The client partnered with Empaxis, in which Empaxis provided a comprehensive middle- and back-office (MBO) support solution, encompassing the following key areas:
- Dedicated Resources: Empaxis deployed a team of eight offshore resources with expertise in wealth management processes. This included specialists in:
- Position & Cash Reconciliation: Ensuring accurate daily and periodic reconciliation of client portfolio positions and cash balances.
- Trade Settlement: Facilitating seamless trade settlement across various asset classes.
- NAV Calculation: Calculating accurate Net Asset Values (NAV) for all client portfolios.
- Performance Reporting (GIPS Standards): Generating performance reports compliant with the Global Investment Performance Standards (GIPS).
- Daily & Periodic Reporting: Delivering timely and accurate daily, monthly, and quarterly reports for clients.
- Project Management: Provided a shared project manager to oversee the project lifecycle, ensure successful onboarding, and manage resource allocation.
- Client Relationship Management: A dedicated client relationship manager facilitated smooth communication and ensured client satisfaction throughout the engagement.
- Business Continuity: Empaxis offered additional resources to maintain operational stability during peak times or unforeseen circumstances.
- Team Leadership: Shared team leads with expertise in wealth management workflows provided guidance and support to the back-office team.
- Subject Matter Expertise (SME): SMEs supplemented the team with deep knowledge of specific areas and industry best practices.
- Quality Assurance: A QA analyst tracked defect rates, ensuring consistent quality outputs and adherence to agreed-upon KPIs and SLAs.
- Knowledge Transfer: A dedicated migration team facilitated a smooth transition from the client's existing processes to Empaxis' MBO services. This included:
- Process Mapping: Detailed mapping of client workflows to ensure accurate and efficient implementation.
- Six Sigma methodology: Implementing Six Sigma methods for issue tracking based on the DMAIC (Define, Measure, Analyze, Improve, Control) cycle to identify and resolve issues efficiently.
- Key Man Risk Mitigation: By leveraging two geographically dispersed facilities in Kolkata and Noida, Empaxis mitigated the risk of service disruption due to individual absences.
- Issue Tracking and Communication: Empaxis employs a ticketing system for issue tracking and adheres to ITIL-based communication protocols, ensuring transparency and efficient problem resolution.
By partnering with Empaxis, the investment management software provider achieved significant improvements in their back-office operations:
- Increased Efficiency: Empaxis' skilled and dedicated resources streamlined processes, leading to faster task completion and improved
overall efficiency. - Enhanced Accuracy: Focus on reconciliation, accurate NAV calculation, and GIPS-compliant reporting ensured reliable and trustworthy client
data. - Improved Client Service: Timely and accurate reporting allowed the client to provide their wealth management clients with enhanced service
levels. - Reduced Costs: Empaxis' cost-effective offshore model delivered significant cost savings for the client.
- Business Continuity: The Empaxis solution provided the robustness and scalability the client needs to support its growing client base.
