Usually, for a financial institution, outcomes are focused on client experience, standardisation, regulatory compliance, or front office enablement. Naturally then, we’ll want to take a look at the variables we feel are important in these programmes and then pivot them towards the outcome of the organisation.

We have criteria across twelve areas that we hone in on. We work with the client over a short period of days to score and measure against each of those critical areas. 

Want to know more? Here comes the science bit:

 In the first instance, you would leverage the health check service when you need:

1. To initiate a programme of work

Identify the pitfalls up-front and get a rapid review of your current state to create early focus on the key gaps. 

2. To plan

Ensure alignment of deliverables to the outcomes of your programme or wider organisation and embed the required governance and engagement.

More importantly, how does it ultimately help you?

The outcome of the health check will define the shape of your programme whilst articulating ways to improve and redirect your transformation journey in the short, medium, and long term…

  • Clarify and set the scope to ensure stakeholders are on-board
  • Get a rapid expert view on your current state, whether that be policy, process, tech, people, data, or a combination of these
  • Gain a high-level, independent market view of where you are with your CLM journey or operational programme of work
  • Plan the plan: understand likely deliverables and timeframes, and apply an honest feasibility lens

To summarise, many organisations we work with find that it’s so important to have a refined and revised focus at all times within their programmes. The goal is to make sure that they are constantly aligned to the outcomes of the organisations.  

Big budgets, project managers and many, many stakeholders. All sorts of components are in the mix that can derail a programme. So, we do a lot of work with the right stakeholders to make sure their projects are really focused on those wider company outcomes. 

All that’s left for me to do now is to extend an invitation for you to get in touch. Thanks for reading.

 SV

Sean@AuroraSDE.com

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