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The drive towards greater efficiency: Responding to the crisis by improving operational excellence
l'étude
Septembre 2011
Etude disponible uniquement en anglais.
As this report goes to print, the Financial Service world has just experienced a period of such intense volatility it has prompted leading commentators across the world to ponder whether or not we are about to suffer a second major crisis on a size and scale to that which we endured in 2008. There is no doubt that although the circumstances are very different in 2011 from 2008, the need for financial service organisations to take operational excellence seriously has not diminished one cent. In 2008, the crisis started in the mortgage markets and the world of almost unlimited credit suddenly found itself at a Stop light. Governments had to step in and provide liquidity through low interest rates, bank bailouts and an injection of US$ 1 trillion into the system. The present strains are not caused by a lack of liquidity because much of the banking and business world is cash rich and debt poor. The real issue is a lack of confidence by financial players in one another and in their governments ability to kick-start their economies.
The world of operational excellence is therefore coming under greater scrutiny. Recent press releases and company reports show the major banks are setting huge targets for re-engineering – HSBC $2.5 – 3.5 billion over a three year period, Deutsche Bank around $1.5 billion over a one year period, UBS $2.4 – 3.0 billion over the next several years and Barclays $1.6 billion annual savings by 2013, to name but a few.
The importance therefore of sharing thoughts and non-proprietary practices becomes even more critical as we all look to achieve the best expense management structures. I want to encourage a wider senior involvement in this Council to promote good operational practice; we all have something to learn – big or small institution – which we can take back to our businesses and make re-engineering a way of life and something for which all employees feel a sense of empowerment and responsibility.
As this report goes to print, the Financial Service world has just experienced a period of such intense volatility it has prompted leading commentators across the world to ponder whether or not we are about to suffer a second major crisis on a size and scale to that which we endured in 2008. There is no doubt that although the circumstances are very different in 2011 from 2008, the need for financial service organisations to take operational excellence seriously has not diminished one cent. In 2008, the crisis started in the mortgage markets and the world of almost unlimited credit suddenly found itself at a Stop light. Governments had to step in and provide liquidity through low interest rates, bank bailouts and an injection of US$ 1 trillion into the system. The present strains are not caused by a lack of liquidity because much of the banking and business world is cash rich and debt poor. The real issue is a lack of confidence by financial players in one another and in their governments ability to kick-start their economies.
The world of operational excellence is therefore coming under greater scrutiny. Recent press releases and company reports show the major banks are setting huge targets for re-engineering – HSBC $2.5 – 3.5 billion over a three year period, Deutsche Bank around $1.5 billion over a one year period, UBS $2.4 – 3.0 billion over the next several years and Barclays $1.6 billion annual savings by 2013, to name but a few.
The importance therefore of sharing thoughts and non-proprietary practices becomes even more critical as we all look to achieve the best expense management structures. I want to encourage a wider senior involvement in this Council to promote good operational practice; we all have something to learn – big or small institution – which we can take back to our businesses and make re-engineering a way of life and something for which all employees feel a sense of empowerment and responsibility.
