IT Strategy and Implementation
With the ever-increasing pressure to do more with less, the decision to build versus buy has never been as important for financial services firms as it is today. Companies worldwide are turning to outsourcing for their technology solutions and processes as ways to reduce costs while maintaining a high level of performance. NRI’s IT Strategy and Implementation Service helps clients make informed decisions about their information technology strategy, applications deployment and vendor selections.
As part of the IT Strategy and Implementation, NRI will conduct a full review of clients’ operational processes and perform a gap analysis to identify any performance shortfalls. Depending on each firm’s budget and goals, NRI’s team will develop a customized implementation methodology. In addition to assisting with the process of third-party vendor solutions implementation, NRI will support the development of in-house solutions, as well.
NRI provides business process outsourcing (BPO) services for the financial services industry, with comprehensive support for asset managers. NRI’s BPO offerings support a range of operations, including net asset value (NAV) calculations, and weekly and monthly reports. By turning fixed costs into variable costs, NRI enables clients to enhance operational efficiency and control their budgets, while increasing performance quality.
NRI partners with clients in order to best understand and determine how each firm can benefit from BPO. After careful review and analysis, NRI recommends a customized outsourcing service to fit each individual client’s needs. Outsourcing the right operations enables firms to focus on their core competencies and grow their business through resource optimization. As part of the service, NRI also provides data center management and can operate their clients’ crucial systems, while performing regular maintenance and upgrades.
- Focus on Core Business:
By utilizing NRI’s BPO services, financial firms are able to shift internal resources to focus on core business and value-added activities.
- Cost Reduction
By turning fixed costs into variable costs, financial institutions are able to scale their processes as needed while managing the overall budget.
- Resource Optimization
Firms can review internal resource allocation and determine what functions can be kept in-house and what capabilities can be moved off-shore in order to best utilize the available resources.
- Operational Efficiency and Best Practices:
With its extensive expertise, the NRI Process Innovation team reviews and analyses clients’ current operational processes to determine best practices, helping firms increase their operational efficiency.
- Improved Operational Governance
By being better-positioned to review and improve their operations and oversight through working with NRI, financial firms gain stronger internal governance.
- Business Continuity Planning
By outsourcing, clients can take advantage of NRI’s state-of-the-art datacenters and BPO offices in the event of a natural disaster or other service disruptions.
Business Continuity Management
Proper business continuity management (BCM) is crucial for every financial services firm in order to ensure ongoing operations in case of a service disruption. Although there are no set guidelines for firms to follow for BCM since each firm’s strategy, business environment and management policy differ, it is still important to understand and benchmark against competitors. In Japan, this is especially critical, as the country’s government is a world leader in its approach to providing updated and revised information about both real and potential events. The government focused on preparing for man-made and natural disasters that could impact both day-to-day and long term business operations. As a result, it is imperative that Japanese companies keep their BCM plans and firms continue to turn to NRI, recognizing its expertise as an industry leader in BCM.
As part of its BCM offering, NRI will conduct a preliminary assessment of a client’s plan and help them prioritize the importance of their business tasks. NRI will then also design and structure an individual business continuity management plan for each client and guide them through building the business continuity plan (BCP) site and draft a customized manual for their BCM processes. Further, clients will have access to NRI’s industry-leading data center, a cloud-based system designed to maintain a company’s most valuable asset – its information. NRI also provides staff training and ongoing advice to ensure clients are prepared to execute their BCP.
Advisory Services and Strategy
To help clients gain a competitive edge in today’s marketplace, NRI’s Advisory Services and Strategy team provides expert guidance and thorough support for the numerous business and operational aspects that play a significant role in growing a global firm. In order to ensure financial services firms looking to expand internationally meet all of the unique regional regulatory mandates, NRI conducts regulatory environment research on all of the local rules. In addition, leaning on its unparalleled local-market expertise, the NRI team offers market entry strategy and support for international companies looking to enter the Japanese and Asian marketplaces.
Other additional services offered through NRI’s Advisory Services and Strategy solution include industry benchmarking and competitive analysis, which provides clients with non-biased results on the position they hold in their space, and guides them on their business development strategy.
Increased global regulatory pressures and growing demands from investors for transparency have driven risk management into the spotlight. To help financial services firms manage the various risks associated with operating a successful business, NRI’s Risk Management services offers complete risk management consulting. To help clients understand their full risk exposure, NRI assists them in building risk calculation models, provides consulting for market, credit and operational risk management and reviews their environment for controlling risk.
Regulatory and Compliance
Over the past few years, regulators, including the United States’ Securities & Exchange Commission, Europe’s Financial Services Authority and Japan’s Financial Services Agency, have been putting increased pressure on financial firms to manage their third-party provider relationships to ensure all rules and mandates are met. This has made it essential that a robust and thorough service level agreement (SLA) is in place between the financial firm and its vendor(s), and that the service level management (SLM) of the agreement will enable both the financial institutions and its third-party providers to maintain and review it to ensure any necessary updates are made in a timely manner Through its Regulatory and Compliance offering, NRI experts support its financial service clients, providing advisory services and solutions with an emphasis on ensuring that any regulatory and/or compliance mandates are reviewed and, if needed, updated. This includes making recommendations on pending and/or proposed regulations and, if necessary, following through by designing and putting in place innovative, workable solutions that will operate within the framework of established or new regulatory and compliance guidelines.