Page 9 - The Standard - January 2019

Performance

Since the compliance team took over the residential
new business process on 1 November 2018 we
st
have received a thread of positive feedback
from both centres and the sales team and have
successfully managed to reduce the end to end
onboarding process from 34 days to 15 days.

Plans are in place to take on the full AML process by the end of
the year. To support this we will also be introducing an AML portal
which we hope to streamline the process further and make it a
more client friendly experience.
The Finance team has been very busy since the sale transaction
focusing on accounting for all of the sale related expenditures,
dealing with third parties to update KYC information and setting up
new approval processes in NAV. Some of these expected changes
will significantly change the existing processes and include:

- Creditors will be paid on time; ASSUMING that everyone ensures
that transactions are fully approved by the end of each week
so we can include approved invoices in the bank run which we
process on Monday.
- We have enhanced our transaction approval processes; there
are different limits for each person’s approval and everything
will be processed through the system, paper approvals won’t be
accepted after an initial transition period.
Budgets will be loaded into NAV and should be available for review
th
by 30 January. Our February GM meetings to review January
results will cover variance in performance from the budget at a
high level. Any questions please contact David Smart.

January 2019