The most successful projects are those initiated and actively supported by Senior Management. Senior Management support and involvement is a strong signal to employees that making improvements in Process Work Flow is critical and important to the success and increased profitability of the bank.
Members of the Process Improvement Team must be carefully selected by Management. Most teams consist of 10 – 20 members who are involved in the targeted process. Additionally, a member of Compliance should be included and another person outside of the process is beneficial.
Projects should be lead by a Senior Manager and that person must be part of the project team. For Loan improvement projects the Chief Credit Officer must be the project lead. An Operations Project requires the Head of Operations to be the project lead.
During the project, data will be regularly collected, and relayed to the Diamond Point Analysis team to be analyzed. Each set of results will be given to management for review. This data indicates how the process is changing. Management must assume the responsibility to implement the changes or success can’t be guaranteed.
After the new process is Standardized, management must monitor the process to insure all users are following the agreed work flow and Activity Sets. A key benefit of learning the Diamond Point Analysis Process Improvement Methodology is that managers are able to monitor and restructure processes on an ongoing basis – Continuous Improvement.
