Methodology successfully used to reduce errors, improve quality, and dramatically cut process costs.
Basis Point Group, LLC (www.basispointgroup.com), the leading investment operations performance consultant, announces the application for a patent of their comprehensive methods and apparatus for assessing operational process quality and risk. The patent underpins their structured Operational Performance Evaluation and Risk Assessment methodology â OPERATM. This methodology offers a comprehensive, quantitative approach to drive operational improvements and assess operational process risk for financial and investment organizations.
âBasis Point Group (BPG) has developed, utilized and refined the methodology underlying the patent over the past nine years while managing complex client projects. OPERA has proven effective in evaluating operational risk, identifying actionable measures that improve front, middle and back office operations, and providing a sound basis for measuring the effectiveness of IT application systems. We have applied for the patent to formalize the OPERA methodology following post-engagement discussions with senior executives from a number of firms. Our clients have endorsed our structured framework and it has already helped them to unify disparate operational performance and risk measures,â said Bob Fawls, BPGâs Managing Partner.
âThe OPERA framework allows firms to quantify the effectiveness of overall operations, assess the transparency of operating risks, and determine the operational efficiency of their organizational and technical infrastructure. No two firms are exactly the same. Each comprises differing combinations of people, processes and applications. OPERA utilizes information and data already produced in the normal course of business, giving managers far more insight than previously available,â Fawls continued.
âThe patent described in the application allows firms to leverage recent investments in regulatory compliance and controls processes to deliver significant incremental improvements and actionable information to aggressively reduce risk,â explained Fred Sommers, BPGâs lead partner in formalizing the methodology.
Financial and investment activities are a continuous process. Current control, measurement and operational risk efforts confirm that errors exist, and significant additional analysis is required to isolate the cause. The patent as utilized in OPERA recognizes the transaction-driven nature of financial and investment processes, and quantifies the impact on quality and risk of investment, operations and financial decisions.
OPERA methods allow clients to isolate contain and dramatically reduce processing risk, allowing one Basis Point Group client to eliminate costly processing errors totaling millions of dollars while reducing verification and controls cost by over 85%.
âTechnology-based consulting firms have recently recognized the importance of operations measurement and benchmarking. The partners of BPG bring to this effort their combined expertise gained in senior management roles in all aspects of operations,â explained BPG Partner Graham Mellor. âOur methodology is tried, tested and delivers comprehensive measurement and decision support capabilities.â