Credential Financial – Compliance Regional Office Review and Improvement

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Credential Financial – Compliance Regional Office Review and Improvement

Credential Greatly Improves Branch Audit Efficiency

The Challenge

Credential Financial Inc. is one of Canada’s largest wealth management providers, operating eight regional offices in addition to their Vancouver headquarters. Their regional offices are responsible for supervising over 1100 credit union branches and ensuring their compliance with FICOM, IIROC and MFDA regulations.

Credential engaged us to assist in determining the most cost-effective and customer-focused mechanism for Provincial Compliance Managers to conduct both their onsite compliance audits and trade reviews. Project stakeholders included Compliance Officers, Provincial Compliance Officers and the Regional Branch Compliance Officers in the head office as well as the regional offices in Calgary, Regina and Toronto.

We employed a three-phased, change management approach to tackle this project, implement recommendations and cultivate a culture of continuous improvement.

The Objectives

Assess Requirements: After in-depth capacity analysis and financial modeling, we made recommendations for improving processes and supporting the new technology, with quick wins and long-term solutions identified.

Prepare for Change: Working alongside Credential management, we defined the change management strategy and customized plans based on Credential’s unique change characteristics and level of organizational readiness. We created measurement systems including Key Performance Indicators (KPIs) to measure quality and productivity so they could monitor progress and ensure sustainability. We also identified and supported a Client Coordinator and created Project Sponsor Management Plans for both internal and external stakeholders to assist in communicating and reinforcing changes.

Manage Change: We helped Credential manage implementation by coaching Change Sponsors, management and front-line staff on proactive process management. We also gave them the tools to measure changes in real time, and installed the Daily Operating Report and Weekly Management Report to display each unit’s KPI attainment.

Reinforce Change: Feedback was collected and analyzed to assist in diagnosing gaps and managing change. We worked with management to implement corrective actions, celebrate successes and equip Credential with a Change Management Toolkit prior to handing over the project to their Coordinator.

The Results

As a result of the engagement, Provincial Branch Managers reduced their travel time by over 50% while continuing to ensure that all audits were conducted in compliance with FICOM, IIROC and MFDA regulations. Additionally, the engagement improved customer service across all branches.

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