Strategic Expense Management Financial Services
Oliver Wyman has a long history of specialization in financial services and brings an unparalleled understanding of the profitability drivers for capital markets, banking, insurance and asset management. Our knowledge and proven techniques support a start-to-finish strategic expense management program that covers identifying cost drivers, applying the right tools and achieving rapid results. However, our approach helps firms go beyond addressing near-term pressures to build a longer term sustainable expense management capability.
Identifying the drivers of costs
• Ability to understand the specifics of your business rapidly and decompose its cost base leveraging our experience in a broad range of financial services firms
• Functional expertise in procurement and sourcing, finance, HR, IT, marketing and other corporate spend
• Specialist expertise in diagnosing and addressing cultural drivers of high costs
• In-depth understanding of the current competitive environment and opportunities to use the downturn to build for the future
Applying the right cost management tools with the right objectives
• Ability to identify where costs are misaligned with client needs and profitability, regulatory requirements, and internal needs
• Strongly positioned to execute rapid diagnosis through benchmarks and wide global industry knowledge
• Expertise in using ground-breaking cost reduction practices and techniques used in other industries such as manufacturing and transportation
• Strategic expense management set in the context of long-term strategy and building capacity for future growth
Achieving rapid, meaningful change with immediate impact and long-term sustainability
• Collaborative working model (onsite, significant senior commitment) drives close partnership with your team
• Ability to put fees at risk ensures commitment to success
• Proven track-record of change acceleration and reduction of complexity
• Extensive experience of the regulatory environment and dialogue to support you in managing these relationships without slowing the pace of internal change
