After evaluating various BSC framework solution providers, the client selected the MetricStream Balanced Scorecard Framework Solution due to its integrated, flexible, and highly configurable platform capabilities, as well as its business process configurations, robust integration functions, comprehensive reporting and analytics, and effortless extensions via configurations and customizations. Deployed on a scalable platform infrastructure, the solution can be extended to match the business growth of the organization.
The solution enables compliance with FAIR’s BSC framework proposal by helping the client review and assess the performance of financial advisors based on “non-sales” KPIs, and generate reports to relevant stakeholders. Measurement methods include post transaction checks (through detailed Financial Life Plan (FLP) reviews and client surveys), mystery shopping exercises, and infractions arising from complaints.
The solution streamlines and automates the client’s performance review processes, and makes it easy to create reports for MAS regulators every quarter. It also helps motivate financial advisors to provide quality information and appropriate recommendations to customers. With a centralized data model, the solution provides the capabilities to create, modify, and design various data objects and their attributes.
The MetricStream Balanced Scorecard Framework Solution offers the client multiple business specific capabilities that include:
Balanced Scorecard Management
Built on the MetricStream GRC Platform, the solution helps the client capture performance data on each financial advisor based on the quality of advisory and sales services provided, the suitability of recommendations, and adequacy of information disclosure. This has allowed the client to effectively manage non-qualitative performance criteria under the MAS BSC framework.
The solution also supports performance evaluations through balanced scorecards that incorporate a combination of inputs from different sources. In addition, it helps generate performance ratings based on categories or groupings of various qualitative metrics. This has simplified the computation of overall performance scores for financial advisors, based on specific business requirements.
Robust Workflow Engine
The MetricStream GRC Platform’s embedded workflow engine supports the client in managing complex business processes to capture information, and generate a balanced scorecard based on industry best practices. The platform helps in controlling the routing of information, managing the relationship between different data records, and assigning business actions/ tasks based on predefined rules and conditions. All these workflows come together to help the client enhance “non-sales” performance management.
Powerful Integration Functions
The MetricStream solution provides connectors or Infolets which integrate with external systems such as Autosys and IBM MQ, as well as existing customer systems such as Eworkflow (which stores basic information on processes) and Synergy (which stores all policies). From these systems, the solution captures relevant data needed to meet the BSC framework requirements, and loads it in the MetricStream database and API tables. Therefore, instead of manually having to extract all this data, the client can do it automatically with the MetricStream solution, saving costs, and improving efficiency.
The MetricStream solution is integrated with the MetricStream AppStudio tool which offers the client’s IT departments the flexibility to independently extend the solution to meet their evolving needs. AppStudio provides a range of features including a robust workflow designer (to create business-specific workflows and processes based on industry best practices) and a form designer (to add form fields and elements based on business needs) which enable the client to easily and quickly adapt the solution to their requirements. The solution also supports Web Service APIs, multi-lingual requirements, and e-signatures.
Advanced Reporting and Analytics
The MetricStream solution contains built-in data analytics, as well as powerful reports and executive dashboards that provide real-time business intelligence on the performance of financial advisors. These tools also simplify and accelerate the creation of various types of dynamic reports and data visualization charts for business analysis.
The solution’s reporting engine automatically populates MAS reporting templates every quarter with relevant data based on the BSC. It also helps export the data into the preferred reporting format. This has made it easier for the client to comply with MAS reporting requirements, and to submit all reports in a timely manner.