As Shared Services models evolve, new functions and functional extensions have been integrated into service offerings. One area however, that remains relatively under-served is Statutory and Tax Compliance Management.
First and foremost, the integration of Statutory and Tax Compliance into shared services is normally considered only when an organization’s existing shared services is stable and credible. ‘Proof of concept’ is an important element in convincing the organization that shared services is ready for the next step. In addition, it normally requires that certain functional capability is in place such as trial balance maintenance, month-end close, balance sheet reconciliations, etc. (it’s pretty hard to maintain the statutory accounts if you don’t have control over these and likewise the preparation of a corporate tax return will be next to impossible). As highlighted in the following diagram, the adoption of Statutory and Tax Compliance is a step taken after a number of other steps have been taken and are in place, working effectively.
The document discusses taking the first steps toward implementing shared services. It recommends identifying all costs and risks, focusing on core versus non-core services, and looking for solutions to simplify complex problems. While shared services can deliver value if implemented well, changing to them is sometimes an emotional rather than logical decision. The document provides examples of potential shared services like research support, data storage, and virtual desktops. It advises finding partners with the right capabilities and proximity, and building a clear plan to implement and measure shared services.
Mastering the Critical Components to Effective Change Management 2016Chazey Partners
Regardless of where your organization may be on the maturity spectrum of Shared Services, change is a constant, and the ability to manage change as part of your day-to-day operations is crucial. It is essential to ensure not only successful transformation, but the refinements and the continuous improvement afterwards that furthers the benefits of Shared Services and facilitates future growth.
During this workshop we demystify change management and employee engagement techniques by exploring practical applications, tools and latest practices. This presentation help you to:
· Learn how to enable on-going change for sustainable support and business results
· Manage cultural changes while keeping employees engaged/motivated
· Understand cross-cultural considerations in managing expectations
· Master ongoing communication that is relevant and resonates with stakeholders and employees
· Gain an improved understanding of change management
· Receive practical tools or ideas that can be implemented after the conference
Robotic Process Automation End-to-End Implementation RoadmapChazey Partners
RPA is a software solution, commonly referred to as “bots”, which mimic or automate tasks normally performed by humans interacting with data between systems. In common definitions RPA essentially comes down to removing human beings from operations that are repetitive evaluations requiring rules based decision criteria. Whereas automation addresses high volume repetitive tasks, RPA is the next step to include decision making under a controlled set of parameters. Like with other transformations, business leaders should adopt a structured framework with clear, tangible benefits and correctly defined expectations before embarking on an RPA journey. This Robotic Process Automation handbook offers you a clear, structured framework with which to launch and implement your RPA program. It ensures the technology is integrated well within existing systems and business operations and empowers your business to be future ready with dynamic adjustment of processes along your automation journey.
Intelligent Automation process selection workshop 101Chazey Partners
How to assess opportunities for functions across the business, and identify low-hanging fruits. How to identify what you "should" automate, rather than what you "can". Assessing whether to hit the ground running with an imperfect solution, or wait and go with a more robust solutions. Choosing a process for a PoC/Pilot. Identifying the quick and easy wins...
3 Key Aspects to Shared Services OptimizationChazey Partners
When considering moving further down the path of shared services, we recommend exploring 3 key aspects of shared services optimization – Assessment, Optimization and Growing.
Analyzing Your Shared Services Customer Service Delivery & Ensure Customer Sa...Chazey Partners
The best way to service your customers is to listen to their needs and feedback on a continual basis. If you do not understand your customer, you simply cannot service them per their expectations. If their needs aren’t met, your business relationship with them will suffer. This presentation will cover such topics as:
How to measure your customer’s expectations so you can supply them with the services they require; Customer service surveys and scorecards to establish customer-centric service deliveries; How to create a Customer Service culture that puts the customer first & foremost without exception, day in and day out; Data analytics tools that can provide the answers you need to better service your customers
Most organizations have accepted the need for a performance metrics framework. While these metrics are considered a necessity and often demand significant resources, many organizations are producing metrics reports that are not demonstrating value and do not seem to influence decision-making. This PDF document explores the key concepts, best practices and lessons learned from our years of public sector experience and other case studies. You will learn how to:
• Establish or rebuild your metrics framework
• Implement metrics that are S.M.A.R.T (Specific, Measurable, Achievable, Relevant and Time-bound)
• Identify what metrics your internal clients care and how to engage them
• Drive relevance and performance from your metrics reporting
Sustainable success hinges on satisfied clients. But this involves more than putting your staff through client service training and asking them to "play nice". The solution is to channel your services and interaction through a well-structured Client Interaction Framework. It’s not that complicated! Mastering Shared Services client satisfaction through a comprehensive framework.
The document discusses taking the first steps toward implementing shared services. It recommends identifying all costs and risks, focusing on core versus non-core services, and looking for solutions to simplify complex problems. While shared services can deliver value if implemented well, changing to them is sometimes an emotional rather than logical decision. The document provides examples of potential shared services like research support, data storage, and virtual desktops. It advises finding partners with the right capabilities and proximity, and building a clear plan to implement and measure shared services.
Mastering the Critical Components to Effective Change Management 2016Chazey Partners
Regardless of where your organization may be on the maturity spectrum of Shared Services, change is a constant, and the ability to manage change as part of your day-to-day operations is crucial. It is essential to ensure not only successful transformation, but the refinements and the continuous improvement afterwards that furthers the benefits of Shared Services and facilitates future growth.
During this workshop we demystify change management and employee engagement techniques by exploring practical applications, tools and latest practices. This presentation help you to:
· Learn how to enable on-going change for sustainable support and business results
· Manage cultural changes while keeping employees engaged/motivated
· Understand cross-cultural considerations in managing expectations
· Master ongoing communication that is relevant and resonates with stakeholders and employees
· Gain an improved understanding of change management
· Receive practical tools or ideas that can be implemented after the conference
Robotic Process Automation End-to-End Implementation RoadmapChazey Partners
RPA is a software solution, commonly referred to as “bots”, which mimic or automate tasks normally performed by humans interacting with data between systems. In common definitions RPA essentially comes down to removing human beings from operations that are repetitive evaluations requiring rules based decision criteria. Whereas automation addresses high volume repetitive tasks, RPA is the next step to include decision making under a controlled set of parameters. Like with other transformations, business leaders should adopt a structured framework with clear, tangible benefits and correctly defined expectations before embarking on an RPA journey. This Robotic Process Automation handbook offers you a clear, structured framework with which to launch and implement your RPA program. It ensures the technology is integrated well within existing systems and business operations and empowers your business to be future ready with dynamic adjustment of processes along your automation journey.
Intelligent Automation process selection workshop 101Chazey Partners
How to assess opportunities for functions across the business, and identify low-hanging fruits. How to identify what you "should" automate, rather than what you "can". Assessing whether to hit the ground running with an imperfect solution, or wait and go with a more robust solutions. Choosing a process for a PoC/Pilot. Identifying the quick and easy wins...
3 Key Aspects to Shared Services OptimizationChazey Partners
When considering moving further down the path of shared services, we recommend exploring 3 key aspects of shared services optimization – Assessment, Optimization and Growing.
Analyzing Your Shared Services Customer Service Delivery & Ensure Customer Sa...Chazey Partners
The best way to service your customers is to listen to their needs and feedback on a continual basis. If you do not understand your customer, you simply cannot service them per their expectations. If their needs aren’t met, your business relationship with them will suffer. This presentation will cover such topics as:
How to measure your customer’s expectations so you can supply them with the services they require; Customer service surveys and scorecards to establish customer-centric service deliveries; How to create a Customer Service culture that puts the customer first & foremost without exception, day in and day out; Data analytics tools that can provide the answers you need to better service your customers
Most organizations have accepted the need for a performance metrics framework. While these metrics are considered a necessity and often demand significant resources, many organizations are producing metrics reports that are not demonstrating value and do not seem to influence decision-making. This PDF document explores the key concepts, best practices and lessons learned from our years of public sector experience and other case studies. You will learn how to:
• Establish or rebuild your metrics framework
• Implement metrics that are S.M.A.R.T (Specific, Measurable, Achievable, Relevant and Time-bound)
• Identify what metrics your internal clients care and how to engage them
• Drive relevance and performance from your metrics reporting
Sustainable success hinges on satisfied clients. But this involves more than putting your staff through client service training and asking them to "play nice". The solution is to channel your services and interaction through a well-structured Client Interaction Framework. It’s not that complicated! Mastering Shared Services client satisfaction through a comprehensive framework.
Shared Services in Higher Education: conceps, clients, consumers and stakehol...Chazey Partners
As part of the sessions at the 2016 California Public Higher Education Collaborative Business Conference, the presentation covers why Shared Services has become such an important part of your toolkit for delivering improved “back office” services to support your institution’s core mission. It explains why the true meaning of the words “shared” and “services” is so important. It also defines and distinguishes between “clients”, “consumers” and “stakeholders”.
El documento presenta información sobre Chazey Partners, una firma de consultoría especializada en servicios compartidos y outsourcing. Explica que Chazey Partners tiene presencia global con oficinas en varias regiones del mundo. Además, ofrece una variedad de servicios de consultoría en servicios compartidos, transformación de negocios y habilitación tecnológica a clientes del sector público y privado.
The 7 Habits of Highly Effective Shared Service CentersChazey Partners
While the Shared Services model has several examples of success at delivering higher quality, lower cost, and improved control, many implementations still don’t perform at expected levels. This presentation explores some of the lessons we have learned from implementations around the world and provides ideas and tips for an optimal performance of your Shared Services Organization.
City of Houston Case Study: the Power of HR TransformationChazey Partners
The City of Houston's HR Director, Omar Reid, has a veritable success story on his hands, having transformed a decentralized, inefficient HR function into a Shared Services that is today the pride of the City. This article introduces the “burning platform” that drove the HR transformation and takes us through its three core phases.
Leveraging Enterprise-Wide HR Shared Services in Higher EducationChazey Partners
As a Higher Education institute, how do you truly engage Shared Services as a new way of working? In 2015, Chazey Partners was engaged by UCSF to assess its HR Shared Services performance and we thereafter put together a compelling case study on how University of California San Francisco (UCSF) meets its growth projections while supporting enterprise-wide payroll integration through Shared Services.
Critical Components of Effective Change ManagementChazey Partners
This document outlines an agenda and presentation for a workshop on effective change management. The workshop will cover:
1. An overview of change management models and the importance of change management for ongoing transformation.
2. Examples of change management successes and challenges from organizations. Participants will discuss challenges their organizations currently face.
3. Best practices for change management including tools like stakeholder analysis and management. Managing stakeholder support, interests, and influence is critical for successful change.
The presentation aims to help participants understand change management and enable ongoing change for business results through improved communication and employee engagement.
Change Management Initiatives That Ensure Smooth Program Transition and Deliv...Chazey Partners
Developing and managing clear-cut, yet flexible change management program initiatives is essential to your Shared Services center’s short and long-term success.
By establishing strategic partnerships that encourage optimal communication and understanding between your faculty, departments, and stakeholders, change management can be effectively managed. By attending this session, you will learn how to:
Develop and maintain a flexible approach toward your change management programs – so to ensure continual improvement
Create the proper messaging, based upon your audience type and how to ensure message consistency
Develop and implement change management programs that will engage and excite your very diverse workforce
Incorporate a positive work environment that enhances work productivity and efficiency
Rapid Benefits of Alternative Shared Services Models - 3.10.2016Chazey Partners
Chazey Partners was invited to present a session titled “Raped Benefits of Alternative Shared Services Models” at the 2016 Washington-ASMC National Capital Region in Washington D.C. on March 10, 2016. Phil Searle, Founder and CEO of Chazey Partners, educated attendees on the trends and benefits of Shared Services in the public and private sectors. The presentation also examined multiple case studies and some alternative models of implementation used before concluding with a list of “Tips and Tricks” for a successful Shared Services implementation.
Shared Services in Higher Education: Trends, Case Studies & Best PracticesChazey Partners
This document provides an overview of shared services in higher education, including trends, case studies, and best practices. It begins with an agenda that covers trends in shared services, case studies of implementations at various universities, and best practices. Some key points include that shared services aims to achieve higher quality services at lower costs through consolidation and standardization. Challenges to implementing shared services in higher education include political and cultural issues. The case studies provide examples of shared services implementations in finance, HR, IT and other administrative functions at universities such as UNC, Yale and the University of Kansas. Best practices discussed include having a clear business case, change management and communication.
Why shared services for the higher education, but why not?Chazey Partners
Dr Andrew Rothwell and Ian Herbert of Loughborough University's Centre for Global Sourcing and Services question Chazey’s David O'Sullivan on the transformation that institutes of Higher Education are undergoing in the UK.
7 pointers to building a robust shared services business caseChazey Partners
While it’s tempting to rush into Shared Services as the brainchild of senior executives, a business case will protect you from inevitable changes at the top and at the same time provide a vehicle to achieve senior level buy-in. You really can’t afford to skip this stage.
Case Study on New Shared Services Feasibility Study and MigrationChazey Partners
If you plan to shift processes out of the business and into a new SSC you better be prepared. Pre-planning is vital, and clearly correlates with a better outcome. Find out how to evaluate an SSO’s impact and choose a migration plan that suits your output targets. To download the case study, click the link below: http://www.chazeypartners.com/sites/default/files/Case%20study%20New%20Shared%20Services%20Feasibility%20Study%20and%20Migration.pdf
Design a Robust Shared Services Governance FrameworkChazey Partners
As SSCs evolve, what is increasingly clear is that if the business doesn’t do its part, then Shared Services hasn’t got a chance. This has given “governance” a completely new role and responsibility, as it establishes joint accountability between the business and the Shared Services. Governance makes real shared services happen. To download the article, click the link below: http://bit.ly/1ESICBy
Over the past decade, a combination of new providers, technology, and capabilities have made global payroll administration a possibility – at least conceptually. The key stumbling block in this debate is the perceived need, on the one hand, for tailored services that are compliant with local regulations, and on the other hand standardization for cost reasons. So, where does that leave payroll?
3 Key Factors to Effective Change Management in Shared ServicesChazey Partners
Change is a constant – in fact, it's often a simple matter of survival. But the best-laid transition plans can and will fail if you overlook the "how" and the "when". Our six-step methodology of effective Shared Services Change Management will keep you on track, as long as you remember three key factors…
What Can an Automotive Products Manufacturer, a US Federal Government Agency, and an Indian Insurance Giant Tell You about Change Management? Quite a lot, judging by the scars they all bear. We asked them why they believe some Shared Services or Business Transformation projects fail, what mistakes they have made, and what they would do differently if they had another chance. It all boils down to Change Management: how it's planned, communicated, and managed. Think it's easy? Read on ...
Hr Transformation Roadmap- Aligning with the Business Commercial AgendaChazey Partners
The document discusses transforming HR functions to better align with business objectives. It describes moving HR from an administrative role to a strategic partner focused on talent management, workforce planning, and other areas that support business goals. The transformation involves setting up shared services for transactional work and centers of expertise for specialized functions. It also discusses implementing business partners, self-service technologies, standardized processes, and other elements to deliver efficient, effective HR support. The goal is for HR to operate as a true business function that helps meet commercial targets through people strategies and solutions.
Case Study on Driving Procure to Pay (Purchase to Pay) Quick WinsChazey Partners
The Procure-to-Pat (Purchase to Pay or P2P) process offers great opportunities for improvement, especially in companies that are decentralized, still paper-based, and lacking standardization. This case study illustrates how a global financial services company significantly improved vendor satisfaction as a result of a focused re-evaluation of the end-to-end process.
Reassessing Your KPIs to Measure Shared Services Performance that CountsChazey Partners
This document discusses how to reassess KPIs for shared services to better measure performance. It recommends that KPIs not just focus on internal metrics but also include upstream measures outside direct control. KPIs should also consider the end-to-end process and not just outputs. Developing the right KPIs requires involvement from multiple levels of the organization and customers, and is an ongoing process that considers automation and focuses on key metrics rather than a comprehensive set.
Chazey Partners - Your Business Services Partner Chazey Partners
The brochure gives you an edgy information on how Chazey Partners - a practitioners-led global advisory business - works with shared services leaders globally to deliver world-class operations
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Shared Services in Higher Education: conceps, clients, consumers and stakehol...Chazey Partners
As part of the sessions at the 2016 California Public Higher Education Collaborative Business Conference, the presentation covers why Shared Services has become such an important part of your toolkit for delivering improved “back office” services to support your institution’s core mission. It explains why the true meaning of the words “shared” and “services” is so important. It also defines and distinguishes between “clients”, “consumers” and “stakeholders”.
El documento presenta información sobre Chazey Partners, una firma de consultoría especializada en servicios compartidos y outsourcing. Explica que Chazey Partners tiene presencia global con oficinas en varias regiones del mundo. Además, ofrece una variedad de servicios de consultoría en servicios compartidos, transformación de negocios y habilitación tecnológica a clientes del sector público y privado.
The 7 Habits of Highly Effective Shared Service CentersChazey Partners
While the Shared Services model has several examples of success at delivering higher quality, lower cost, and improved control, many implementations still don’t perform at expected levels. This presentation explores some of the lessons we have learned from implementations around the world and provides ideas and tips for an optimal performance of your Shared Services Organization.
City of Houston Case Study: the Power of HR TransformationChazey Partners
The City of Houston's HR Director, Omar Reid, has a veritable success story on his hands, having transformed a decentralized, inefficient HR function into a Shared Services that is today the pride of the City. This article introduces the “burning platform” that drove the HR transformation and takes us through its three core phases.
Leveraging Enterprise-Wide HR Shared Services in Higher EducationChazey Partners
As a Higher Education institute, how do you truly engage Shared Services as a new way of working? In 2015, Chazey Partners was engaged by UCSF to assess its HR Shared Services performance and we thereafter put together a compelling case study on how University of California San Francisco (UCSF) meets its growth projections while supporting enterprise-wide payroll integration through Shared Services.
Critical Components of Effective Change ManagementChazey Partners
This document outlines an agenda and presentation for a workshop on effective change management. The workshop will cover:
1. An overview of change management models and the importance of change management for ongoing transformation.
2. Examples of change management successes and challenges from organizations. Participants will discuss challenges their organizations currently face.
3. Best practices for change management including tools like stakeholder analysis and management. Managing stakeholder support, interests, and influence is critical for successful change.
The presentation aims to help participants understand change management and enable ongoing change for business results through improved communication and employee engagement.
Change Management Initiatives That Ensure Smooth Program Transition and Deliv...Chazey Partners
Developing and managing clear-cut, yet flexible change management program initiatives is essential to your Shared Services center’s short and long-term success.
By establishing strategic partnerships that encourage optimal communication and understanding between your faculty, departments, and stakeholders, change management can be effectively managed. By attending this session, you will learn how to:
Develop and maintain a flexible approach toward your change management programs – so to ensure continual improvement
Create the proper messaging, based upon your audience type and how to ensure message consistency
Develop and implement change management programs that will engage and excite your very diverse workforce
Incorporate a positive work environment that enhances work productivity and efficiency
Rapid Benefits of Alternative Shared Services Models - 3.10.2016Chazey Partners
Chazey Partners was invited to present a session titled “Raped Benefits of Alternative Shared Services Models” at the 2016 Washington-ASMC National Capital Region in Washington D.C. on March 10, 2016. Phil Searle, Founder and CEO of Chazey Partners, educated attendees on the trends and benefits of Shared Services in the public and private sectors. The presentation also examined multiple case studies and some alternative models of implementation used before concluding with a list of “Tips and Tricks” for a successful Shared Services implementation.
Shared Services in Higher Education: Trends, Case Studies & Best PracticesChazey Partners
This document provides an overview of shared services in higher education, including trends, case studies, and best practices. It begins with an agenda that covers trends in shared services, case studies of implementations at various universities, and best practices. Some key points include that shared services aims to achieve higher quality services at lower costs through consolidation and standardization. Challenges to implementing shared services in higher education include political and cultural issues. The case studies provide examples of shared services implementations in finance, HR, IT and other administrative functions at universities such as UNC, Yale and the University of Kansas. Best practices discussed include having a clear business case, change management and communication.
Why shared services for the higher education, but why not?Chazey Partners
Dr Andrew Rothwell and Ian Herbert of Loughborough University's Centre for Global Sourcing and Services question Chazey’s David O'Sullivan on the transformation that institutes of Higher Education are undergoing in the UK.
7 pointers to building a robust shared services business caseChazey Partners
While it’s tempting to rush into Shared Services as the brainchild of senior executives, a business case will protect you from inevitable changes at the top and at the same time provide a vehicle to achieve senior level buy-in. You really can’t afford to skip this stage.
Case Study on New Shared Services Feasibility Study and MigrationChazey Partners
If you plan to shift processes out of the business and into a new SSC you better be prepared. Pre-planning is vital, and clearly correlates with a better outcome. Find out how to evaluate an SSO’s impact and choose a migration plan that suits your output targets. To download the case study, click the link below: http://www.chazeypartners.com/sites/default/files/Case%20study%20New%20Shared%20Services%20Feasibility%20Study%20and%20Migration.pdf
Design a Robust Shared Services Governance FrameworkChazey Partners
As SSCs evolve, what is increasingly clear is that if the business doesn’t do its part, then Shared Services hasn’t got a chance. This has given “governance” a completely new role and responsibility, as it establishes joint accountability between the business and the Shared Services. Governance makes real shared services happen. To download the article, click the link below: http://bit.ly/1ESICBy
Over the past decade, a combination of new providers, technology, and capabilities have made global payroll administration a possibility – at least conceptually. The key stumbling block in this debate is the perceived need, on the one hand, for tailored services that are compliant with local regulations, and on the other hand standardization for cost reasons. So, where does that leave payroll?
3 Key Factors to Effective Change Management in Shared ServicesChazey Partners
Change is a constant – in fact, it's often a simple matter of survival. But the best-laid transition plans can and will fail if you overlook the "how" and the "when". Our six-step methodology of effective Shared Services Change Management will keep you on track, as long as you remember three key factors…
What Can an Automotive Products Manufacturer, a US Federal Government Agency, and an Indian Insurance Giant Tell You about Change Management? Quite a lot, judging by the scars they all bear. We asked them why they believe some Shared Services or Business Transformation projects fail, what mistakes they have made, and what they would do differently if they had another chance. It all boils down to Change Management: how it's planned, communicated, and managed. Think it's easy? Read on ...
Hr Transformation Roadmap- Aligning with the Business Commercial AgendaChazey Partners
The document discusses transforming HR functions to better align with business objectives. It describes moving HR from an administrative role to a strategic partner focused on talent management, workforce planning, and other areas that support business goals. The transformation involves setting up shared services for transactional work and centers of expertise for specialized functions. It also discusses implementing business partners, self-service technologies, standardized processes, and other elements to deliver efficient, effective HR support. The goal is for HR to operate as a true business function that helps meet commercial targets through people strategies and solutions.
Case Study on Driving Procure to Pay (Purchase to Pay) Quick WinsChazey Partners
The Procure-to-Pat (Purchase to Pay or P2P) process offers great opportunities for improvement, especially in companies that are decentralized, still paper-based, and lacking standardization. This case study illustrates how a global financial services company significantly improved vendor satisfaction as a result of a focused re-evaluation of the end-to-end process.
Reassessing Your KPIs to Measure Shared Services Performance that CountsChazey Partners
This document discusses how to reassess KPIs for shared services to better measure performance. It recommends that KPIs not just focus on internal metrics but also include upstream measures outside direct control. KPIs should also consider the end-to-end process and not just outputs. Developing the right KPIs requires involvement from multiple levels of the organization and customers, and is an ongoing process that considers automation and focuses on key metrics rather than a comprehensive set.
Chazey Partners - Your Business Services Partner Chazey Partners
The brochure gives you an edgy information on how Chazey Partners - a practitioners-led global advisory business - works with shared services leaders globally to deliver world-class operations
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
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Adding Value to Shared Services - Managing Statutory and Tax Compliance
1. s Shared Services models evolve, new functions
and functional extensions have been integrated
into service offerings. One area however, that
remains relatively under-served is Statutory and Tax
Compliance Management.
For companies who have done this successfully, the
benefits are undisputed:
• Compliance transparency and risk is managed more
efficiently and effectively
• Front-end Business finance support liberated from the
essential, but distracting nature of compliance
• Corporate Tax departments get more time to spend on
strategic tax initiatives and spend less time being
worried about compliance issues
….and it often costs less – and sometimes considerably
less!
Whilst acknowledging it needs specialized and local
knowledge skills, shared services can be highly effective in
managing the ‘processes’ of Compliance. Compliance – by
its very nature – is incredibly rule bound and predictable.
is is bread and butter to any shared service
organization. However, the reality is that this area is
embroiled in myth, lack of understanding and fear of the
unknown because of the perceived consequences of
getting it wrong.
At Chazey Partners, we bring together people who, for the
past 20 years, have been at the forefront of developing,
testing and running successful Statutory and Tax
Compliance programmes on behalf of many organizations.
We have learned the hard way that it is a difficult
challenge but also that ultimately, it is a better solution.
De-mystifying the challenge
Companies have been attempting to manage Statutory
and Tax Compliance in multi-country environments
through a shared services model since the mid-1990s and
it’s really only over the past 10 years that robust and
workable solutions have evolved. Prior to this there were a
few attempts to do this but marked by a high number of
failures.
Adding Value to Shared Services - Managing
Statutory and Tax Compliance
ere are a number of reasons for such failures but the
most common one involved trying to ‘centralize’ specialist
and ‘local’ knowledge (and effectively establishing a ‘centre
of expertise’). For example, try employing an accountant in
Krakow with the aim of maintaining French statutory and
tax compliance…..not only is that resource hard to get in
Krakow (because they typically live in France!), it also
expensive (they want a French overseas remuneration
package). And should your French compliance accountant
decide to leave for greener pastures or simply go back home
– you are snookered!
So the question arises about how to leverage the capability
of shared services (as centres of excellence capable of
process mastery), while at the same time balancing the
need to establish the capability required to provide expert
knowledge and, keeping abreast of legislation.
Evolution – making the step change
First and foremost, the integration of Statutory and Tax
Compliance into shared services is normally considered
only when an organization’s existing shared services is
stable and credible. ‘Proof of concept’ is an important
element in convincing the organization that shared services
is ready for the next step. In addition, it normally requires
that certain functional capability is in place such as trial
balance maintenance, month-end close, balance sheet
reconciliations, etc. (it’s pretty hard to maintain the
statutory accounts if you don’t have control over these and
likewise the preparation of a corporate tax return will be
next to impossible). As highlighted in the following
diagram, the adoption of Statutory and Tax Compliance is a
step taken after a number of other steps have been taken
and are in place, working effectively.
A
2. Making the move to shared Services
Typically, the scope of shared services can include some or
all of the following:
• Preparation and filing of the annual statutory accounts
• Corporate tax returns
• Co-ordination of the annual audit
• Preparation and submission of VAT, Sales Taxes and
customs duties
• Preparation and submission of the other statistical
type returns (e.g. EU Intrastat)
In addition, the local Finance Organization retains
responsibility for the final review and, formal signing of
the accounts and returns prior to submission to the
authorities. A key issue which needs to be addressed when
this work is moved to a Shared Services Organization
(SSO), is the loss of local regulatory knowledge from the
execution of the work. In most cases this issue is
addressed by engaging with an Outsourced professional
firm who has a local presence in each of the jurisdictions.
e engagement of a professional firm, for example one of
the main professional accountancy firms, as part of the
solution provides an additional level of comfort to the
local in-country signatories.
ere are a number of variations in how this can be
structured between the SSO, Local Finance and the
Outsourced professional firm. ese can be summarised
broadly into four options:
1. Outsource the preparation of the tax compliance
returns and preparation of the statutory accounts to a
third party professional firm. is relationship is
managed by the SSO who provide all information
required in agreed format to the professional firm.
2. Migrate all tax compliance and statutory reporting to the
SSO. e SSO use a professional firm to provide local
regulatory input to the process design and to review the
statutory accounts and tax returns prior to their
signature by local company officers.
3. A variation of option 1 or 2 where the statutory accounts
and tax returns are signed by senior management in the
SSO who have been appointed as officers of the local
companies.
4. Transition all tax compliance and statutory reporting to
the SSO. Local Finance retains a tax and statutory
specialist to provide local regulatory input to the process
and to review the statutory accounts and tax returns
prior to their signature by local company officers.
e way to determining the right approach for any
organization involves multiple decision criteria and a
thorough understanding of the contextual environment.
What works best for one organization may not be suitable
for another. e trick is to balance the right level of process
expertise with Statutory and Tax expertise and manage
that successfully.
Special Skills: Change management
In Chazey, we have delivered successful solutions over the
past 10 years in companies such as 3COM, Reuters, Oracle
and Travelport. Indeed, the operating models established in
these organizations have been instrumental in setting the
benchmark and template of leading practice not only
within a shared services environment but also with the
professional outsourcers such as E&Y, KPMG, BDO, etc.,
firms who are actively involved in providing third party
services in Statutory and Tax Compliance.
3. In each of the above examples, solution variations evolved
based on specific requirements and landscape (managed
in-house, managed by an expert BPO, or a combination of
both).
However, the challenges across these companies were still
the same – corporate penalty and audit risks from
government and tax authorities can be high; legal
obligations on company representatives can have personal
liability and criminal consequences.
As a result, not only must the solution be robust, it must
also convince the Corporate and local management that
they will not lose control over the risks that they were
managing successfully in the past. is will be the key
challenge for the project - regardless of how good the
operating model is designed – a lot of time will needed to
give the required assurances to impacted stakeholders.
Controllership and Governance
e move to a shared services model, more often than not,
serves to increase overall transparency and control. ere
are many examples of companies uncovering balance
sheet problems such as reconciliation issues between
statutory and management accounts, tax liabilities not
recognized in the balance sheet, availability of enough
substantiated document and other issues of this nature.
A robust governance body keeps a close tab on the
progress made by each team and can help in terms of
prioritizing and allocating resources both in terms of
money and effort at the right times. As they say, the devil
is in the detail, the controllership arm of the governance
body ensures that adequate control steps and checks are
in place for conformance. Examples include baseline pack
creations, issue escalation huddles as part of operating
rhythm, opinion validation, etc.
Key Take-away
e move to a shared services model will increase overall
transparency and control of Statutory and Tax
compliance. When you add the benefits of a more
commercially focused local Finance support, a more
strategically focused Tax resource, and a lower cost base,
then the justification is very compelling – especially for
organizations with a broad geographical footprint. It also
sets the stage for shared services to play THE key role in
Corporate and Business Controllership.
Statutory and Tax compliance is still a relatively new area
of offering for shared services and represents a real and
tangible opportunity to provide a valuable service to the
business and corporate agenda. Nonetheless, it takes
careful consideration to ensure buy-in and support for the
approach.
About Chazey Partners
Chazey Partners is a professional management consultancy
business that is committed to adding significant value to
our clients through a partnership approach. We bring
together a unique wealth of expertise and real life
experience in Business Transformation, Shared Services &
Outsourcing and Technology Enablement. We pride
ourselves in having built, operated and turned around some
of the world's most ground breaking Shared Services
Organizations, and for implementing many highly
successful multi-sourced (shared services and outsourced)
delivery solutions. Our experience covers both Private and
Public Sector, providing expertise in a wide spectrum of
business functions, including Finance, HR, IT and
Procurement.
Visit: www.chazeypartners.com
Follow is on Twitter, Linkedin & Facebook
David O’Sullivan
Co-Founder
Chazey Partners
Tel: +353 86 384 8573
enquiries@chazeypartners.com
Anirvan Sen
Managing Director
Asia, Middle-East & Africa
Tel: +65 6701 8230/+31 649133170
enquiries@chazeypartners.com
4. ABOUT THE AUTHOR
David O’Sullivan
Co-Founder
Chazey Partners
Tel: +353 86 384 8573
David has over 20 years’ experience at a strategic and operational level in driving business change and transformation with
multinationals in a broad range of industries. He has established and optimized business critical operations, implemented
global ERP applications, and outsourced and offshored other functions. As well as co-founding and building Chazey Partners,
David has held a number of top level roles including COO of a Technology company and Corporate Controller of a global
Consumer Goods company. He has also been at the forefront of leading significant global change with companies such as
Whirlpool and omson Reuters in a number of capacities including Project Director and global Head of Shared Services.
Since the 1990s David has led and driven global business transformation programmes that have realised significant cost,
service and control benefits through the introduction of new operating models in Finance, HR, Procurement, IT and Sales.
David is a Chartered Accountant and graduated from Trinity College, Dublin with a degree in Economics & Political Science.
Anirvan Sen
Managing Director
Asia, Middle-East & Africa
Chazey Partners
Tel: +65 6701 8230/+31 649133170
Anirvan has 20+ years of extensive experience in Technology, LEAN six-sigma, Talent Management, Shared Services, IT and
Sales. Prior to his current role with Chazey Partners, Anirvan has spent 15 years in GE, running the Quality organization for
GE’s EMEA operations of Shared Services, developing global delivery models for BPO vendors, initiating strategy for shared
services in the Middle-East and Africa region.
His expertise covers implementation experience in Western Europe, Eastern Europe, Russia/CIS, Turkey, GCC, North Africa,
Nigeria, Kenya, South Africa, China, India, ASEAN, ANZ, Brazil and US. He is an innovative technology entrepreneur, Business
Excellence and Shared Services Modeling adviser.
Anirvan holds LEAN six-sigma Master black belt and Bachelor of Engineering in Instrumentation and Control Engineering,
and he is an Advisory Board Member for Finance Talent Development Program (ACCA).