BUSINESS MONITORING UNIT (BUSINESS AS USUAL / PAST BUSINESS REVIEWS)
Your resource is valuable but can be expensive. Let TCC take the headache out of recruiting, training and managing a Business Monitoring Unit (BMU). With our flexible resources available to work on your site or in our Operations Centre we have a solution to suit every budget. We can design and build solutions to report the results of monitoring – from databases to reporting forms.
The teams we supply are industry professionals with monitoring experience across all product areas.
For your information we have included below details of the BMU services available from our Operations Centre:
Summary of Service:
TCC can provide you with all the services expected of a Business Monitoring Unit (BMU) from its Operations Centre in Leeds. The Operations Centre is staffed with individuals holding the appropriate financial services qualifications.
The activities of a BMU include the following:
- Case Selection
- File Retrieval
- Case Review
- Feedback
- Remedial Action management
- Quality Assurance
- Appeals against Review Grades
- Reporting and Management Information
- Ongoing review of internal Business Standards
CASE SELECTION
TCC recommends that to ensure the independence of a BMU the selection of files for review in each month is dealt with by the Operations Centre. Selection is risk based using criteria agreed between TCC and you; however any selection criteria is likely to include some if not all of the following factors:
- Type of Product sold
- Amount of investment
- Amount of commission earned
- Adviser qualifications/familiarity with product
- Age to retirement (Pensions and other long term investments)
- Advisers’ existing review results
FILE RETRIEVAL
Once cases have been identified for review TCC would request these files from you; dispatched either electronically or physically to the Operations Centre. These cases would be transferred to TCC in a ‘ready to review’ state.
CASE REVIEW
TCC recommends the use of the Financial Services Authority (FSA) checklists for pension switches and structured products. Additionally TCC has adapted these to allow checking of esoteric, investment and mortgage products by identifying potential ‘unsuitable outcomes’ that may be utilised to provide consistent review standards.
TCC also recognises that you may already have existing business monitoring standards in place and can confirm that the BMU can adopt these standards if required.
FEEDBACK
TCC will work with you to provide feedback to the sales force in the most effective and timely manner. The recommended method is to provide the review form with action points for remedial action (if required).
REMEDIAL ACTION MANAGEMENT
TCC is happy to manage the remedial action process. This will allow your senior management team to take comfort in knowing that recommended remedial work is undertaken by advisers in a timely and accurate manner. In some cases remedial action will only require the updating of a sales file; however there will be occasions where further customer involvement is required and it is important for you to ensure that there are clear audit trails to identify when action has been taken and how successful it was. TCC will agree with you the standards to be attained in actioning remedial action prior to the implementation of a project.
QUALITY ASSURANCE
TCC employs its own quality assurance team to monitor the standards of work carried out by staff based in the Operations Centre and results will be made available to you during the project period to confirm the quality of the team.
REPORTING AND MANAGEMENT INFORMATION
Reports on results can be provided to your senior management on an agreed basis and in an agreed format. Further discussions as to the most appropriate reports required would take place prior to implementation of any project.
ONGOING REVIEW OF INTERNAL BUSINESS STANDARDS
TCC will provide regular feedback to identify trends and issues relating to products, sales process and advisers to assist with identifying training needs.
Where required, TCC would also aim to suggest process improvements to assist in achieving greater controls and quality standards.
Other issues that TCC can confirm for any project:
SCALABILITY
TCC operates a flexible model to allow both increases and decreases in volumes as your business dictates.
DELIVERY AND MANAGEMENT
Prior to commencement of any project TCC will agree with you the service standards to be achieved. Once agreed TCC would then manage its resources to ensure that these service standards are consistently met and is responsible for providing suitable resources to meet these standards.
OVERSIGHT
The service offered would be completely transparent aiding oversight by you. TCC would appoint an Account Manager to manage the relationship with you, who will report regularly. The details of reporting would be defined before commencement of any project.
In addition TCC operates an ‘open door’ policy for clients and would encourage you to visit and interact with the review team in the Operations Centre.
Call us on 020 3008 6020 or email info@theconsultingconsortium.com to find out how we can help you.
