"November 2016, ISIS militants shot dead 52 people in east of Mosul city, Iraq." – read the morning newspaper.
Depressed, I flipped over; Dear Zindagi had released a second trailer.Will the movie be a hit? Being King Khan’s movie, they will sell it and people will have the cash to buy it!
Talking of cash, I started pondering over how terror groups would be financing their missions? Unlike legitimate businesses, terror enterprises cannot rely on loans or issue stocks to fund their activities; it definitely must be any system’s loophole.
I, Shubham am associated with the Account Suspension team of eClerx and our client is a global multinational bank that deals with various investment products and financial services.
My team is responsible for closing accounts or relationships that have been inactive in the last 18 months to stop money laundering. The Foreign Account Tax Compliance Act (FATCA), Anti Money Laundering (AML), and Know Your Client (KYC) regulations are considered while account deactivation. An inadequate suspension activity may lead to terrorist mishap.
Account Suspension is one of the oldest processes with us and has matured through continuous improvement.
Over a period of time, even biggest and best-equipped ships run into trouble and it's the same in the world of busi ness. As the wind outside was so turbulent, we promised to do something new, provide even more secure and better option to the client. Now it was either "You are Hero!" or "You are Suspended!"
We were on a mission to redesign the entire process with Prerna, our Quality POC, senior management, and few other cross-functional teams. We designed a new process flow and shared it with the client. It was a lot like crossing the ocean in a freighter — survival was uncertain. There were days of smooth sailing, and of course, the rogue waves that hit without warning.
Unfortunately, Abhishek,our Client Operational Excellence manager wasn't happy with the solution. He suggested to quit the drive and move ahead with the current flow.
“We are already in middle of ocean. Going back to the original process flow would be safest route. But would that be best for you and team?” With eyebrows raised and a witty smile, asked Ajay, our program manager.
“Definitely Not!” I gave a loud whisper. I turned back to my team and mustered courage to give it another try. With the help of our top management we could now involve Abhishek’s team from the Client side in resolving the issue. Leaving no stones unturned, we gathered their suggestions, carried multiple iterations and studied response and implemented the solution.
At the end we were at the peak of happiness with a robust process design, pleased customers, a satisfied team, proud management, and maybe reduced number of sorrowful columns in the upcoming newspapers.
Lessons Learned
- An effective communication within the team and with the customer is a must for any project
- Team member’s diverse experience, adherence to project management plan and timely toll gate reviews with management definitely helps