STRUCTURING TO RESTORE VALUE
The Card division of a large Canadian financial institution was experiencing fraud loss rates among the highest in the world. New competitors were entering the marketplace, and market share loss was anticipated. Although the new leader saw growth opportunities, the organization was not equipped to support the increase in scale required to remain competitive. Throughout the organization, there was lack of accountability and ownership with duplication of work, too many priorities, unclear decision rights and constant escalation.
WHAT WE DID
A new leader engaged COREinternational to the review the current organization structure and subsequently, to design and implement a new organization structure. Implementation focused on cascading role clarity at each management level within the organization. COREinternational developed the implementation plan and process and facilitated the cascade of accountabilities from the EVP Business Unit Head, across all functions, down to the front line manager level.
- Doubled the business in three years—two years ahead of goal
- Within just 6 months of focused effort within an accountable and inspired organization, fraud rates significantly decreased
- In one department:
- Saved over $2,000,000 in operational expenses
- Saw a 70% improvement in productivity
- Reduced employee attrition from 6.0% to 2.5%
“The results were very good. I really think we could not have moved the business forward/grown it as much as we have without doing this work.”
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