Case Study. Prepared by Professor Ron Babin, an Outsourcing Researcher at Ryerson University GEO. IAOP s Global Excellence in Outsourcing Award

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1 Best Practices in Outsourcing: The Bancolombia Experience Case Study Prepared by Professor Ron Babin, an Outsourcing Researcher at Ryerson University GEO IAOP s Global Excellence in Outsourcing Award

2 GEO Awards - Recognizing Outsourcing Best Practices and Innovations Award Winner: Bancolombia Group, Outsourcing Strategy Management Department Introduction IAOP recognizes Bancolombia Group for its centralized outsourcing initiative process as a leading global practice. Bancolombia is the largest bank in Colombia and one of the larger banks in Central America. The bank has grown through a series of acquisitions over the last decade. A result of the acquisitions has been a growing and diverse set of outsourcing relationships. Recognizing the problems of having too many outsource providers and contracts, the bank decided to actively consolidate and redesign the outsourcing process. A central outsourcing strategy management group was created. A corporate wide outsourcing methodology was established and has been successfully implemented across most of the banking operations. The result has been a consistent method for implementing, operating and evaluating outsourcing relationships, which is directly aligned with methods for managing and evaluating business processes. Using the balanced scorecard technique all outsourcing and business processes are measured and evaluated consistently across all banking operations. This also allows the bank to implement a common outsourcing methodology at new business acquisitions. In the following sections we provide an overview of the Bancolombia group, the background for the new outsourcing strategy, a description of the outsourcing methodology and finally an overview of the business benefits and value from the central outsourcing strategy management. Bancolombia overview With over 130 years of experience, Bancolombia Group is the largest bank in Colombia, offering a wide range of banking products and services to a diversified individual and corporate customer base of more than 6.9 million customers. Bancolombia delivers its products and services via its regional network comprised of Colombia s largest non-government owned banking network, El Salvador s leading financial conglomerate (Banagricola), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well s an agency in Miami. Together, Bancolombia and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust service, asset management, pension fund administration, and insurance, among others. The bank website is at Bancolombia is a NYSE listed company since July, 1995, and its shares are listed under the symbol CIB. See table 1 for additional key figures. Bancolombia has a network of 900 Branches, 2669 ATM, 8049 Electronic Close Access Points, 540 nonbanking correspondents, 484 mobile points of attention and 154 kiosks IAOP All Rights Reserved

3 Table 1 Key Figures 1 Profitability: net interest margin 6.32%, return on average shareholders equity 20.10%. Efficiency: operating expenses to net operating income 53.92%, Capital adequacy: shareholder s equity to total assets 10,98%, technical capital to risk weighted assets 13.80%. Key Financial Highlights: net income per share 0.85, net income per share COP Share price $42.93, common Price $20,400. Number of employees: 19,813. 3,567 personnel (outsourcing) working in-house, 2,211 people (outsourcing) working externally 2,022 people (outsourcing) working externally, dedicated part time The Bancolombia Group is going through a transformation process with the aim of making its financial services more easily available to its customers. Transformation will be achieved through a modern and competitive technology platform that will be able to compete in the global market with technology advanced and simple processes centered on the customer. Overview of outsourcing strategy The following overview was presented by Luisa Toro, Manager of Outsourcing Services, Bancolombia, in discussion with Professor Ron Babin, an outsourcing researcher at Ryerson University. After the merger of three of the largest banking institutions in Colombia that created the Bancolombia Group in 2008 (Conavi, Corfinsura and Bancolombia), we conducted an outsourcing transformation, consolidating three decentralized models into one, shifting contextual work to strategic outsourcing partners, and reducing the number of outsourcing relations from 500 to 170. The outsourcing transformation addressed problems such as: an increase in the number of suppliers, significant operations risk without a mitigation plan, issues in the relationship management within the supply chain management, etc. With assistance from consulting firm Accenture, Bancolombia established an Enterprise-Level Sourcing Governance, a framework to follow and control portfolio services, rates and comparable metrics for creating a consolidated view of all Outsourcing Relationships across both strategic and operational levels using Balanced Scorecards. The new outsourcing model is focused on efficiency, client satisfaction and time to market. We needed to synchronize the new Outsourcing Model to the current Business Process Management and make gradual improvements. Today, the Outsourcing Strategy Model coexists with the Business Process Management. Each process provides information to the other. For example, for every single business process the organization has a method of quality warranty, a manager, a set of metrics, a staff facilitator, etc. The Process Engineering and the Quality Department are responsible for all process definitions. If the processes are outsourced, the Administrator (Leader of the Outsourcing Process) has an consistent and well 1 Source IAOP All Rights Reserved

4 defined process to manage, has an advisory group of people that help in specific topics (risk, human recourses, security, continuity), has a negotiation staff that will help it to manage the contract, and has a overall corporate Methodology as a guide. In this way, the corporate board has the same level of oversight for both internal and outsourced business processes, because the same methods and measurements are used on all processes. Every outsourcing relationship regardless the size, type or nature, has the same Balanced Scorecard to monitor the performance. Results are aligned with the corporate Balanced Scorecard. The outsourcing strategy model covers the whole of the Bancolombia group business. We currently have outsourcing service coverage from 22% of the company processes and a further 26% are susceptible to be outsourced. At the present time, the new outsourcing services team provides specialized services in support of technology, back office process and physical infrastructure resources. For years, we only thought only of outsourcing basic services like logistical support, transportation, cleaning, monitoring and development of applications. In just a short time, the supply and the needs of our business have moved on so that alliances with specialized suppliers are helping Bancolombia to formulate outsourcing shared success. PERIOD TOP 5 OUTSOURCE SERVICES Food Services & Preventative Maintenance, Call Center IVR, Security Services, Document Transportation, General Storage Hardware and Software Maintenance, Telecommunication Services, E- Commerce Hosting, Data Center Services, Check Services (verification, guarantee, conversion, recovery) Security Monitoring, Software Development, Basic Contac Center Services & Telemarketing, Document Image Processing Facilities Management for Real Estate, Contact Center & Cards BPO, Software Factory, Non Banking Correspondent Audit, Print Management Bancolombia Group has 85 relationship managers with over 100 outsourcing service providers with both national and international operations. We have established categories of services for each of four affinity groups namely: 1. Technological Type which are framed technology development services, maintenance, security and IT infrastructure. 2. Operative-Tactical Type, where we group supported by business services, channels, products and customers. 3. General Services Type, where we consolidated support services to the infrastructure, maintenance, security, logistics and services for employees. 4. Strategic Type, category where we are leveraging the Group's development and transformation processes; there we have the Contact Center Telephone Sales and channel strategy and Internet and Mobile Banking. We have developed a system of coexistence between processes in a captive model, selectively outsourced processes and complete (full) outsourcing in alliance. We have a mix between 60% of local suppliers and 40% IAOP All Rights Reserved

5 international suppliers. So far, we only have one experience using an off-shore outsourcing model, with an IT services development and testing software factory in India. The Outsourcing Strategy is closely connected with the Corporate Strategy so that the model is sustainable and can grow and evolve with corporate changes. Beginning in 2008, Bancolombia (banking unit) has implemented a Shared Service Center with five subsidiaries (Factoring Bancolombia, Leasing Bancolombia, Valores Bancolombia, Banca de Inversión Bancolombia y Fiduciaria Bancolombia) The Outsourcing Strategy has been applied consistently across all subsidiaries. This suggests that the outsourcing model will remain as the corporate model changes and as Bancolombia group continues to grow through acquisitions. Outsourcing Strategy Department (GEO) at Bancolombia Group Our department name is GEO, in Spanish Gerencia Estrategia de Outsourcing. It was created in 2004 with advice from consultancy Accenture and with the goal of internal improvement of managing the supply relationships in the Bancolombia group. Seven years ago, one of the merging firms (Conavi) was analyzing its Business Strategy and found that over 50% of their spending was typically in outsourcing services. This finding invited us to examine the outsourcing as a basis to become more aware and capable. As an outcome of this exercise, the group obtained a detailed analysis of the situation, a tool and key issues to define a formal Outsourcing department. After the merger, the project became appropriated them and made the method applicable in the corporate structure of business management. The first actions were aimed at stabilizing the operational outsourcing. After that we worked to give added value to the management process and monitoring the outsourcing relationships. At the moment, the product of this evolution is that we are carrying out strategic studies that reflect the obvious opportunities to have Bancolombia apply outsourcing process from now on, using guidelines to support its growth, internationalization, risk mitigation management and service. The GEO department is in the same group as The Business Continuity Officer, the Operational Risk Department and Quality Department. This group has a cross corporate responsibility and transversal methodology aligned with the strategic orientation. The GEO department has achieved high visibility because in most of cases, we facilitate legal requirements and respond to Colombian regulator. We have the responsibility of preparing the organization for the future, doing much research and trying to innovate processes all the time. The Bancolombia Outsourcing Model The outsourcing model has the following basic functions 1. Develop a corporate strategy to demonstrate how outsourcing as a management tool generates value IAOP All Rights Reserved

6 2. Consider all outsourcing initiatives that are prioritized by the corporate strategy and present results of outsourcing feasibility 3. Define corporate policies and guidelines for use and maintenance of outsourcing as an effective management tool 4. Design corporate governance model for outsourcing 5. Report outsourcing corporate information, indicators, volumes, costs, risks, managers, outsourced processes and function 6. Backing up the model of outsourced relationships and scenarios to facilitate decision making 7. Act as an internal consultant on issues of process improvement and efficiency plans via outsourcing The outsourcing model is described in the following table. The following seven steps are executed for each new business area or business acquisition within the Bancolombia group of companies. 1. Field-work The first step to execute the Outsourcing Strategy Model is the Fieldwork in every area that uses external providers to write a list and understand their management processes. 2. Inventory of outsourcing relationships 3. Describe each relationship 4. Management education 5. Develop balanced scorecard 6. Implement balanced scorecard The team creates an inventory of Outsourcing relationships, after determining which of the external sourcing relationships included on the previous list require study under the model and which should not. To any relation from the inventory, the team identifies the scope and the typology of the service, the administrator, the operational risks, the SLAs, the OLAs; everything for constructing the curriculum vitae of the outsourcing service. To sensitize the audience, imparting the outsourcing model to every member of the Bank s relation management team. In order to achieve the expected level of maturity, we use a hybrid program, which consists of a virtual education course and on-demand on-site advisory. When the Administration Team is Ready to go we help to build the Balanced Scorecard for each relationship with a focus on measuring the strategic and tactical performance of the outsourcing relationship. The Scorecard includes SLA s and OLA s mainly focused on quality, opportunity and service. Once developed and approved, the Balanced Scorecard passes to transition process and it is evaluated if it is suitable to the dealing services in order to the negotiation process and the service nature. 7. Publish results After the scorecard is accepted, the administration team publishes the Scorecard in a web-based (Share-Point) portal IAOP All Rights Reserved

7 Business Benefits and Value of the Outsourcing Strategy Model At Bancolombia Group the measurement of the Outsourcing Strategy has four points of view: Economic Value, Risk Value, Customer Value, and Service Quality Value. These are the key metrics for the outsourcing balanced score card. Economics Value View: in this aspect the administration team reports the execution of the KPI s defined depending on the nature of the services. If the service perspective is Efficiency, the execution should reflect saving in labor cost or general expense. For example, for Facility Management Outsourcing Service (In alliance with the Partner) should report reasonable results. For the Economic Value View, the ROI is a direct saving. Risk Value View: The Group understands that risk management is one of the main elements of our strategy. Quantifying the different risks in a homogeneous and consistent manner is a priority. In this aspect the administration team reports the results of the Operational Risk Self-Assessment (ORS) for Outsourcing Relationship under his managed. The corporate scale of operational risk is: tolerance, moderate, critical, and severe. For example, the Bank Clearing Outsourcing Service (In alliance to the Partner) should report acceptable results. For the Risk Value View, the ROI is an indirect saving. Customer Value View: The Group performs an Annual Survey to evaluate the Internal Service and External Service that we offer. For those exercises, the Service Area receives a consolidated report named PI (Perceptive Index). With this index we monitor the perception of the outsourcing service satisfaction. For example, the Collection Call Center Outsourcing services (in alliance to the Partners) should report satisfactory results. For the Economic Value View, the ROI is an indirect saving. Service Quality Value View: in this aspect the administration team reports the result of the SLA s, OLA s and Underpinning Contracts (UN) every single month and reports the trends of the service. The expertise and the knowledge of the services is reflected in this point of view and the client, Bancolombia, for one extra point should take the suite of decisions: pay more for that, stop to pay, etc. For example, the End User and Support Outsourcing Services (in alliance to the Partner) should report suitable results. For the Risk Value View, the ROI is an indirect saving IAOP All Rights Reserved

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