Report I n t e r n a t i o n a l

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1 Report I n t e r n a t i o n a l

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3 Hard times for banks and insurances professional earnings management for a stable future There are hard times ahead for credit institutions and insurance companies. Competition has become more intense, even in the classic business segments, earning potentials decrease, and the ever more complex regulatory requirements and systemic changes in supervision have become the actual determining factor for banks business policies and business models, even for day-to-day customer business. Solvency II still lies ahead for insurances, which will face unknown corporate management requirements. Currently, various areas of the financial sector again demonstrate the consequences of carelessly handling business facts and of neglecting company and process management. In the long run, those who have geared their companies and associations towards profit-earning capacity and a strong capital base and are thus able to actively shape the mandatory change and consolidation processes will have a lead over their competitors. In the medium term, this fact cannot be ignored nor be approached by political or governmental influence. In view of non-standardized regulation of financial sectors, security mechanisms or various risk measurement and stress models, financial supervision itself is full of inconsistencies and has become the pawn of political entities. However, the financial industry has no choice but to set up or develop their control systems in order to integrate all relevant parameters and to map them with the least possible process costs from sales controlling up to bank-wide risk management. Besides the necessary streamlining and cost reduction, the pressure to generate earnings also leads the sector to enhance their advisory and sales skills and to back them by demand-oriented pricing models. Only sustainable customer benefit is able to restore the lost confidence and to secure the market position. zeb/ is your competent and expert partner for responding to all these challenges with excellent sector expertise and experience. More than 850 employees focus on strategic courses of action, develop specific solutions and make sure that they are successfully implemented from corporate management to production processes up to our clients sales skills. / 3

4 Prof. Dr. Dres. h. c. Henner Schierenbeck Prof. Dr. Bernd Rolfes

5 This zeb/report International gives an account of our client projects. We gladly take this opportunity to thank you for the confidence that you have given us for more than 20 years, and to renew our value proposition. We also like to thank our employees, who represent zeb/ s quality and reputation with their vast knowledge, extraordinary skills and strong commitment. Prof. Dr. Bernd Rolfes Prof. Dr. Dres. h. c. Henner Schierenbeck / 5

6 / Contents zeb/ 8 zeb/ your partner for change in the financial services industry 17 zeb/partners Topics Finance and Risk 20 BayernLB GRC FIT: Realigning Group Risk Control 24 East Capital Asset Management Outsourcing of risk management 27 Nordea Bank Cost-effective management of wrapper products Information Technology 31 Finanz Informatik SAP Bank Analyzer cooperation 35 Raiffeisen Bank International AG Hedge accounting Retail and Corporate Business 38 Aduno Group Systemizing and activating online sales 42 Landesbank Berlin AG/Berliner Sparkasse Corporate Client Future Workshop 45 Veneto Banca Group Quality of service delivered to customers: from assessment to its improvement / 6

7 / Contents Organization and Transformation 50 Banque de Luxembourg Excellence in service management 54 Deutsche Apotheker- und Ärztebank eg IT migration to bank21 and provider management setup 59 Wüstenrot & Württembergische AG Implementing the European Market Infrastructure Regulation (EMIR) 62 ZAO Raiffeisenbank Regional diagnostics Strategy 66 Union Investment Institutional GmbH Growth opportunities in institutional business through clearly defined positioning crescore/ and Resolving 72 crescore/ Partner for change now also in Scandinavia 73 Resolving StrategyFinance Partner in Italy zeb/studies 75 zeb/studies Markets in focus 81 Contact 82 Imprint / 7

8 zeb/ your partner for change in the financial services industry Challenges in the financial services sector Euro crisis, banking scandals and financial repression in the fourth year after the Lehman collapse, the European financial sector, especially in the euro zone, still remained in crisis mode. At the end of 2011, we all hoped that the worst was over and that the most important recovery measures were initiated. But in 2012, more and more new fields of action emerged for bank and euro rescue programs. Each and every month, the agenda of the European Heads of State and the European Central Bank (ECB) featured topics that presented the established financial system with fundamental and existential challenges. They concentrated their efforts on maintaining and securing the unity of the euro zone. Eventually, the euro stood this crucial test: The euro zone did not break up and the monetary union remained intact. The sovereign debt crisis that commenced in 2011 might thus have passed its peak, and the euro zone is back on its way towards increased stability. Nevertheless, the price for rescuing the European single currency was high also marked the year of the banking scandals, which involved almost all major international banks. Consequently, the discussion about separating commercial and investment banking functions arose. If this separation is, at the very least, to be applied in closely limited segments, especially larger institutions might face essential business model issues. The discussion also made clear that banks and states are significantly more intertwined than generally assumed. By the end of 2012, it was nearly impossible to identify the very origin of the crisis. Therefore, the fundamental discussion on misguided structures still continues in Additionally, following several short-term rescue measures, the governments of the euro zone agreed on a banking union in December As of 2014, comprehensive European banking principles and a standardized supervision must be expected. It remains to be seen how the ECB is going to fulfill its double role as fiscal guardian and supreme supervisory authority for the European banking sector and if it succeeds in winning over its critics. / 8

9 The impact of the reinforced regulation efforts was clearly discernible in 2012 already. Deeply indebted countries tried to relieve themselves from their debt burden by means of various measures. The so-called financial repression led to a direct redistribution of charges to citizens and asset owners. Since mid-2012, real interest rates that were partly below zero began to affect private households. The specter of inflation and the continuous handling of low interest rates, in particular, brought about considerably reinforced pressure on the business models of European financial institutions. Looking at the 2011 annual results of the German financial industry, significant ROE improvements became visible throughout almost all banking groups: While in 2010, the German banking sector achieved an after-tax ROE of 5.2%, this value increased to 8.4% in 2011 (compared to -0,8% in 2009). The positive income development is still largely based on very heterogeneous results of single banking groups. In 2011, the ROE development of the global top 100 banks remained on a constantly low level of 10.2% after tax (compared to 10.8% in 2010). Forecasts for the following years again predict consistently low values. A stable level of profitability is also expected for 2012 and In the strongly growing BRICS markets (Brazil, Russia, India, China and South Africa), the return on equity developed on a constantly high level. In 2011, the ROE rose to 21.4% (from 20.4% in 2010). However, we assume a minor reduction of the average ROE for 2012 and 2013 based on the results reported so far. By the end of 2012, the market capitalization of the 100 largest banks worldwide was characterized by an upswing of 23.3% and consequently reached a similar level as in late Especially Western European and U.S. banks were able to note signs of recovery. The same applies for the top 25 insurance companies, which in 2012 achieved average market capitalization increases of 20.9%. Taking a closer look at the traditional revenue drivers of German financial institutions in 2012, one can see that almost all business segments of German banks and savings banks were further put under pressure. And for 2013, it is quite foreseeable that revenues will continue to decline and that costs especially for regulation measures are going to rise. Securing profits thus takes the highest priority for many banks. / 9

10 On top of that, individual and innovative solutions are required to solve the large number of old and new challenges of credit institutions: / 2012 was dominated by the transposition of Basel III into European law and the continued internationalization of banking supervision. Considerations on a future EU banking structure (Liikanen Report) were expressed, according to which individual business segments (e.g. proprietary trading) are to be outsourced to subsidiaries. In 2013, German institutions also face the implementation of several new provisions. The CRD IV Implementation Act has been drafted to transfer EU provisions into the German Banking Act (KWG) and related regulations. Besides the comprehensive EU reporting requirements (COREP/FINREP), also national basic reporting has to be implemented. To transpose the new requirements for OTC derivatives (EMIR) into national law, the derivative strategy and the related processes need to be reviewed and adjusted. Banking groups are presented with the challenge of designing reorganization plans (MaSan), which sooner or later will also become relevant for smaller institutions. Finally, institutions need to implement the new MaRisk requirements (4th MaRisk amendment) by the end of 2013 at the latest. The upcoming challenges will require extensive revisions of institutionspecific instructions, organizational structures and governance. A cooperation of Regulatory, Accounting and IT is the only way to manage the growing complexity. This approach ensures a closer link between the regulatory and commercial perspective and the integration of a cross-unit business, process and IT perspective. / German insurers need to adapt themselves to stagnating markets. This situation will require productivity improvements to counteract a price-induced increase in costs. The continued low interest rate phase poses additional challenges to life insurers and composite insurers due to decreasing capital investment profits. The EU s regulatory initiatives exert considerable impact on insurers business models in terms of capitalization to ensure solvency and due to sales regulation (e.g. IMD2). / The customer business in the financial services sector is currently characterized by two key tasks: Firstly, it needs to find suitable answers to the virtualization and digitalization megatrend that strongly influ- / 10

11 Dr. Patrick Tegeder Dr. Andreas Rinker Prof. Dr. Stefan Kirmße Dr. Olaf Scheer

12 ences the banking business. And secondly, it has to meet stricter regulation in terms of customer relationship and business model. In light of these new challenges, financial services providers have to reinvent some elements of their business. / Various topics will become particularly relevant for the IT units of the financial sector. The growing amount of data may be limited and managed by efficient storage solutions and effective historization and archiving concepts. Moreover, they will need to professionally transform legacy applications and system architectures into sustainable system and architecture landscapes to live up to the stunning speed of social networks development. And finally, cloud computing combines various technical developments and thus creates room for innovation. All this will result in new business models and value creation networks. Being the largest German mid-sized management consultancy, zeb/ disposes of the necessary tools and equipment to analyze and assess the upcoming challenges and to implement projects in a calculable manner. We not only strive for exact solutions, but also for sustainable, measurable and long-lasting success. We are convinced that outstanding industry knowledge is essential to elaborate tailored solutions and concepts. As the largest European management consulting company specialized in financial services, we attach high importance to an implementation process that is sustained by strategic-intellectual expertise and excellent techniques. Our strategy and organization To meet these requirements for management consultancies, we have established a positioning and setup that clearly distinguishes us from our competitors, which are usually organized into industry-specific practice groups. Thanks to our matrix organization, we focus on holistic customer support through individual market managers (Client Units) combined with the know-how provided by our five Competence Units, which is characterized by strategy competence, in-depth knowledge and practical implementation expertise: / Strategy & Sales / Organization and Transformation / Finance and Risk / IT / Human Capital / 12

13 The Strategy & Sales competence unit supports our clients in framing and adjusting bank-wide and business-unit-specific issues to continuously adapt the bank s competitive profile to changing market conditions and to ensure a sustainable and profitable growth path. We offer detailed concepts and implementation support for all sales topics in retail and corporate business in the financial services sector. Our services are based on our extensive experience in all client segments, nationally as well as internationally. Project activities range from new and promising market positioning to leveraging of potentials, e.g. through pricing strategies or sales process adjustments, up to multi-channel integration of sales channels. In addition, our clients benefit from our comprehensive knowhow in practical sales training and leadership coaching. The Organization and Transformation competence unit assists our clients in the following fields: holistic restructuring, setup of efficient governance structures, end-to-end optimization and efficiency enhancement of bankand insurance-specific processes, optimization of sourcing strategies and enhancement of trade processing platforms (Target Operating Model) in transaction banking, lending business and investment banking, and selection and implementation of core banking systems. We have profound expertise in designing and implementing a holistic quality management. Furthermore, we support our clients in strategically preparing, designing and implementing merger and integration processes. Our Finance and Risk competence unit deals with all bank management matters from an economic, regulatory or accounting perspective, often closely related with IT issues. The field of activity ranges from strategic issues about enhancing the group management of global banks to the implementation of changed regulatory frameworks. In 2012, we reinforced our international alignment and enhanced our service portfolio for insurances. This strategic alignment is confirmed by considerably increased turnovers generated by these segments in the Finance and Risk area. zeb/group s IT competence includes the entire IT value chain from strategic positioning and design of target architectures to data processing concepts up to system integration and operational support. The individual IT tasks are bundled in Competence Teams to satisfy the challenges and recipients of the financial industry. Our subsidiary findic/ focuses on designing concepts for and integrating various technologies and applications, whereas zeb/information.technology is responsible for our in-house developed zeb// control standard software. / 13

14 The Human Capital competence unit combines consulting services for personnel management and change management. Expert consulting and methodical know-how are control levers used to align processes and organizations towards optimal development and use of staff potentials. Change management as an integrated part of consulting is essential for preparing and qualifying executives and employees for changes, thus al- mathematicians lowing for a smooth implementation of innovations. With these services, Human Capital makes an important contribution to ensure our clients sustainability. Business economists Financial 2 % 3 % Physicists 7 % 7 % 6 % 56 % 7 % Other Economists Mathematicians IT specialists Our services and results Business informatics specialists With a 2012 turnover of EUR 143 million, zeb/ has established and strengthened its position as the leading and highly specialized consultancy for the financial services industry. While already being one of the top management consulting firms in the German-speaking market, zeb/ also increases its international relevance. New clients Having acquired the Scandinavian consultancy crescore/ and the Italian firm Resolving in 2012, zeb/ continues to develop its international 19 markets. % Accordingly, these markets have significantly contributed to our 2012 turnover just as last year, the share of international business amounted to 23%. 81 % 12 % Sales Organization and Transformation Financial Physicists mathematicians 14 % Business 282 % 3 % Other economists 7 % Economists 7 % 58 6 % Mathematicians 56 % 7 % IT specialists 12 % Finance Business and Risk informatics Turnover of IT, Strategy and Human Capital competence specialists units is broken down to business-specific topics. Fig. 1: Distribution of fees earned in 2012 On the client side, 36% of the turnover was generated from global banks, Regular clients 17% from regional banks and 24% from specialized commercial banks, insurances and others. On the competence side, the increased turnover was achieved by the entire range of consulting areas (cp. Fig. 1). 58% of our turnover was accomplished through Finance and Risk, while 28% originate from Organization and Transformation and 14% from Sales. The turnover generated by the competence units IT, Strategy and Human Capital has been broken down to the respective business topics. New clients 81 % 19 % The majority of our clients have remained loyal to us for many years. Last year, we have achieved 81% of the turnover with clients who have already worked with us in previous years, while 19% of our turnover was generated with new clients (cp. Fig. 2). Our employees zeb/ sees itself as home for talents which offers room for creative development and entrepreneurial spirit to graduates and young professionals. Our employees are the key element of our success. Last year, we had 78 new hires and now have a workforce of more than 800 employees. Similarly to the previous years, our new hires were dominated by graduates Regular clients Fig. 2: Client structure 2012 (% of fees earned) Financial mathematicians Business economists 56 % 2 % 3 % Physicists Other 7 % Economists 7 % Mathematicians 6 % 12 % 7 % Fig. 3: Consultant profile IT specialists Business informatics specialists / 14 New clients 19 %

15 in business administration/mba and in economic studies with a share of 63%, whereas the share of computer scientists, mathematicians and physicists amounted to 16% (cp. Fig. 3). An excellent academic education is only one important prerequisite for successful consultants. Therefore, with the exception of those employees from the natural science areas, the majority of our staff has either already gained professional experience in banks or savings banks that goes beyond regular training experience, or has acquired specific consulting expertise. This experience favors problem- and solution-oriented thinking and practical solution proposals. Outlook In 2013, too, we want to continue our strategic path, ensure a stable level of innovation and guarantee a continuously high project quality. At the same time, we will bundle our efforts to expand our position in the financial services industry in an increasingly competitive consulting market and to continue to grow from the rising requirements in the financial services environment. Furthermore, we will increase our market share in the insurance sector and continue our internationalization strategy. On January 1, 2013, we have included Christian Große, Sven Krämer and Christian Schiele to our Group of Partners, which now counts 54 members. We also aim at continuing to expand our workforce by approximately 150 new hires and at increasing our turnover by a double figure. We want to thank our clients for the long-standing cooperation and their confidence. We gladly continue to support you as a partner for change and make every effort to deliver first-class services. Prof. Dr. Stefan Kirmße Dr. Andreas Rinker Dr. Olaf Scheer Dr. Patrick Tegeder / 15

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17 / zeb/partners Partners Dr. Thomas Abel Dr. Dirk Holländer Dr. Olaf Scheer Dr. Christoph Auerbach Ulrich Hoyer Andreas Schick Dr. Thomas Bannert Dr. Sven Jansen Christian Schiele Elke Benning-Rohnke Stefan Kaufmann Prof. Dr. Dres. h. c. Henner Schierenbeck Christoph Bundschu Dieter Kipp Dr. Michaela Schneider Martin Danne Prof. Dr. Stefan Kirmße Johannes Stengl Dr. André Ehlerding Horst Kleinlein Heinz-Gerd Stickling Dr. Jens Eickbusch Thomas O. Klimpke Dr. Jens Sträter Thomas Engeln Werner Konezny Dr. Klaus Strenge Carola Ernst Sven Krämer Dr. Markus Strietzel Wolfgang Essing Stephan Kruft Dr. Patrick Tegeder Stefan Geipel Christian Legény Dr. Markus Thiesmeyer Simon Grimm Dr. Katrin Lumma Dr. Stefan Trost Christian Große Dr. Wilhelm Menninghaus Dr. Matthias Uebing Dr. Thomas Hartschuh Dr. Andreas Rinker Dr. Markus Wilpert Dr. Christian Heitmann Prof. Dr. Bernd Rolfes Rainer Windler Dr. Alexander Henk Heinz Rubin Dr. Carsten Wittrock Jürgen Hofner Axel Oliver Sarnitz Dr. Ralph zur Brügge / 17

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19 Topics 20 Finance and Risk 31 Information Technology 38 Retail and Corporate Business 50 Organization and Transformation 66 Strategy

20 / Finance and Risk BayernLB GRC FIT: Realigning Group Risk Control Background BayernLB is one of the large state banks and regional commercial banks in Germany and has successfully completed the EU state aid proceedings in 2012, which have become necessary due to the financial market crisis and state guarantees. The business model s sustainability has been officially confirmed, and the bank s stability is of high priority for all stakeholders of the bank. An independent and effective risk controlling that corresponds to the BaFin requirements as part of the currently discussed MaRisk amendment shall additionally take account of this goal. In the light of these circumstances, BayernLB has decided to set up the GRC FIT (Group Risk Control Focused, Integrated, Transparent) project. Project objective The project is designed to develop a target architecture for the future business and functional risk controlling setup. In a first step, the project focused on gaining insights into the bank s status quo as well as on identifying development potential for risk controlling. BayernLB s goal to develop risk controlling is reflected in the FIT project name: / Focus: concentration on core tasks / Integration: cooperation with business units, integrated into business processes / Transparency: mapping of risk controlling s value added for bank management To achieve the project objective, BayernLB opted for zeb/ as an experienced project partner with extensive implementation expertise. Project approach The project was conducted in close cooperation of the project partners zeb/ and the Group Risk Control unit at BayernLB. zeb/ s standard approach was used as a process model, which includes the following project steps: / 20

21 / Finance and Risk 1. Developing BayernLB s list of functions 2. Conducting a function and capacity benchmarking 3. Developing a GRC objective Function 1 Function 2 Function 3 Function n Core assignments Current Current Current Current Supplementary assignments Future Future Future Future Additional assignments % % % % Projects Fig. 1: List of functions for Group Risk Controlling In a first step, a list of functions was developed for BayernLB (cp. Fig. 1), starting with an analysis of the functions as part of the structured zeb/ functional matrix. The zeb/ functional matrix records all tasks in market, credit, liquidity, operational and strategic risk controlling within the scope of the Business Area Controlling / Functional Risk Controlling, Business Support, Methodology and Procedures and System Support function groups. The zeb/ functional matrix was developed on the basis of the zeb/ best practice and tailored to BayernLB as part of discussions with the project members. As a result, all tasks and functions of BayernLB were presented in a standardized, comprehensive format as the BayernLB list of functions. The list of functions serves as a basis for the benchmarking analysis which structures BayernLB s functions into risk controlling core and supplementary assignments. The benchmarking analysis includes all existing and future requirements that arise in view of regulation and the bank s internal processes. In this benchmarking, particular attention is paid to the fulfillment of risk controlling requirements as defined by Pillar II. But also process-related factors, such as central/local setup or degree of vertical integration, were discussed with BayernLB using the benchmarking results. The GRC objective was developed based on BayernLB s list of functions and zeb/ s benchmarking results and presented to the GRC executives in a joint workshop. / 21

22 / Finance and Risk Project results The project delivered a generic list of functions for BayernLB, which mapped all tasks of Group Risk Control in a harmonized format. In the future, the list of functions can be used as a foundation for planning and enhancing the GRC unit. The project results were tested against zeb/ best practice in terms of core and supplementary assignment distribution. BayernLB thus obtained a separate view on core and additional assignments in risk controlling as well as on tasks that need to be implemented in the future. The delineation to other units was clearly defined, and the project also created a bottom line for implementing risk controlling according to the MaRisk. As an additional result, BayernLB was presented with a best-practice organizational chart that defined a sustainable and MaRisk-compliant risk controlling for a bank of BayernLB s size. Andreas Leonhard Head of Group Risk Control BayernLB Dr. Thomas Hartschuh Partner zeb/ For further information visit Karlheinz Schwazer Head of Group Credit Risk Control BayernLB Robert Buchberger Head of Group Risk Standards and Reporting BayernLB Simon Grimm Partner zeb/ Oliver Schoch Senior Manager zeb/ Armin Heimbuchner Head of Group Risk Operations BayernLB / 22

23 Juliane Hecke

24 / Finance and Risk East Capital Asset Management Outsourcing of risk management Background and project assignment East Capital is one of the world s largest asset managers with regard to investments in Central, Southeastern and Eastern Europe. The assets under management amount to approximately SEK 32 billion. East Capital was established in Stockholm in November 1997 and is an independent asset manager in which the owners are fully involved in daily operations. The investors are well diversified and include both private individuals and institutions, which ensures stable investments and long-term investment strategies. The investment products cover a broad range of countries, regions and industrial sectors. Daily traded UCITS funds account for a major share of assets under management. The investment strategy is based on focus investment regions, a long-term view and local presence. East Capital Asset Management is the fund management company for Swedish UCITS funds and has its own risk management and compliance functions. In the spring of 2010, the risk management function was outsourced to crescore/ Risk & Compliance Partner. Thus, the function is independent from the business and can yet support it with expertise in risk management and new financial regulations adopted by European and Swedish authorities. Project content and approach The division of responsibility for risk management is based on the principle of three lines of defense. In the first line of defense, every employee is responsible for managing risks in their operations and processes and for complying with external and internal regulations. As a third line of defense, the internal auditing function, through a risk-based approach, provides assurance to the organization s board and senior management on how effective the organization assesses and manages its risks, including the way in which the first and second lines of defense operate. / 24

25 / Finance and Risk In the second line of defense, the risk manager and compliance officer (cp. Fig. 1) is responsible for translating the board s risk policies and risk management intent into instructions, processes and procedures to be implemented in the different business units. The risk manager is in charge of developing and maintaining the company s framework and providing guidance and support to business areas in the implementation of this framework. Moreover, the risk manager is also responsible for consolidating and monitoring risks. The risk management function should be embedded in, yet independent from, business operations. Business Operations Risk Management Compliance Audit = Core crescore/ Risk & Compliance Partner activities Fig. 1: Risk management based on three lines of defense On a regular basis, the tasks to be performed are to improve the risk system by quantifying and mitigating risks and, of course, continuous management reporting. Besides those daily duties, the risk manager from crescore/ Risk & Compliance Partner worked, for example, on the conceptual design of risk reports to be provided to the chief executive officer and the board. A major project in which the risk manager was strongly involved was the implementation of the UCITS IV Directive in the organization. This project included many different aspects related to the capacity of the risk function from the interpretation of the regulations to support during its implementation in business operations as well as quantitative work, e.g. improving liquidity stress tests for the funds. Educational sessions were held in different parts of the organization to strengthen risk awareness among employees. / 25

26 / Finance and Risk Project results crescore/ Risk & Compliance Partner helped East Capital Asset Management align the risk management function as the regulatory framework has evolved. The implementation of the UCITS IV Directive improved risk management especially for the funds. Based on long-standing experience within the company, the external risk manager has gained the organization s trust and now forms a natural part of the risk management function. Johan Wigh Chief Executive Officer East Capital Asset Management Mikael Brodersen Manager crescore/ Risk & Compliance Partner For further information visit / 26

27 / Finance and Risk Nordea Bank Cost-effective management of wrapper products Background Nordea Bank is the largest financial services group in Northern Europe with a market capitalization of approximately EUR 28 billion, total assets of EUR 709 billion and a core tier 1 capital ratio of 11.8%. Nordea operates in 9 home markets the Nordic region including Denmark, Finland, Norway and Sweden, and the new European markets of Estonia, Latvia, Lithuania, Poland and Russia. For many years, authorities have stimulated the general public into longterm savings and into investing money. So far, legislation in the Nordic countries has focused on insurance-related products. However, to increase competition, there is a trend towards gradually opening up for tax-driven products without insurance elements. This is reflected in a legislation enabling investments in so-called wrapper products that hold investments in a tax-efficient wrapper, thus reducing or exempting them from income and capital gains tax. The respective savings are made in a wrapper account, which is an arrangement that holds a range of investments and provides a single point of contact and management for investors and their agents. Project content and approach Wrapper accounts include a wide range of single systems and therefore numerous IT systems which have to be combined to make up a competitive offer. Also, launching wrapper products commonly implies the initiation of complex or high-risk projects. Therefore, final system solutions are often characterized by isolated systems and significant manual operations. Nordea Bank offers a variety of wrapper products. In 2012, the bank set up an Effective Wrapper Project with zeb/ in order to initiate a more stringent management of these products. The aim was to establish an allocation engine and a decoupled integration of the systems with product rules (product systems) and investment rules (savings/investment systems). / 27

28 Dr. Eric Tobias Henn Johanna Overmeyer Dr. Klaus Strenge Jan Mersmann

29 / Finance and Risk This venture was motivated by the fact that the investment rules follow coherent rules across various products in life and long-term savings and banking products, while the specific product rules vary essentially in terms of reporting, insurance and taxes depending on legislation and market conditions. This also means that wrapper products could benefit from the existing functionality of operating single investments and savings products and that Nordea s clients have access to the same investment universe, services and distribution channels, irrespective of whether the product is a part of a wrapper account or not. In addition, the establishment of the completely new non-insurance-related wrapper product called Investment Savings Account (ISK) was defined as a lighthouse project in view of product rules, processes and market preparation activities. The project also involved the delivery of a totally new system architecture and its implementation together with a business-focused operational standard for the investment processes of wrapper products. The decoupling component and allocation engine to be developed was named X-box (cp. Fig. 1). Wrapper Account Product Example Investment Savings Account Individual Pension Savings Endowment Insurance Portfolio Bond Insurance X-BOX Allocation Engine Loan System(s) Deposit System(s) Mutual Fund Register(s) Custody System(s) Fig. 1: Each wrapper account is a specific combination of investment products managed and combined by the allocation engine / 29

30 / Finance and Risk Project results and outlook By now, the project has delivered two main wrapper product groups and distributed them across all relevant channels to the preferred Nordea customer segments. This approach enabled Nordea to reuse existing core systems, technical distribution channels, services and infrastructure. This made it possible to increase the benefits of already developed core functions and to leverage the ability to scale up existing services instead of creating new ones, and will most certainly continue to do so in the coming years. Consequently, adding new products to the platform and benefiting from already developed functionalities within the Allocation Engine X-box and various investment systems has become much simpler. With the launch of the new platform, Nordea was the first bank to offer the new non-insurance-related wrapper product Investment Savings Account across all distribution channels in Sweden, thus making Nordea the market leader for this product. Mats Lindgren Head of Fund Distribution Services Nordea Bank Anders Scherlund Head of Private Banking Sweden Nordea Bank For further information visit Hans Anund ISK Product Owner Nordea Bank Dr. Stefan Trost Partner zeb/ Jøran Hansen Managing Director zeb/ / 30

31 / Information Technology Finanz Informatik SAP Bank Analyzer cooperation Background Over the past years, SAP Bank Analyzer has been well established in the bank management of large and state banks. Being a standard software that focuses on accounting, controlling and reporting, SAP Bank Analyzer covers the majority of institutional requirements. Its multi-gaap capability, in particular, turns it into a suitable tool to meet the ever increasing financial accounting requirements in banks (IFRS 9). The standard software contains ready-to-use content ( business content ) and allows institutions to implement individual requirements during customizing. A standard software usually prevails within the conflict areas of implementation of individual requirements and use of existing standards in terms of a cost-benefit balance. Therefore, the strengths of SAP Bank Analyzer are: / Wide coverage of bank management aspects and issues (cp. Fig. 1) / Widespread distribution and resulting market-wide know-how / Continuity of the manufacturer / Efficiency and synergetic potential of a standard software Due to the software s increasing use throughout the Savings Bank Finance Group especially among state banks Finanz Informatik has started to set up services focusing on implementing and operating SAP Bank Analyzer. / 31

32 / Information Technology Group reporting/ analyses Accounting SAP AFI Accounting Measurement Impairment Hedge Accounting SAP BW reports and evaluations Controlling SAP PA Ex ante calculation Ex post calculation Cost allocation Calculation engine basis Balance sheet/ income statement Regulatory law SAP CRA Basel II + III: CRD IV, COREP Disclosure SAP RRA/IRR Basic reports (BiSta, GroMiKV, ) / Bank Analyzer currently covers numerous bank-wide management functions / Overall reporting function via SAP BW wide-spread / Current and future focus on finance/ accounting with multi-gaap capability Core banking systems Data basis and processing Trading systems Branch offices Other Covered Partly covered Not covered Fig. 1: SAP Bank Analyzer service portfolio Project content and approach The cooperation between Finanz Informatik and zeb/ aims at establishing a broad SAP Bank Analyzer service portfolio for the large institutions of the Savings Bank Finance Group. The cooperation partners strengths perfectly complemented each other to complete this task. Finanz Informatik Solutions Plus offers excellent integration and infrastructure know-how, whereas ITE computence has long-standing SAP Bank Analyzer expertise as an SAP partner. Since the start of the cooperation agreement, this specific cooperation format has already been successfully implemented in two large-scale projects. Our cooperation currently focuses on implementing or migrating banks to the new technical platform based on so-called sub-ledger scenarios, i.e. the parallel posting of business transactions in multiple financial accounting codes (esp. German Commercial Code (HGB) and IFRS) without reconciliation statement. The partners work on numerous tasks from the system s data integration to customizing to systematic test management. / 32

33 / Information Technology Outlook In the future, SAP Bank Analyzer will definitely continue to be the standard software for financial accounting of large multi-gaap institutions and therefore a major bank management component. Based on the successful cooperation, Finanz Informatik and zeb/ plan to expand their joint service portfolio. The experience made by both competent partners and the reliable cooperation constitute an excellent foundation. Franz-Theo Brockhoff Vice Chairman of the Management Board Finanz Informatik Dr. Patrick Tegeder Managing Partner zeb/ Dr. Hans-Jürgen Plewan Managing Director Finanz Informatik Solutions Plus Christoph Bundschu Managing Partner ITE computence Dr. Ralph zur Brügge Managing Partner ITE computence For further information visit / 33

34 Baizhou Zhu

35 / Information Technology Raiffeisen Bank International AG Hedge accounting Background and project assignment Austria as well as Central and Eastern Europe (CEE) are the domestic markets of Raiffeisen Bank International AG (RBI). The bank is one of the leading commercial and investment banks in Austria and has built a comprehensive network of local banks, leasing companies and numerous specialized financial services companies in 17 CEE markets. Its customer base mostly includes Austrian customers, but also international customers and large global customers operating in Central and Eastern Europe. Against this background, RBI faces high earnings and risk management requirements. To hedge market volatility of customer transactions, the bank uses derivatives to establish inverse hedge relationships. If economic hedging is not transferred into a hedge relationship in financial hedge accounting, accounting mismatches in the income statement and equity may occur. This is due to the fact that if hedge accounting is not applied, a combination of elements of the amortized cost principle with elements of the fair value approach leads to an improper balance sheet designation of value fluctuations from risky items. Hedge accounting refers to specific accounting rules in IFRS for corresponding hedge relationships, as defined by IAS 39. Owing to the high impact on income statements, hedge accounting is particularly important for stabilizing the financial result. Thanks to the specialization in bank-wide risk management, zeb/ offers business expertise in applying hedge accounting methods as well as technical expertise by means of the Hedge Engine a proven software for the fulfillment of the vast hedge accounting requirements. Project approach Together with zeb/, RBI implemented the Hedge Engine in a three-stage process to apply additional hedge accounting methods of portfolio fair value hedge accounting and to continue the optimization process (cp. Fig. 1). / 35

36 / Information Technology Micro fair value hedge accounting / Migration of existing micro hedge relationships / Daily designation of new transactions with intra-day data supply / Optimization of micro hedge relationships and reduction of income statement volatility Portfolio fair value hedge accounting / Designation of hedge relationships for loans, bonds and swaps in the currencies EUR, USD and CHF / Optimization of micro hedge relationships and reduction of income statement volatility Micro and portfolio cash flow hedge accounting / Reduction of previous macro cash flow hedge accounting / Use of portfolio fair value hedge accounting approach Derivative netting (n:m to reduce derivative volume) Hedge Engine based on Kamakura BRAIN/KRM risk management Hedge accounting of structured products Stage 1 Stage 2 Stage 3 Fig. 1: Overview of project stages and scope The first and second stage of the hedge accounting introduction lasted nine months and were followed by additional four months for extended hedge methods as part of stage 3. The run-up and project setup concentrated on defining business requirements and analyzing data requirements. This was then used to derive the target architecture in view of possible implementation options. To be able to estimate balance sheet and income statement effects with the implementation of the Hedge Engine, test calculations were conducted for micro and portfolio fair value hedge accounting. Stage 1 dealt with creating the business concept which was used as the basis for implementing the Hedge Engine. This allowed for the migration of existing micro fair value hedges to the software and designation of new micro fair value hedge relationships. Stage 2 focused on introducing portfolio fair value hedge accounting and cash flow hedge accounting, as well as the Hedge Selection module which is part of the Hedge Engine. Consequently, the income statement impact was improved through optimized assignments to hedge accounting approaches based on treasury interest rate risk management. The hedge accounting enhancements of stage 3 included the introduction of micro fair value hedge accounting for structured products and the introduction of a regression analysis method based on prospective cash flows, which also led to an improved hedge effectiveness. Furthermore, the project team developed and implemented a prototype for derivative netting (n:m). / 36

37 / Information Technology Project results Numerous benefits were achieved with the introduction of the Hedge Engine and the resulting expansion of hedge accounting activities in the RBI head office. The project also made an important contribution to the vast automation of the hedge accounting process, as well as to the stabilization and transparency of the financial result. In addition, RBI now profits from a more powerful infrastructure to transfer hedge relationships for financial accounting purposes. Georg Feldscher Head of Finance Raiffeisen Bank International AG Dr. Thomas Hartschuh Partner zeb/ Beat Mungenast Head of IT Delivery Finance Raiffeisen Bank International AG Martin Danne Partner zeb/ Michael Hammer Head of Financial Accounting Raiffeisen Bank International AG Detlev Ahrens Senior Manager zeb/ Stephan Taborsky Hedge Accounting Project Manager Raiffeisen Bank International AG Christian Wilhelm Senior Manager zeb/ For further information visit / 37

38 / Retail and Corporate Business Aduno Group Systemizing and activating online sales Background and project objectives Aduno Group is a financial group with a diversified service portfolio. The Swiss-based company focuses on the following activities: / Credit cards: issuing and processing of more than 1.2 million credit cards via partner banks and direct selling through the Viseca Card Services business unit / Payment systems: broad offering of payment terminals and acceptance agreements under the Aduno Payment Services brand / Consumer financing: broad offering of consumer loan and leasing products under the cashgate Credit & Leasing brand Online sales, online customer information and online servicing are becoming more and more relevant in all main Aduno Group business units. Online sales within these units have grown continuously to account for more than a third of overall sales in The single business units and product managers involved have promoted the online channel on their own account and have significantly expanded their activities over the last few years. On June 30, 2012, 4,463 websites were listed on Google and 24 social media sites (Facebook, Twitter, Google+, XING and LinkedIn) were active for Aduno Group. In light of the online channel s increasing relevance, the Systematization and activation of online sales project, jointly managed by Aduno Group and zeb/, set out the following objectives: / Gain an overview of the major market developments in online sales and their effects on Aduno Group / Define the strategic objective for online sales / Specify necessary processes and organizational adjustments as well as organizational effects / 38

39 / Retail and Corporate Business Aduno Group was responsible for project management as well as the project management office. zeb/ focused on preparing and conducting workshops with the product managers involved and on devising a solution in cooperation with the in-house project manager. A web advertising agency was involved and provided, among others, statistical online analyzes on Aduno Group and on competitors activities in the field of online sales. Project results An in-depth analysis with focus on the individual product level in close cooperation with the responsible product managers allowed us to identify many success stories, but also four areas of development: / Online sales within Aduno Group is mostly developed on a situational basis and on short notice: Not all products are designed to meet customer information requirements, decision-making and buying process / IT alignment: Aduno Group s IT processes are not aligned to fit the short development cycles that are required for successful online sales / Systematic performance measurement is not established for online activities: A group-wide analysis tool for identifying possibilities to increase the number of visitors and converting visitors into business (conversion rate) is missing / No systematic gain of know-how in online activities: Experience has not been collected centrally, and expertise has not been developed systematically The analysis also revealed a high potential for additional earnings and sales in numerous business segments of Aduno Group. Moreover, simple measures (e.g. search engine optimization through improved linking between product websites) could be used to tap significant potential on short notice. Workshops were held with all product managers and numerous other cross-section functions (e.g. IT and marketing) which were either directly or indirectly linked to online sales with the aim of developing a strategic objective for online sales. In addition, the project members designed an exemplary process for online sales development that assigns clearly defined responsibilities, from / 39

40 / Retail and Corporate Business generating ideas to optimizing solutions. One central step consists of establishing a business engineer for online IT processes who is positioned close to the product managers and who centrally processes IT requirements. The responsibility for the process and group-wide coordination of activities is bundled in a new and central department, which is already taking over existing local resources. Outlook The new Online Sales department is successively set up and provided with resources, which enables an incremental establishment within the organization. This approach accommodates the high complexity of Aduno Group with its various business activities. Martin Huldi CEO Aduno Group Edwin C. Dünki Online Sales Management Member of the Management Board Aduno Group Norman Karrer Managing Director zeb/switzerland Dr. Roger Stettler Manager zeb/ For further information visit / 40

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