Title here. Successful Business Model Transformation. in the Financial Services Industry. KPMG s Evolving World of Risk Management SECTORS AND THEMES

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1 SECTORS AND THEMES Successful Business Model Transformation Title here in the Financial Services Industry Additional information in Univers 45 Light 12pt on 16pt leading KPMG s Evolving World of Risk Management kpmg.com kpmg.com Credits and authors in Univers 45 light 12pt on 16pt leading

2 B / KPMG s Evolving World of Risk Management

3 KPMG s Evolving World of Risk Management / 1 Successful Business Model Transformation in the Financial Services Industry An entire industry in flux The financial services industry is at a crossroads. Emerging from the global financial meltdown, the industry faces unprecedented challenges. Consolidation and business restructuring, shifting priorities, increased regulatory requirements and scrutiny, alterations in tax rates, and changes in consumer and corporate preferences have all impacted the evolving economic environment. Defined customer segments, products, and approaches may all require a refresh. Legacy technology solutions may no longer be cost-effective. Internal business silos may create redundancy and waste. At the same time, boards and shareholders demand stringent risk management in tandem with profitable operations. There is an increased need for effective governance and informed decision making, for new operational strategies and revised capabilities in some cases, demand for entirely new business models may exist. The current demand for change brings its own challenges, including reduced visibility and capacity to foresee and proactively mitigate emerging risks. Lack of agile processes to support change can translate to higher costs, longer time to market, and difficulty predicting outcomes. The fundamental issue is this: how can financial services companies transform themselves to drive improved business performance, while at the same time ensuring the right level of risk management? In other words, how do financial services companies transform themselves to deliver sustainable growth and performance? Improving business performance under heightened regulatory and competitive pressures As regulatory burdens and complexity increase and competitive pressures mount, companies must think strategically about the implications for their business and organize accordingly. Simply stated, conducting business today is more expensive and driving profitability is more difficult. And improving business performance is constrained by increasingly limited options. In the face of these realities, financial services companies are exploring new operating models built around the two primary levers available to them for driving business performance: enhancing revenue and reducing cost. Forward-looking organizations seek evolved business models that are nimble in addressing new regulations and competitive threats, and constantly moving to enhance or replace revenue and reduce costs. Whatever strategy is adopted to drive business performance, it will be more effective when considered and undertaken with an eye toward effective governance, regulatory compliance, and risk management. Revenue enhancement New and emerging regulations have severely constrained the ability of financial services companies to generate revenue. At the same time, there is heightened pressure on earnings and the ability to provide returns to shareholders. This has focused attention on revenue replacement and capital commitment as the means to improve profitability and increase shareholder value. Companies are rethinking their customer segmentation strategies, product mix, pricing models, and business processes while considering sales force enablement tactics and data tools to enhance sales effectiveness and better align capabilities with the evolving landscape. Cost reduction Cost reduction concentrates on improving capital efficiency and management, seeking ways to streamline operations and processes to drive more profit to the bottom line. It may encompass operational and architectural redesign with an emphasis on automating manual processes, increasing staff productivity, reducing physical locations, adopting new approaches to sourcing shared services, or shifting to new technologies such as cloud computing to reduce the cost of ownership associated with legacy applications and architecture.

4 Delivering sustainable growth to shareholders Viewing business model transformation through a risk lens Changes in strategy and business models require new target operating models. The most effective models incorporate risk management frameworks to enable more effective decision making and enhanced performance. KPMG s Financial Services advisors understand how to view performance enhancement enablers through a risk lens to drive sustainable business value. Working with experienced teams from a range of disciplines, we help banks, insurance companies, asset managers, brokerdealers, and other corporate and public entities to build target operating models designed to improve performance while considering and managing risk components. Strategic development through tactical enablement Our KPMG member firms understand that successfully reenvisioning operating models is a balance of aspiration and practicality, requiring a view of the target state as well as the actionable steps to arrive there. Our Target Operating Model methodology (TOM) lies at this intersection the junction of strategic development and tactical enablement. With welldefined steps in KPMG s TOM methodology, we link the what with the how. Our methodology incorporates an understanding of your current operating model and a scan of industry-leading practices. We work with you collaboratively to develop the Target State Model and an executable roadmap to achieve the end state. Our approach is flexible and based on your unique challenges. It is designed to help your financial institution take steps toward an optimized target environment efficiently and quickly. A four-phase process is at the heart of our approach: Phase 1: Current State Assessment Assess and document the current state and operating environment, including a review of existing documentation, stakeholder sessions to understand pain points, opportunities, dependencies and planned initiatives, and a current capability assessment matrix. Phase 2: Industry Scan Perform an industry assessment, competitive scan, and gap analysis to understand competitive pressures, current capabilities against industry competitors, and identify gaps. Phase 3: Target State Design Envision the target state operating model, assess impact and risks, and develop a multigenerational plan to arrive at the target state. Phase 4: Target State Implementation Develop a phased and prioritized implementation roadmap, considering implementation planning and high-level costs and benefits associated with movement toward the Target State Model.

5 KPMG s Evolving World of Risk Management / 3 Flexible deployment In practice, we recognize that with the complexity of financial institutions, TOMs can be developed at any level throughout the organization. With our deep industry experience, we have the ability to apply the TOM methodology across multiple organizational structures, entering a financial services organization at any level to assist in achieving a desired outcome. The result is the ability to drive transformational change at the enterprise level, or across lines of business, business functions, or shared service components. Case study: Business model transformation in action The Deposit Operations of a Top 10 U.S. bank sought the development of a new operating model to help realize the advantages of recent acquisitions. They were looking for a new Target End State and transformational strategy for the bank s back office in order to rationalize and streamline activity over 20 distinct fulfillment areas encompassing item processing, research and adjustments, exceptions and returns, vault, lockbox, account fulfillment and maintenance, and corporate real estate. KPMG began by gathering and disseminating information, developing a strategic work plan, and establishing management routines for the transformation process. KPMG advisers worked collaboratively with the client to develop a currentstate assessment, incorporating analysis of internal and external strengths, weaknesses, opportunities, and threats; outlining emerging trends; and defining the company s core competencies. Together we established the future-state TOM that identified the post-integration technical and operational environments for the bank, including a multigenerational plan for migration toward the target model. Our three-year transition plan focused on reduced paper processing, platform rationalization, and increased earning assets across their U.S. footprint, with proforma results reaching a five-year internal rate of return (IRR) of 30 percent. 1 The value KPMG brings to business model transformation Our KPMG member firms have the specialization, global experience, and tested methods to help you make your Business Model Transformation initiatives successful. We bring a 360-degree view of all relevant issues and drivers the marketplace, business concerns, and the internal and external pressures you face. Our team of multidisciplinary professionals work with you to find the leading solutions for your business needs, with a focus on driving performance improvement with a lens on effective risk mitigation. The end goal is to bring sustainable competitive advantage. The benefits of developing a TOM with the KPMG global network: A flexible approach based on your unique challenges An operating model that is aligned with organizational goals An executable strategy with a clear path to achieving business results A robust approach to embedded risk management that stands up to the test of time 1 KPMG LLP, 2010.

6 4 / KPMG s Evolving World of Risk Management The KPMG Advantage Leading organizations around the world rely on KPMG s global network of member firms for leading business advice and confidence in our ability to execute. Our deep industry experience and insights help our clients understand the root causes of some of their most complex challenges. We deliver best-fit solutions not just leading practices that bridge strategy and execution to create measurable and sustainable value. Clarity Our more than 30,000 worldwide Advisory professionals have deep experience across government and industry sectors offering ahead-of-the curve insights on regulation, technology, and global and capital markets. We offer perspective. We understand the downstream implications of change brought about by disruptive forces on an organization on customers, suppliers, finance, operations, people, technology, risk, legal, and tax to help you prepare not only for what s coming, but for what happens after it arrives. It s not just about leading practices, but best-fit solutions. We have a wealth of intellectual property, service offerings, methods, and tool sets. But we do not depend on a one-sizefits-all approach. Through industry experience and deep process knowledge, we bring real business methodologies that can deliver value. We do not believe innovation comes in a box. Technology certainly is a critical enabler. But we believe true innovation requires bridging strategy and execution to help you make structural changes across people, processes, functions, and layers of the organization and to the business model itself. Commitment We are relentless in our execution and we succeed by exceeding your expectations. We forge multidisciplinary and cross-functional teams with the breadth and depth to get the job done, including specialized skills in such areas as organizational design, performance management, technology, risk management, sourcing and shared services, tax, analytics, and people and change management. And our vast capabilities in transactions, corporate finance, and restructuring can help you realize growth strategies to improve the value of your business. We re objective. We give you truly unbiased advice. We have no hidden agenda to sell you software, hardware, or outsourced services. We serve you. Period. Confidence Our goal is to help you take advantage of change rather than simply reacting to it to transform disruptive forces into sustainable advantage. In a word, the value we offer is confidence. Confidence in your insights. Confidence in your execution. Confidence that you re driving sustainable value.

7 KPMG s Evolving World of Risk Management / 5

8 Contact us Jitendra Sharma Principal and Global Leader, Financial Risk Management T: E: Carl Carande Principal and National Leader, Banking & Finance T: E: John Ivanoski Partner and Network Leader, Operations Risk T: E: Mitch Siegel Principal, Financial Services T: E: Scott Cotton Principal, Financial Services T: E: Special thanks to the contributors of this paper: Jitendra Sharma, Mitch Siegel, Scott Cotton, Deborah Dacey LoPiccolo and Jodi Hadge. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in the U.S.A. The KPMG name, logo and cutting through complexity are registered trademarks

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