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Title: Reengineering Account Opening in Bermuda

Project Charter. Title: Reengineering Account Opening in Bermuda Prepared by: Crystal Page Champion: Matthew Welch Key Stakeholders: John Baxter, Fiona Broadhurst, Bruce Law, Sharon Smith, Jonathan Dunlop, TBD in Private Banking, Sharon Swan, Dwayne Outerbridge.

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Title: Reengineering Account Opening in Bermuda

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  1. Project Charter Title: Reengineering Account Opening in Bermuda Prepared by: Crystal PageChampion: Matthew Welch Key Stakeholders: John Baxter,Fiona Broadhurst, Bruce Law, Sharon Smith, Jonathan Dunlop, TBD in Private Banking, Sharon Swan, Dwayne Outerbridge Currently, account opening commonly results in delays and frustration for clients and Relationship Managers (internal and external to Bermuda). The management of incoming funds for unopened accounts is not only a business risk, but is also very time consuming. In some cases, we are unable to process trades on behalf of the clients until several weeks after the initial documentation was received. The length of time required to open accounts is providing a negative client experience and exposure to operational losses. Reengineering the account opening process now is critical to avoid costly rework, and operational risk related to incoming funds without accounts to manage them in. This project is required to ensure we continue to generate and retain new business. Without a streamlined account-opening process we are at risk of losing the confidence of not only clients, but also internal and external staff who are referring business to GPB. Creating a simple and efficient process that supplies all necessary information to prospective clients and staff on the first account-opening attempt will instill confidence in all parties involved and enable staff to service new account properly. The elimination of rework, time invested in tracking the application status and managing funds before the account is officially open will result in tangible savings for the bank. This project will also minimize the risk of incurring any operational loses by ensuring accounts are open in a timely manner for clients to begin trading. The emphasis in the first phase of the project will be to clean up the account-opening process to incur savings and avoid losses, whereas subsequent project phases will focus on facilitating cross-selling within the Bank of Bermuda and with other HSBC entities in an attempt to increase revenues for the bank. Phase 1: Streamline the account-opening workflow process to 1) reduce inefficiencies and duplication in process, 2) increase staff knowledge on account-opening requirements, process and supporting systems 3 )reduce turnaround time, 3) improve the client experience and 4) reduce operational risk exposure. Phase 2: Facilitate cross-selling within different business lines internal and external to Bermuda. • Define • Complete Charter - October 19 • Identify Requirements – Nov 10 (TBD) • Complete Project Plan – Nov 10 (TBD) • Complete High-Level Process Map – Nov 10 (TBD) • Measure • Collect Data* – TBD • Determine Process Capability - TBD • Analyse • Identify and rank causes of variation – TBD • Validate root causes • Engineer • Identify solutions ideas – TBD • Select Best Fit Solutions – TBD • Test Solution & Confirm Results - TBD • Control • Implement solution – • Monitor Process & Results – ongoing • Replicate & Share Best Practices - Ongoing • Metrics - Need to obtain metrics on average # days for account opening (by client / account type), percent success / failure / error rate • Initiatives to streamline account-opening in various HSBC areas have been pursued and their successes and issues will be considered as part of this project. • Scope: • Establish roles and responsibilities, expected turnaround times, guidelines for account funding and mechanism for exception processing. • Re-engineer the application forms and make minor revisions to the account-opening database to avoid duplication and align with current (SIFIC & BIMAS) and upcoming account-opening systems (CRM & eFOS) and requirements. • Establish training program for new and existing staff on account-opening requirements and process • Research BIMAS capabilities for managing various client and account types and develop work streams for opening various types of accounts especially income-segregated and asset management accounts where set up is more complex. • Out of Scope • Account-opening activities prior to completion of the documentation, payment of stamp duty, invoicing and payment of fees, management of incoming funds prior to account-opening. • Team Selected: Joanne Tucker, Gary Burrows Sara Line-Burns, Dwayne Outerbridge, Sharon Swan, Jonathan Dunlop, Kim Roberts, Stella Elliott, Sharon Smith, Shea-Tai Smith, Laura Bardgett, DOCO team in Bermuda and other Private Bank jurisdictions. • Aids: Support from business heads to ensure staff availability and commitment, shadowing Geneva DOCO team on usage of BIMAS screens. • Barriers: Resource allocation from the business side. • Existing systems are a constraint – the solution needs to fit the systems and new eCRM will not be available for awhile

  2. Project Charter - Completion Guide Title:Team Name - Descriptive Prepared by: MBB/BB Name Champion: Senior Executive business leader and project sponsor Key Stakeholders:Those key individuals or constituent groups that will be affected by or can impact the success of the project Describe what is wrong: “The Pain” When and where do problems occur? Size and impact of problem. Use specific business metrics. Would customers be happy if they know we are working on this? Why is project worth doing? What process is being improved? Why is it important to do now? What are the consequences of not doing? How does this fit within the business or process priorities? Define the improvement objective for Critical to Quality. Start with a verb -- Reduce, Eliminate, Control, Increase Tends to start broadly -- Should include measurable target. Should NOT prescribe solution. Discuss project milestones and dates, including reference to DMAIC or IDEaS phases. Discuss key dependencies and other matters that affect project execution. Metrics: Specify the primary and secondary metrics for the project Have you checked elsewhere?: Was/Is there a similar project elsewhere in HSBC What did you find? Summarise the lessons learned from other similar projects and how they can be used in this project. Scope: What are the boundaries of the process? What is out of bounds for the project? (Helps establish and maintain focus.) Team Selected: Who will need to be on the team? Who else might be needed? Resources other than money?) Aids: What will help this project be successful? Barriers:What will hinder the success?

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