Enhancing Enterprise Compliance for a Leading US Retail Bank

The fundamental issues being faced by the bank are: Duplication of work which leads to operational inefficiencies Decentralized functioning of different business units which is leads to asymmetry of information across different units Increased costs due to manual provisioning and multiple solution providers Increase in complexity due to absence of centralized information flow. We can use Mc Farlans Strategic grid to explain the transition from factory grid to strategic grid. This can be done by the implementation of a centralized enterprise and resource planning (ERP) system

We propose a centralized ERP system for the bank. This can be implemented in the following steps: 1. 2. 3. 4. Outsource the ERP implementation to an IT solutions provider. The solution provider will suggest the optimal ERP system suitable for the context. The ERP system will integrate all the business units. Hire a single compliance partner which will provide solutions for all units by leveraging the ERP system 5. This will lead to symmetry of information across all business units and will reduce the manual work. 6. In addition to the integration of units it will allow linking of accounts and an increase in operational efficiency

Presented by -Dream Team (Bidisha Dutta, Dhananjay Dixit, Debasmita Nandy, Neelika Bhargava)

The ERP system will reduce the monetary risk of the bank and will improve the image by enhanced customer service and reduction in operational inefficiencies. In addition to the ERP system, we suggest the implementation of a performance dashboard which will integrate the data from all business units and show them on a single screen. This can be used by senior management for monitoring the progress and decision making. The key challenges which might be faced in ERP implementation are: Designing the structure of database A common software platform for all business units Training of the company manpower to use the newly implemented ERP system Using ERP system for business analytics

Presented by -Dream Team (Bidisha Dutta, Dhananjay Dixit, Debasmita Nandy, Neelika Bhargava)