A global private equity, alternative asset management, and financial services corporation received suboptimal results from a disaster recovery test it performed.
Based on the findings of the test, the firm’s existing equity management system and related processes were deemed outdated, inefficient, and unfit to scale with the business.
The OCFO knew it needed to course-correct.
That’s when CrossCountry Consulting stepped in to conduct a Business Process Re-engineering (BPR) to create a multi-year improvement roadmap centered around people, process, technology, and data.
Subsequently, CrossCountry established a cross-functional implementation program to build a new equity management system focused on transforming all Carry-related Transaction Processing and Reporting (CTR).
CrossCountry partnered with the client to stand up a cross-functional program of change comprising five interdependent workstreams:
- Process Redesign: Responsible for reviewing all current Carry processes and transforming them through systematization, standardization, and process governance.
- IT System Build and Readiness: Responsible for designing, building, integrating, and testing the new system.
- Fund Migration: Responsible for converting and migrating all active and liquidated funds from the existing system to the new system.
- Operating Model Design: Responsible for reviewing the current operating model and recommending a future-state operating model that facilitated synergy realization and process centralization.
- Project and Change Management: Responsible for providing overall program management as well as targeted change management, including communications, training, and transition planning.
The CTR program generated significant value for the client, including:
- Estimated annual cost savings of $1M.
- Systematization & straight-through processing of key Carry processes.
- Alignment of data models and governance across Information Systems platforms and elimination of data reconciliation between systems.
- Creation and roll out of best-in-class process redesign methodology, which can be used on future projects, as well as the establishment of a culture of continuous improvement.
- Successful conversion of over 200 funds from the legacy system to the new system.