Financial Services organisations are being challenged to review cost structures and increase productivity, all the while making deeper, faster, safer and more automated changes to keep pace with competitors.
TORI can improve the efficiency of your business by optimising your infrastructure and service management, advising you on smart sourcing and overseeing the full, managed services lifecycle. We can help you increase profitability and achieve competitive advantage by improving performance for cost, quality and delivery.
Operating Models – a cutting-edge strategy requires brilliant execution, which means having an operating model that is fully aligned to your strategy. We consider the full spectrum of your operating model, from technology to HR, and will have you ready for flawless execution. TORI can help you with:
- Operating Model review/design
- Policies and Processes
- Customer Journey mapping
Optimisation & Efficiency – every business faces issues of cost, efficiency and value for money. Re-engineering or redistributing (i.e. outsourcing) business processes to help deal with these issues can provide greater return on investment and greater stability. TORI can help you with:
- Process Improvement
- Commercial Business Planning
- Outsourcing / Managed Services
Third-Party Risk Management – managed well, your supply chain is an opportunity to differentiate yourselves and drive your business forward. However, it also provides a source of risk and potential for uncontrolled costs, if appropriate governance is not in place. TORI can help you with:
- Procurement
- Third-Party Governance
- Third-Party Risk
IT Optimisation – many companies have embarked on programmes to transform key applications (i.e. Core Banking, PAS etc.) or leverage cloud. However, few have realised the fully-expected benefits, resulting in legacy technology remaining in situ longer than planned. TORI can help you with:
- Cloud & Application Migration
- Technical Debt Management
- Optimising Infrastructure, Storage and Data
Related Content
Software Estate Review Cost Optimisation Market Leading Global Insurance Company
26 April 2023
TORI completed an 8-week engagement and collaborated closely with the Client’s internal IT, procurement / product owners, examining and constructively challenging the cost base, procurement practices and licence utilisation taking account of over overarching business objectives and desired cost savings targets.
IT Strategy Baseline Global Insurance Group
02 February 2023
A newly appointed Global CIO wanted to conduct a strategic review of the global technology estate across the four main operating locations in APAC, USA and the UK.
Decommissioning Legacy Technology African Financial Services Group
03 January 2023
Following on from an initial piece of work related to Vendor Cost Optimisation, the client needed further alignment with in-scope products to compile a robust execution plan across technology and business functions for the decommissioning of its legacy platforms.
IT Platform Assessment Phase II UK Pensions Provider
20 December 2022
Following aggressive M&A activity, the client one of the UK’s largest independent financial services companies encountered several issues.
Market Assessment Wealth Management Software Provider
05 December 2022
The Client’s supervisory board asked TORI to assess its BPO (Business Process Outsourcing) offerings, compared to best practice and a specific competitor.
IT Cost Optimisation Benchmarking Asset, Wealth Management & Insurance
14 November 2022
A Global Investment Manager, and amongst the largest in the world with c£400 B of Assets under Management (AuM) had grown through multiple mergers and acquisitions. The client had been running a Cost Optimisation initiative for 3 years to reduce costs which failed to achieve its desired goals; they were seeking external expertise to help uncover deep-rooted issues.
IFA Operating Model UK Wealth Manager
25 October 2022
The Client provides Financial Planning and Wealth Management services and wanted to investigate options to simplify their operating model.
Supplier Contract & Service Management Insurance Broker
24 October 2022
One of UK’s largest independent Insurance Brokers needed to review its Contractual Obligations and Service Level Agreements to verify and compare Service Delivery against actual performance.
Business Cost Optimisation UK Insurance Company
18 October 2022
A leading UK Insurance company faced a challenging macroeconomic environment of rising costs and high inflation and had been trying to identify ways that they could reduce the cost base for their Menu Protection product line which had been increasing over the past few years at a faster rate than new sales, resulting in decreasing profit margins.
IT Strategy Review Building Society
11 October 2022
The Society established an ambitious plan to transform its view on data management and the technology stack that supports its operations. Senior stakeholders were concerned how the organisation would achieve those plans in the short to medium term. Our client requested TORI to perform an assessment of the IT Strategy Review to identify any potential risk or threats.
The Great Resignation – Mass Exodus As Employees Re-imagine What Life Should Look Like
08 August 2022
The Year 2021 saw the coining of the term “Great Resignation”; an ongoing labour driven economic trend in which employees are voluntarily resigning from their jobs en masse.
IT Cost Optimisation UK Insurance & Investments
01 June 2022
The Client requested that TORI review their existing Software Asset Management (SAM) renewals process.
Digital Excellence Through Agile IT Transformation
07 January 2022
The rise of digital companies over the last two decades has forced traditional organisations to rethink their operating models to achieve the required levels of agility, customer experience, and flexibility.
Macroeconomics Post COVID-19
28 October 2021
The global macroeconomy is in a state of shock: supply chains are broken, global unemployment is on the rise and concerns about inflationary pressures are building up.
Innovative Approaches to Meet your FY22 Budget Targets
05 October 2021
CIOs engaging with the Board on a more regular basis will need new approaches to Cost optimisation fit for the Digital Transformation world.
TORI Response to the Bank of England Statement on Cloud Risk
19 August 2021
The Financial Stability Report, published by The Bank of England in July 2021, presented the Financial Policy Committee (FPC) view that additional policy measures are required to mitigate financial stability risks for Financial Service companies using Cloud service providers.
TORI Perspective on Trade Associations CSDR Letter
20 July 2021
On 14 July 2021, 16 Trade Associations wrote to the European Commission and ESMA requesting that the Mandatory Buy-In (MBI) component of the CSDR Settlement Discipline Regime should not be implemented on 1 February 2022.
3 C-Suite Actions to Improve Investment Returns in the New Agile Operating Model
19 July 2021
Given the critical nature of Technology in most enterprises, that embed the Business Units with DevOps teams for their market-facing IT applications can internalise agility and better respond to market events.
The Future of Work: Hybrid Working, Get it Right!
15 June 2021
Following the seismic and unprecedented changes that the COVID-19 pandemic has brought to our everyday lives, the emergence of new ways of working can arguably be seen as an inevitable adjustment to an unexpected, yet profound shift in the status quo.
Remote Working: The Importance of Building a Strong Remote Working Culture
08 March 2021
The COVID-19 pandemic has brought seismic changes to organisational ways of working, with many abruptly shifting to working remotely, or differing working practices.
New Ways of Working
16 February 2021
Well here we are in the middle of our second lockdown, very different from the first lockdown. Waking up in the dark and finishing work in the dark.
Wellbeing, Performance and Productivity
02 December 2020
Following the first lockdown in March everyone I spoke to was extremely upbeat not only about the flexibility afforded by working from home but also the fact that performance and productivity was hitting all-time highs.
Notes from a Small Company (Not in the Style of Bill Bryson)
20 July 2020
Hindsight is a wonderful thing. And things that might previously have seemed difficult or insurmountable hurdles at the time can be put into perspective when looking back, especially if that is from an even more difficult time.
$25m Cost Reduction For Tier 2 Global Bank
09 June 2020
Our client was a Tier 2 Global Bank with a presence in 13 countries across the world and around 42,000 employees. As part of a contract review, the client asked TORI to review onshore and offshore application support and development services from a major Indian services vendor.
You’ve Survived! Now What Does your Business Need to Thrive?
04 June 2020
As the COVID-19 pandemic has disrupted the entire fabric of society, and changed the way we work, the top priority for business, over and above the health and well-being of their people, was to implement their BCP and DR plans.
Embedding Change Post COVID-19
27 May 2020
Managing strategy is about managing change. To effect and embed real change, you need to create solid foundations which necessitates having the organisation, people and culture to support and embrace it.
Cultural Free Fall, When to Pull the Cord?
19 May 2020
The COVID-19 outbreak is pushing people and businesses to operate in new ways as we are faced with responding to unplanned and unregulated global change.
After COVID-19 Comes the “New Normal”
14 May 2020
Our primary concern in these difficult times must always be the health and wellbeing of our families, friends and colleagues. We must all be saddened on a daily basis as we hear of the incomprehensible loss of life and the impact that every one of those losses has on those remaining whose lives they have touched.
Culture Transformation – Will Post COVID-19 Be The New Normal?
04 May 2020
In a time from now we may look back and say the year of 2020 was the true beginning of the virtual communication age.
Sustaining Innovation Through Crisis
30 April 2020
These are challenging times for all of us. Notwithstanding the huge human cost of the pandemic, the economic impact looks set to play a sustained part in determining the fortunes of business of all shapes and sizes for the foreseeable future.
Delivering Effective Business Outcomes in a Contingency Environment and Positioning for a New Way of Working
16 April 2020
In these unprecedented times, firms are having to deliver BAU activities while operating contingency arrangements. Business Continuity Plans (BCP) have historically been developed in silos at a functional level or at best for a specific Line of Business.
Application Contract Review Global Tier 2 Global Bank
26 November 2019
Our client was a Tier 2 Global Bank with a presence in 13 countries across the world and around 42,000 employees. As part of a contract review, the client asked TORI to review onshore and offshore application support and development services from a major Indian services vendor.
Three Ways CROs can Reduce Overspend While Maintaining Risk Function Effectiveness
27 September 2019
Risk and Compliance functions are constantly under pressure to reduce baseline operating costs without compromising their performance. However, this is inversely proportional to the ever-expanding remit and size of these functions, presenting CROs with a major challenge.
Commercial Business Planning: An Agile, Enterprise-wide Optimisation Framework
30 July 2019
Financial services organisations are continuously searching for ways to address the myriad challenges of today’s business environment: from reducing the complexity of systems and processes to increasing profitability through cost optimisation.
Leadership Alignment Strategy For Barbados Based Insurer
04 July 2019
The client had reorganised bringing the Information Security, Physical Security and Business Continuity departments into a single Global Group Security function
Embedding The Senior Managers & Certification Regime
04 July 2019
In this blog, we set out further views on why these pillars provide a holistic approach to implementing and embedding SMCR, how they work together to drive the behavioural and cultural change required, and how they create enduring improvements in both accountability and personal conduct.
Major Outsourced Service Contract Review African Bank
09 May 2019
The client had outsourced an Application Management Service with annual spend of c£10m.
Cost Reduction & Outsourcing Remediation UK Specialist Insurer
09 May 2019
The client had a decentralised operating model having grown through multiple small business acquisitions.
Cost Reduction Programme Investment Services Firm
09 May 2019
Following M&A activity, the client sought a significant cost reduction by consolidating their third-party spend across the newly combined business.
Third-Party Contract Operating Model Tier 1 Bank
09 May 2019
The client had established a centralised, ‘arms length’ internal service provider organisation model to meet regulatory ring fencing and Operational Continuity in Resolution (OCiR) requirements.
IT Service Capability Assessments
20 February 2019
Most IT Services managers generally believe they are doing a “good job”. That is until a long-term customer suddenly not wanting to do business with them any more and plans are underway to move to a new provider. At this point, it is perhaps too late to ask the customer whether there are any issues that need addressing or what requires improvement.
Hello 2019. Hello SMCR
24 January 2019
In 2019 many senior managers will be considering other behaviour changes to respond to the challenges of the Senior Managers and Certification Regime (SMCR) so that they define, accept and demonstrate greater personal accountability for standards of conduct and outcomes.
SMCR: Successfully Managing A Complex Regime
23 October 2018
The extension of SMCR and the threat of personal fines, bonus clawbacks or lifetime bans will be weighing heavy on the minds of more key individuals in Financial Services: how can you make it more manageable?
FCA Handbook: General Outsourcing Requirements Checklist
21 August 2018
Looking for where to focus to ensure an effective outsourcing governance structure in your organisation? A good place to start is in the FCA’s General Outsourcing Requirements, contained in it’s Handbook under “SYSC Senior Management Arrangements, Systems and Controls”. Our handy infographic covers a key checklist.
Infographic: “Gone Aways”, What is the Size of the Prize?
17 August 2018
What is the true risk and opportunity for “Gone Aways” recovery?
Missing in Action: Tracking Down “Gone Away” Clients
17 August 2018
Out of date client information carries a number of risks including potential fraud, failing to meet GDPR requirements or having sufficient information to demonstrate that the firm knows their client.
The Role of Sourcing in the Journey to the Cloud
06 June 2018
The journey to the Cloud is often cited as the Panacea to a wealth of issues; with increasing speed to market, significant cost optimisation and risk reduction being top of the list.
Change Management: The Single Most Important Success Factor
05 April 2018
Change is the one constant in all our lives, both personally and professionally, and what is common is that to achieve your desired outcome you need people to embrace the change. Easy right?
Back From The Dead: The Resurgence of BPO in Life & Pensions / Wealth Management
02 March 2018
Several companies are considering Business Process Outsourcing (BPO) again, or renegotiating their current contracts; if you fall into one of these groups, here’s what you should consider…
An Introspective Retrospective from a Former CEO of a Wealth Management Life Business
01 March 2018
Peter Mann, TORI Chairman, spent 12 years with Old Mutual Wealth (OMW), comprising Skandia and OMW Investors. He held a number of positions in the business including CEO of Skandia UK and Vice-Chairman of OMW. Here are his thoughts if he was CEO again, today.
Procurement Capability UK Specialist Insurance Broker
27 February 2018
The client had a decentralised operating model, having grown through multiple small business acquisitions, resulting in many small supplier relationships, inconsistency of governance, potential supply chain risk exposure and limited ongoing supply chain value management.
Strategic Success: How to have the Right Conversations
30 January 2018
Many people believe that success hinges on having the right strategy. Others swear it’s all in the execution. We explore what really makes the transformational difference – the right strategic conversations.
Practical Consulting: How to get more for your Money
23 January 2018
Consultancy.uk announced that ‘Practical’ consulting is set to become the new norm in the consultancy industry – we discuss why.
Improving IT Service Management Global Financial Institution
12 November 2017
Lengthy trade processing times meant the organisation suffered major incidents on a regular basis.
Risk Analytics & Business Design Banking
17 October 2017
Banks are required to comply with the FRTB regulations by 2019. In 2016, the regulations were still developing and our client had launched a simplification programme, with the FRTB project given the highest priority.
Software Asset Management Strategic Review UK Investment & Insurance Firm
11 October 2017
Our client a leading UK Investment & retail Financial Services firm faced numerous challenges around vendor governance, policies and process alongside a wider remit to reduce overall spending on IT by 20-30%.
HR Systems Advisory UK Specialist Insurer
23 June 2017
The client, a major General Insurance Provider in the UK has grown rapidly over 10 years. This strategy helped them achieve rapid revenue growth, however, their cost base also increased significantly.
IT Target Operating Model (TOM) FTSE 100 Insurance Company
23 June 2017
TORI was engaged to implement a new group IT Target Operating Model for a leading FTSE-100 insurance company.
Technical Review of Internal Models (TRIM) Making the Most of a Difficult Task at a Difficult Time
21 June 2017
In 2017 and 2018 the European Banking Authority (EBA) will devote significant resources to a formal and structured review of credit, credit counterparty and market risk models being used by banks that fall under the single supervisory mechanism.
Outsourcing Remediation Multi-National Bank
10 June 2017
Our client needed assistance in identifying which third-party services could be deemed Material Outsource provisions by the Regulator.
Global Payables Programme Management Nordic Bank
10 June 2017
TORI provided Programme Management and subject matter expertise on a global payables programme for one of Europe’s top 10 banks
Patch Management Process Controls Tier 1 Global Bank
28 April 2017
A global FTSE 100 embarked upon an improvement plan to action process improvements and controls for access management of 70,000 distributed assets globally.
Developing Leadership At A Leading Investment Bank
22 February 2017
Helping the bank develop a management and leadership culture fitting for a global bank with a global strategy.
Reducing Complexity, Driving Standardisation & Automation Global Investment Bank
22 February 2017
A Tier 1 global investment bank with clients in over 100 countries and assets of $2.3 trillion, wanted to identify a strategic partner to assist in the delivery of a standardised and highly virtualised technology platform and the operation of its core IT infrastructure services.
Customer Experience Model (CXM) Middle East Contact Centre
13 December 2009
A government organisation wanted to improve the consistency and objectivity of its customer care measurements.
Practice Leader
Related Services
Cost Optimisation
Cost Optimisation facilitates the identification, classification, reporting and ultimately the optimisation of technology and business costs; allowing enterprises to achieve and maintain cost competitiveness.
Reconciliation, Implementation & Maintenance
Financial services firms need effective, automated reconciliation to deliver against their business and client service goals and regulatory obligations.