Minimizing cost and risk for capital markets: Industrialized operations in the back office
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Overview: As the events of the financial crisis grow more distant with each year that passes, the search for a sustainable operating model for capital markets operations is intensifying. Costs are escalating while the deleveraging of the business model has stunted the growth of the industry's US$340 billion in annual revenues. As a result, the call for a transformational change in the back office have grown louder. Banks must reassess their definition of "core" operations and determine how to industrialize their current operating structure. Industrialized operations use specialized process, people, and technology practices to execute transactions more robustly with the flexibility to accommodate fluctuations in the scope and scale of a business. Global Business Services (GBS), the next step in the evolution of shared services, streamlines business functions and industrialize a firm's operations resulting in improved scalability, lower costs, and optimized processes. This facilitates better decision making, flexibility, and nimbler pursuit of growth for all firms trying to mitigate the contracting margins industry wide.