-
40% reduction in cost
-
100% adherence to ICC rules
-
20% improvement in turnaround time
CLIENT CHALLENGES
- Capacity constraints prevented handling spikes in work volumes as a result of fewer trade finance firms in the market
- Brain drain, as experienced document checkers retired
- Non-standard process maps with inconsistent inherent process risk and control metrics
- Knowledge-retention issues, resulting in investing in repeated training sessions
- Difficulty in hiring experienced, CDCS-certified resources
OUR APPROACH
- Reviewed LC document credit check process maps to understand hand-off process and associated risks
- Deployed a pyramid-based offshore team of SMEs, based on the complexity of work, to design end-to-end process
- Created standard operating procedures for LC document examination process
- Created a standardised discrepancy document, segregating errors into grid, LC requirements and data inconsistencies
- Initiated support for import document checking for EMEA and APAC
IMPACT DELIVERED
- 100% adherence to ICC rules (UCP 600, ISBP and Incoterms 2020)
- 40% reduction in cost by improving efficiencies and quality
- 20% improvement in turnaround time, in line with new SLA, completing all transactions within the day, vs turnaround time of T+1 in the previous SLA
- Operational risk management with four-eye quality control mechanism for 100% of transactions
Thank you for sharing your details
Your file will start downloading automatically
If it does not download within 1 minute,
Share this on
