SSF's Journal - Aug'18

AUGUST 2018 

Innovation in business involves making disruptive changes 

that creates value by introducing new products and services, 

operational processes or business models. 

Innovating to Excel 

A VERSATILE PARTNERSHIP BETWEEN 

INNOVATION AND PERFORMANCE 

A Journal of Shared Services Forum

AUGUST 2018 

A Journal of Shared Services Forum 

EDITORIAL BOARD 

Sanjay Gupta 

Rakesh Sinha 

Pallavi Jayaswal 

CORPORATE OFFICE 

Shared Services Forum 

D-75, Malviya Nagar, 

New Delhi - 110017, India 

Phone: +91-11-2667 4920 

www.sharedservicesforum.in 

Published, Printed and Owned by 


All rights reserved. 

Reproduction in whole or in part 

without written permission from 

Shared Services Forum is 

prohibited. 

Write to us: 

contact@sharedservicesforum.in 

Sanjay Gupta is the Chief 

Architect of Shared 

Services Forum. He has 

over 32 years of work 

experience in the fields of 

Management, Business Processes, 

Finance and Human Resources. 

Sanjay has pioneered & published 

several research papers on BPM & 

Shared Services and also co - authored 

the first ever comprehensive book on 

BPM – “BPM in Global India - The 

Inflection Point for Competitive 

Advantage”. Sanjay is the Executive 

Editor of Shared Services Forum’s 

Journal, Process Edge and contributes 

immensely towards GICs/ Shared 

Services/ BPOs by knowledge capture, 

sharing and dissemination through 

articles, research and creating models 

for base lining and growth. 

Sanjay divides his time between SSF 

activities and consulting for large 

corporates. In addition, he provides 

English coaching to the underprivileged 

children, youth and young adults. 

Editor’s Note 

The best known CEOs in the world are the ones who have created legends by 

dramatic transformations which leave us spellbound in awe. One has to simply 

imagine the impact on the business world created by people such as Steve 

Jobs, Jeff Bezos, Mark Zuckerberg, Bill Gates, Elon Musk, Jack Ma, Indra 

Nooyi, Richard Branson and so many others, thereby, changing the direction of 

their industry significantly. Such was the influence of their transformational 

journeys that they have all become subjects of case studies in several 

business schools all over the world. 

Having said, there are enough and more stories of transformations within the 

business world that may not make to the books of business history. There is 

no denying the impact that such efforts have had on their companies and 

surrounding communities. For one, the need for transformation has moved out 

of front-end and main stream business to enterprise and staff functions. Many 

not-so-large companies have aspirations to rationalize and standardize their 

enterprise processes across their organization in order to realize efficiency 

benefits. Also in this almost unmerciful world, real competitive advantage could 

well come from their staff and support functions. Business leaders are well 

aware that having universal processes, common technology and strong 

capability can lead to consistent, repeatable, scalable, quality services. 

Many large organizations have created shared services or ‘global in-house 

centers' for business process transformation, while few others have 

‘outsourced’ their processes to players specializing in their respective 

industries. And then, there are several models in between. However, that is 

easier said than done. Even transformation of this magnitude can be very 

difficult to undertake. Many mid-size companies usually lose out largely due to 

lack of scale or wherewithal – and usually both. Nevertheless, by adoption of a 

well thought out strategy, and by following a scientifically created delivery 

model specifically geared to this aspect, global professionalism can be 

achieved which can be comprehensive, all-encompassing, all-inclusive, and 

holistic. 

In this edition of PE, we explore one such business transformation model which 

is both unique and innovative. It is a state-of-the-art processes management 

environment that encompasses the benefits of both in-house centers and 

outsourcing without compromising on flexibility or control. To further help the 

business process leaders, this edition also includes another process 

management model – a maturity matrix. This matrix is a very useful tool to 

assess the level of competence infused in the enterprise processes, on the 

road to professionalism and continuous value delivery. 

Businesses are becoming more complex by the day - and digitization is 

tightening the loop even further. Some of the cutting edge technologies of 

today are making the tasks invisible to humans. Whether it is trading on the 

nano second or using an encrypted decentralized distributed ledger-based 

cryptocurrencies for payments and other transactions. Direct human 

intervention is becoming rare. Humans are interfacing with these technologies 

only at the strategy, design and control level. The execution level is far too 

fast and complex for the relatively sluggish human. The one thing we do know, 

however, is that to be able to counter the risk of technology ‘going rogue’, is 

technology itself. 

While we wait for the next big story on global transformation, progressive 

business leaders are taking front and center to chalk out their own success 

stories. We at SSF are committed to help make that happen, whether by bring 

out executable business models, or sharing stories of demonstrated successes, 

or organizing discussion forums, conclaves and knowledge summits. Our 

forthcoming flagship annual conclave, the 8th in its series, is specifically geared 

to cover all the elements mentioned above - and more. 

www.sharedservicesforum.in

Table of Contents 

3 

COVER STORY 


CO-CREATING VALUE BY BUSINESS PROCESS TRANSFORMATION 

15 

Moving Towards Continuous Value Delivery Through Process 

Maturity 

AN INNOVATIVE MODEL DESIGNED BY PRACTITIONERS FOR 

PRACTITIONERS 

22 

Calling the Attention of Financial Gatekeepers 

THE GOOD AND BAD OF CRYPTOCURRENCIES 

25 

Cognitive Automation for Operational Risk Management 

AI BASED PROCESS SURVEILLANCE IN TRADE LIFECYCLE 

30 

SSF Excellence Awards, Recognition and Felicitations 

A CURTAIN RAISER 

36 

A Scientific Art & An Artistic Science 

SIMPLIFYING BPM – OR THE LIGHTER SIDE OF SERIOUS BUSINESS 


COVER STORY 


CO-CREATING VALUE BY BUSINESS PROCESS TRANSFORMATION 

• ANAND MAHESHWARI 

Innovation in business involves making disruptive changes 

that creates value by introducing new products and services, 

operational processes or business models. 

“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes. The 

ones who see things differently; they’re not fond of rules. You can quote them, disagree with them, glorify or vilify 

them, but the only thing you can’t do is ignore them because they change things. They push the human race 

forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough 

to think that they can change the world, are the ones who do.” 

— Steve Jobs 


PROCESS EDGE | AUGUST 2018 | 

3

Few decades ago, by evolving and adapting to a 

collaborative supply chain (like shop-made vs. 

bought-out or sub-contracting), the Manufacturing 

Industry transformed itself and created strategically 

differentiated business models. Pursuant to the 

Information Technology explosion that made the 

physical world virtual, such collaborative supply chain 

found its way in the enterprise and service functions 

and paved the way for consolidation of the same 

within or beyond the geographical boundaries of the 

developed nations - to begin with - where the wage 

component in the overall cost structure had reached 

untenable levels. 

I. Business Process Transformation is a Universal 

and Continuing Need 

Over the last two or three decades, consolidation of 

business processes has been primarily associated 

with large companies, both global and domestic, more 

often with diversified businesses operating from 

multiple locations. India came to be the ‘global hub’ 

for off-shoring for large organizations, whether as 

global in-house centers (GICs) like American Express 

or global BPO majors like IBM/ Accenture. In addition, 

many forward looking Indian MNCs and large 

corporates have set up their own in-house shared 

services (say, Hindustan Unilever/ HDFC Bank/ Tata 

Motors) or outsourced to Indian BPO majors like 

Intelenet. 

Transforming business processes in staff and support 

functions/ service operations have specifically 

yielded significant benefits such as cost arbitrage, 

skill arbitrage, change acceleration, and enhanced 

compliance and control environment. It has thereby 

freed up resources in terms of time, capital and 

energy for the core business requirements, with the 

view to help the company to compete and grow in 

this VUCA world. However, more often than not, such 

models have been seen to deliver results only when 

enabled by reasonable scale of operations within 

those functions. 

FOR THE SEGMENT COMPANIES… THE CHALLENGES 

CAN BE CLASSIFIED INTO FOUR ELEMENTS 

II. Typical Challenges in Business Process 

Transformation (BPT) 

For many not-so-large companies (within India or 

overseas), there are typical challenges in the sphere 

of BPT, and this segment of companies have made 

limited progress or investment in this field, except 

perhaps investing in ERP and a few basic IT tools. 

The segment companies typically fall in the annual 

turnover range of INR 500-5000 Crores. In a global 

context, the reference range could well be between 

US$500 million and US$5 billion as annual revenues with 

an employee strength upwards of 500. 


4 

For these companies, the challenges can be classified 

into four elements as under: 

ELEMENT 1: 

Limited Process Focus Beyond Line Functions 

These companies predominantly focus and rightly 

invest on upgrading the core manufacturing and 

marketing functions/ processes (the line functions) to 

produce and sell their products and services. Hence, 

if these companies need to upgrade the business 

processes of their enterprise-wide support or staff 

functions or service operations, there is a clear need 

for special expertise on Business Process 

Management (BPM) or Transformation (BPT) focus to 

metricize and deliver value through customer centric 

processes. 

ELEMENT 2: 

Lack of Operational Alignment with Business Goals 

In respect of the enterprise functions (like F&A, HR, 

Supply Chain, IT etc.), business leaders of many such 

companies are faced with challenges regarding varying 

systems and processes across multiple locations, 

duplication of activities, inability to track and deliver 

on agreed timelines, and not fully leveraging the IT 

investments. These performance metrics for 

functions are, therefore, not aligned to deliver on 

business goals/ metrics of the company. Hence, there 

is strong need for leaders to create a BPT strategy 

that a) aligns these staff/ support functions with 

business goals enabling operational improvements, 

excellence and innovation of business processes, and 

b) consolidates and manages processes to avoid 

duplications and enables service with control. 

ELEMENT 3: 

Low Scale or Fragmented BPT Focus for Any One 

Enterprise Function 

In terms of business services, these companies have 

limited scale for enterprise functions like F&A, HR, 

SCM, IT or even Analytics for consolidation and 

management – say around 50 employees per function. 

Hence, there is a specific need for these companies 

to create an organization-wide strategy for all the 

staff/ support functions (and not a single function 

based strategy). Even though most of these 

companies have ERPs, they have since come to 

believe that the investment in the same is far from 

being optimized. Quite often, a strategic blueprint for 

process transformation does not ‘precede’ the 

decision to consolidate or outsource back office 

processes, leading to a fragmented approach to BPT. 


ELEMENT 4: 

Current Operating Models Not Addressing 

Requirements for Expertise & Capabilities: 

A typical dilemma that such companies often face is 

about choosing the best fit model for their BPT 

journey. They remain more concerned about the 

perceived dilution of control over, and confidentiality 

of their business data under the outsourcing model. 

They have a distinct need for a captive consolidation 

of processes but they do not have the scale or 

wherewithal to create a compelling business case. 

Even if they progress with outsourcing model, the 

scale limitation equally hinders their ability to get a 

Tier 1 or even Tier 2 BPO firm as their service 

providers, as they may not provide them with the 

right level of attention for service delivery and 

transformation centric strategy and execution. Hence, 

the current operating models do not adequately 

address the requirements of these segment 

companies. As a result, they are often stranded at a 

sub-optimal level with pure play outsourcing or pure 

play in-house process consolidation. Hence, in most 

cases, they are almost totally deprived of the benefits 

of BPT - thus risking their competitive advantage in 

the market place. 

III. 

Need for a Comprehensive Solution 

The limitations as above have given rise to a new and 

transformative solution namely ‘Dedicated Captive’ 

(D-Cap) Model. This model addresses all the above 

challenges and becomes integral to the enterprise 

level Business Process Transformation strategy. The 

D-Cap model, enabled by unique capabilities, can 

thereby service the businesses to gain advantage 

from both ‘economies of scale’ and ‘economies of 

knowledge.’ 

D-Cap is both a 

transformation capability 

framework and a delivery 

model that is best fit for 

the segment companies 

during the various stages 

of maturity for BPT and to sustain continued 

transformation of processes as extension of the 

organization. 

Two Distinct Components 

The combination of a contemporary and cutting edge 

process capability with service delivery makes it a 

particularly relevant and value generating choice for 

such companies. There are two distinct components 

of the model or the solution: Process Capability as a 

Service (PCaaS) and Segregated Delivery Unit (SDU) 

– both provided by a professional D-Cap solutions 

partner. 

Process Capability as a Service (PCaaS) 

PCaaS, is the spring board that provides 

transformation centricity to the model. This is a niche 

BPM capability in today’s business environment with 

advanced expertise. It may not be an economically 

viable proposition if invested directly by the company 

at a relatively lower scale of enterprise functions and 

processes. 

PCaaS is deployed at two levels: a) Design & Execute 

- the transformational front end, creating the 

blueprint and roadmap for transformation, and b) 

Operations & Delivery - the Aggregated Capabilities 

for back end i.e. enabling the operations and 

connecting with process design at SDU through an 

‘on-demand’ capability framework to deliver service 

to customers. 

At the Design level of PCaaS, BPT expertise is 

required for strategic leadership to create the 

transformation road-map. This enables redesign of 

business processes through the BPM strategy that 

brings composite focus on the 6 elements of BPM: 

people, process, technology, customer, business and 

control, to realize value to the segment company. The 

strategic blueprint touching all the above 6 elements 

also helps ‘prioritize’ the BPM implementation in line 

with client specific requirements like automation 

opportunities, lean/ six sigma for process 

improvements,, customer experience management, 

review of current outsourcing or consolidated inhouse 

operations, etc. 

Amongst other things, PCaaS at the Design Level 

could well include Process Maturity Assessment, 

Program Management, Change Management, Work 

Distribution Assessment, RPA & Automation 

Opportunities, Process & Metrics Review, ERP 

Utilization, BPM Tools & Systems Enablement, Lean 

Six Sigma etc. The SDU is only an offshoot of the 

‘ 

‘Dedicated Captive’ (D-Cap) Model 

addresses all the above challenges and 

becomes integral to the enterprise level 

Business Process Transformation strategy. 

’ 

Design level 

transformation road 

map for the 

enterprise as a whole 

and the SDU is to be 

considered as a need 

‘only to the extent’ 

there is a requirement for consolidation of processes 

before they can be transformed or brought together 

for effective management of operations. 

PCaaS at the Delivery level, is the deployment of 

‘Aggregated Capabilities’ such as setting up of the 

Operating Unit, Process Documentation, the 

Operations and Process Improvements at the SDU, 

Quality & Process Innovation, Work Flow, DMS, RPA 

& Tech Tools Deployment, Compliance & Control 

Review, Knowledge Management, People & Leadership 

Development etc. This will ensure alignment of backend 

with front-end processes for overall 

improvement, and benefit of the business outcomes. 



5

PCaaS: A Transformation Centric Approach for Integrated Processes 

Covering Strategic Elements at Both the Front and Back end 

Segregated Delivery Unit (SDU) 

SDU is a segregated service delivery unit set up 

exclusively for operations consolidated in a 

segregated manner for the client company (by the D- 

Cap solution partner) identifying closely with its 

business, brand and culture. As shared earlier, the 

decision to consolidate is an offshoot of the 

Transformation Road Map of the PCaaS Design level 

and is done only to the extent the need is assessed 

and justified as part of transformation. The operations 

Segregated Delivery Unit (SDU) under D-Cap 

of the SDU are managed by the D-Cap partner. It is 

an extension of the clients’ own businesses or 

offices – and the employees are seen as exclusively 

identified for the client. This SDU is typically carved 

out as a distinct section in the operating facility, and 

often could be an independent legal entity, where the 

client has the right of access and can interact with 

the employees. 

The SDU under D-Cap, hence combines the best of 

in-house as well as outsourced models. The chart 

below depicts the specifics of this unique model. 

The above combination of PCaaS Design at the front 

end as a spring board and a separate SDU as per 

client’s need, supported by PCaaS Delivery at the 

back end from a common pool of talent from the D- 

Cap partner, enables the client company to derive the 

much needed expertise for achieving end-to-end 


6 

transformation centricity in business processes. At 

the same time, it avoids under-utilization of specialist 

resources (like Transformation, Transition or Process 

Reengineering) and betters the leveraging of specific 

requirements (like bolt on tools, Robotics, systems 

optimization etc.) - thereby reducing the overall cost 

of operations and ensuring sustained benefits. 


By adopting this innovative solution in totality, the 

client company is assured of segregated service 

delivery like a captive unit with redesigned and often 

automated processes in the front as well as back end, 

along with the expertise required to initiate, manage 

and sustain BPT on an ongoing basis. This model, 

therefore, continually transforms the processes 

optimally in tune with the business needs without any 

risk of losing or diluting the considerations of 

confidentiality, control and continuity. 

Ownership Structuring of SDU under the D-Cap 

Model: 

The uniqueness of this model making it innovative 

extends further to the aspects of structuring the 

SDU in a manner to enable value generation and 

realization. 

a) Holding: The model gives flexibility to the client 

to structure the ownership of the SDU as per 

their requirements and comforts. The options 

could be 

• 100% ownership as a division of the client, 

• a separate legal entity having mix of 

ownership (say 26% to 74%) between the 

client company and the D-Cap partner, or 

• 100% owned by the D-Cap partner 

(especially for overseas clients to eliminate 

or avoid transfer pricing issues, as part of 

‘related party’ transaction). 

The above ownership 

structuring can 

simply be described 

as Client Owned 

Partner Operated 

(COPO) or Partner 

Owned Partner 

Operated (POPO). 

b) BOT Option: The client has the option to retain a 

BOT (Build Operate & Transfer) clause under the 

model whereby the SDU is operated for a certain 

period of time (say 3 to 7 years) by the D-Cap 

partner, and thereafter transferred to the client. 

The SDU is initially created as a separate 

operating unit and is managed with professional 

expertise of the D-Cap partner for the day-today 

management as well as to implement 

specialist practices. The process of transferring 

ownership of the center remains relatively simple 

with the D-Cap partner exiting the contract as 

per terms for transfer either on natural 

termination, or earlier as required. The D-Cap 

model, by design, gives the option to the client to 

continue/ extend the arrangement with the D- 

Cap partner for the SDU or decide to transfer 

SDU to a third party to realize value through a 

spin off (instead of outsourcing upfront). 

c) Resourcing: Similarly, the D-Cap model permits 

staffing of the SDU with a combination of 

resources with existing resources of the client 

company transferred to the SDU (particularly for 

an onsite consolidation), supported by resources 

from D-Cap partner and/or external staffing 

agencies. This way, the client company is enabled 

to deal with immediate absorption of leaders for 

operations and also have the flexibility to release 

resources in line with the anticipated productivity 

improvements or reengineering. 

The D-Cap model fills a clear void of a specific 

process transformation model that provides the 

unique opportunity for the segment companies to 

transform/ redesign business processes and derive 

benefits from BPM, retaining independence and 

freedom through captive operations while ensuring 

interdependence and economies through a pool of 

capabilities that can sustain process improvements 

and operational innovation. 

IV. 

Operationalizing the D-Cap Model 

The D-Cap model underpins ‘transformation 

centricity’ to processes and operations, right from 

the word ‘go’, requiring integrated execution of 

PCaaS and the SDU to effectively operationalize it. 

PCaaS – the spring board: Transformation starts with 

PCaaS through a ‘SEE’ framework – Shape, 

Execute, Excel. Shape focuses on two aspects: 

Levers and Outcomes. Transformation Strategic Blue 

‘ 

This model continually transforms the 

processes optimally in tune with the 

business needs without any risk of losing or 

at least diluting the considerations of 

confidentiality, controls and continuity. 

’ 

Print & Road Map, 

prioritization of 

transformation 

elements covering 3x3 

matrix of process, 

technology, people are 

the Levers. Customer, 

business and control 

are the Outcomes. 

The Shape stage is the most holistic review for endto-end 

transformation including review of current 

state of consolidation and/ or outsourcing. It is 

completed in a span of 4 to 8 weeks depending on the 

scale, size, functions of the client company and the 

number of locations. The primary action first focuses 

on client’s prioritization for technology 

enhancements and solutions, process redesign at the 

front end, re-staffing and reskilling requirements of 

people and their development. The blue print review 

also examines actions towards consolidation and/ or 

outsourcing of processes including restructuring of 

the current state. The Shape study clearly captures 

the change management and program management 

requirements, based on business, brand, values and 

culture. Finally, the Execution Roadmap with a phased 

execution plan and the resultant business case is 

prepared to enable approval of the transformation 

journey. 

PROCESS EDGE | MARCH 2018 | 

www.sharedservicesforum.in 7

The ‘Execute’ stage opens up with two streams – 

front end linked transformational solutions such as 

on-site automation, restructuring etc., and back end 

process transformation solutions such as 

consolidation, spin off, process redesign post 

consolidation etc. Both are prioritized for speed of 

execution and value generation. The execution plan 

for each action is then detailed for each prioritized 

action. Program management that combines project 

management and change management is the key for a 

great plan to be a successful one. 

Post the execution, the Excel stage takes over to 

stabilize the executed actions, progress change 

management requirements to logical completion, 

deepen process excellence areas and a business case 

refresh to validate and ensure value delivery 

plan/requirements. 

The SDU offshoot: The Execution roadmap for SDU 

follows a ‘Scope, Set-up, Operate and Excel’ 

(SSOE) methodology. The partner builds on the 

transformation road map to scope the process 

landscape, assess the potential for process and 

headcount consolidation, creates an implementation 

road map based on client priorities to set up the SDU, 

and works out the business case for the actions 

planned. At this stage, the SDU structuring options 

are also evaluated and finalized. 

Setting up and transitioning to the SDU with the 

identified processes is the next stage of Execution. 

Enabled by PCaaS, the emphasis is not on just 

consolidating the processes as they exist but also to 

assess and clean them up before transition, by 

appropriate usage of process and technological 

expertise, or streamline post consolidation. The client 

company and the D-Cap partner are part of the 

governance to drive the specific goals and 

deliverables of the SDU to client/ internal customers. 

The D-Cap partner provides the necessary 

infrastructure, people and leadership to document the 

processes and run the operations efficiently 

leveraging PCaaS (Operations to Delivery) through 

‘Aggregation of Capabilities’ to implement BPM 

tools and systems, metrics, review frameworks etc. 

The resources for PCaaS are deployed on need basis 

by the D-Cap partner. 

Besides a new SDU set up, the D-Cap model can 

become operational even with SDU as the initiating 

point when an existing low scale in-house centre 

already set up is taken over or a current outsourced 

operation is brought in as an SDU by the D-Cap 

partner. Both these options become viable routes for 

initiating the D-Cap model in view of the immense 

benefits of PCaaS, the various advantages of 

operating SDU under this model, and end-to-end 

transformational focus including automation. 

The D-Cap partner is committed to achieve the 

agreed goals on Process Transformation by applying 

robotics and other technology tools, Black Belt 

(LEAN/ Six Sigma/ eSCM) projects, migration of 

upstream/ down-stream processes, and other 

business enablement services. 

SEE – Strategic Advisory and End to End 

Program Management & Execution for Transformation 

SSOE - End to End 

Set Up, Operations & Transformation Partner 

Intrinsic to the aforementioned execution 

methodology is the Business Partnership Approach to 

be practiced by both the client company, led by the 

CXO/ leader concerned and the D-Cap partner, as no 

transformation strategy or solution, howsoever unique 


8 

or innovative can succeed without active and 

effective engagement of the people implementing the 

same. Thus, leadership of both the client company 

and the D-Cap partner must remain focused on the 

customer, business and value with clearly understood 

roles for each of them. 


V. Unique and Innovative 

D-Cap is a unique transformation centric business 

model that 

enables transformation of enterprise-wide 

processes 

by leveraging process capabilities and 

synergizing the benefits of both in-house and 

outsourcing models, 

while maintaining the required level of data 

confidentiality and control, 

that are particularly suited and practicable for 

mid to large corporations. 

At the same time the model is innovative to 

VI. 

provide a segment specific focus to mid-tolarge 

companies 

using its transformational centricity, combining 

front-end and back-end improvements, and 

Aggregation of Capabilities and Segregation of 

Operations leading to best of the two worlds - 

pure play captive and pure play BPO, 

along with a uniquely flexible ownership 

structure, and by 

becoming an extension of the organization - to 

move beyond dedicated 'captive' to dedicated 

'capability' unit 

Strategic Benefits and Business Case 

This innovative solution as the cornerstone of the 

overall Business Process Transformation Strategy 

leverages the two components - Process Capability 

as a Service (PCaaS) and Segregation of Operations 

(SDU), together delivering substantial strategic 

benefits as under: 

a) Value of PCaaS: The model brings dedicated 

BPM expertise with an end-to-end 

transformational solution that amazingly 

combines strategy, execution and process 

excellence through PCaaS. It is not limited to 

merely providing advisory capabilities for 

transformation or acquisition of a totally new set 

of skills and capabilities for managing an in-house 

model. It also helps to avoid the limitations of 

outsourcing, where the attention to a low scale 

client is a challenge and enables becoming 

extension of the client organization for Business 

Services. 

b) On Demand: The Aggregation of Capabilities for 

SDU and availing of services ‘on-demand’ by 

the client on ‘usage basis’ (under PCaaS) from 

the D-Cap partner brings the power of BPM 

expertise to drive process efficiency and 

effectiveness, while avoiding under-utilization of 

high cost specialist expertise and resources 

focused on BPM, being part of SDU on a full time 

basis. 


c) Customer Experience: The combination of PCaaS 

and SDU with transformation focus brings holistic 

customer centricity, enhancing the overall 

experience of internal and external customers. 

d) Consolidation: The Segregation of Operations 

becomes more an ‘off shoot’ of a structured 

Transformation Roadmap, eliminating the 

fragmented approach to back-office 

consolidation or outsourcing. When consolidation 

is considered, the SDU approach not only leads 

to benefits due to similar functions/processes 

brought under one umbrella that are currently 

distributed across multiple locations but also 

ensures ‘no loss of control’ and ‘hassle-free’ 

remote operations (India or overseas) as the 

operations are managed by a BPM practitioner of 

the D-Cap partner. SDU also realigns resources 

in terms of right level, right skill, right level and 

redeployment, with opportunity for process 

improvements post consolidation. 

e) Beyond Captive to Capability: The SDU which is 

initiated as captive in-house operations grows in 

maturity over a period of time. This provides a 

great spin-up effect to make the D-Cap move 

beyond a ‘Dedicated Captive’ to become 

‘Dedicated Capability’ model when the SDU 

demonstrates enterprise-wide partnership to cocreate 

value. 

The above strategic benefits translate into a business 

case as under: 

a) End-to-End Process Improvements: With a wellorchestrated 

business transformation effort 

combining accountabilities to design, execute, 

operate and deliver, the model supports 

customers of the segment companies with frontend 

benefits through end-to-end process 

assessment, reengineering, redesign and 

automation and treats consolidation or 

outsourcing, not as the first step, but only as the 

most essential step towards process 

transformation. 

b) RoI: Despite a smaller scale of operation under 

SDU, the model supports clients with a business 

case of ~25% IRR minimum, payback of 2-3 years 

and 5 to 10% YoY improvement opportunities. 

c) ‘Economies of scale’ for investments and 

operations that enable the client to reduce 

investment substantially to get the financial 

benefits through SDU, use of PCaaS and 

ownership structuring. 

d) ‘Economies of Knowledge’ that brings valuable 

all round BPT expertise in all aspects of 

transformation at the right time, driving unbiased 

client focused value to be derived from holistic 

end-to-end focus, far outweighs the cost 

incurred through the D-Cap model. 

e) Value Creation: An opportunity to monetize the 

SDU through spin-off at the right time. 


9

Benefits Galore 

The Industry Agnostic and Innovative D-Cap Solution Delivers on Both Financial and Strategic Fronts 

In Summary 

In the ever evolving world of business, the need for 

transforming the underlying processes on regular 

basis continues to grow and demands intervention 

backed by the right expertise, supported by an endto-end 

accountability to strategize, design, execute, 

achieve, operate and excel. For many organizations, 

creating or developing such expert capabilities may 

not be a viable option on their own but foregoing the 

benefits of such potential transformation is not an 

option either. 

The innovative solution of Dedicated Captive Model, 

unique combination of PCaaS and SDU operations, 

seeks to address all the challenges and requirements 

for such segment companies. Care should be taken to 

choose the right D-Cap partner who can bring the 

right level of leadership expertise, hands-on program 

management and execution experience to adopt the 

model, with the appropriate structuring model for the 

sustainable success of the transformation strategy. 

The best value is achieved when the D-Cap partner 

becomes an extension of the client’s organization for 

business services transformation and operations. PE 

ABOUT THE AUTHOR 

Anand Maheshwari is a meritorious Chartered Accountant with over 3 decades of extensive work 

experience with a blend of senior leadership and entrepreneurial roles, within India and UK. He is 

the Founder Director of Quintes Global, a new start up, promoted by Ramakrishnan & RvaluE 

Consulting to offer certain innovative solutions and capabilities in the arena of BPM to a niche 

segment - both in India as well as globally. His experience includes controllership/ CFO 

responsibilities, business and finance leadership across a variety of domains of Offshoring & 

Domestic Business Services, Financial Services, Oil, Petrochemicals and Chemicals, IT and related 

services. 

In his current role with the RvaluE Group, Anand brings proven entrepreneurial experience, 

strategic execution capabilities, stakeholder collaboration and people management skills and focus 

on coaching and mentoring of other leaders. 


10 





8 th ANNUAL GLOBAL SHARED SERVICES CONCLAVE 

– A Curtain Raiser 

NOVEMBER 2018 

In the year 2018, SSF takes pleasure in announcing its 8 th Annual Global Shared Services Conclave to be 

held in November 2018 . 

After the last seven successful Conclaves, this year, once again, SSF aims to bring the focus of the Industry 

to the relevant and futuristic strategies which will be the shape the things to come. The one-day Conclave 

event will focus on the next steps to be an enabler for organisations to become future relevant by being 

agile, developing a cognitive digital workforce, adopting intelligent automation, etc. to enhance consumer 

experience across their Enterprise functions. 

The agenda of BPM & Shared Services Conclave 2018 has been categorized under three streams: 

Interactive Panel Discussions & Case Presentations, and Knowledge Sharing Interactions, 

Felicitating BPM Achievers, Excellence Awards & Recognitions, and 

SSF Publication of ‘Report on BPM Practices for Creating Sustainable Differentiators’. 

The Awards/ Recognition/ Felicitation Categories for Industry Leaders and Organizations 

Shared Services in India – Single Function/ Multiple Functions 

Effective BPM adoption - Delivered Business Impact/ Achieved Business Excellence through: 

o Leveraging Process Innovation in any of the Service Functions 

o Technology Transformation or digitization in any of the Service Functions 

o Deploying Innovative People Practices 

o Moving up the Process Value Chain 

o Exemplary Customer Experience Management 

The above Awards will be for two separate sub-categories: Global In-House Centres & Corporations & Shared 

Services in India 

Effective Business Process Transformation for a Client by BPO, presenting a Client Case Study demonstrating 

value delivery 

Successful Launch of Shared Services Strategy 

Felicitating Pioneering BPM Leaders/ Achievers 

Who are attending: 

C-Suite Executives, Finance Controllers, Heads of HR/ IT/ Supply Chain and BFSI Leaders 

Entrepreneurs of the Rural Sector; Business strategy Leaders/ Managers 

Senior functional managers from multiple functions like, Quality/ Process Excellence, Finance & Accounting, 

Corporate Compliance, Supply Chain & Logistics, Information Systems, Human Resources 

Managers/ Leaders from Shared Services /BPO – F&A, HR, Supply-chain, Operations 

Attendance is limited to Business Heads, C-Suite Executives, Directors, General Managers and their direct reports. SSF reserves the right to refuse 

attendance to any person not fitting the above roles or from a non-sponsoring vendor organization. 

FOR QUERIES ON PARTNERSHIPS OR PARTICIPATION, WRITE TO conclave@sharedservicesforum.in 


Moving Towards Continuous Value Delivery Through 

Process Maturity 

AN INNOVATIVE MODEL DESIGNED BY PRACTITIONERS FOR PRACTITIONERS 

• TEAM SSF 

Most organizations globally face pressures to gain 

and retain competitive advantage by identifying cost 

cutting opportunities, improving quality, reducing 

turnaround time and enhancing customer experience. 

Essentially every one of these is a process 

management or an improvement technique. The 

better we manage our processes, the better our 

chances of taking advantage of efficiencies – and 

improve effectiveness. On the other hand, many 

organizations do not have full understanding of how 

process steps affect quality of the output. The first 

step is usually the 

‘ 

realization that 

processes can be and 

need to be optimized to 

yield even better 

outcomes. If there is no 

objective basis for 

judging the quality of 

processes, the products 

or services from those 

processes may not 

solve the problems that they are supposed to. 

There are a few process maturity models that are in 

vogue today. Having said, they draw upon the 

organizational model of Gartner then construct an 

approach based on real life experience of processes 

with key parameters that directly affect the output 

and outcome from such processes. Hence, one can 

say that a clear need exists for the Business Services 

industry to have an implementable model that can 

help to assess and classify the levels of maturity of 

the ‘processes’ per se at the mega or major process 

level, before deploying a model to assess and 

…being a large industry encompassing 

multiple domains and a range of processes, 

the model focuses on six primary and most 

important parameters common to all 

services…. a 6 x 5 Matrix to assess the major 

or mega processes for the organization... 

In an effort to ensure that processes are consistently 

managed, controlled, and reported across an 

enterprise, many organizations use a business 

process management (BPM) maturity model - a 

structure of capabilities with various levels of 

specified ‘maturities’ like the six phases of Gartner 

BPM model. 

Over the years, few more process management 

models have been developed to assist the 

organizations make such assessments. These BPM 

models are at the ‘organizational level’ and are not 

at the mega process or major process levels within an 

organization. The Gartner model assessment clearly 

indicates that many organizations are in the early 

stages or phases of BPM, thereby confirming the 

need for organizations to step up their focus on the 

critical success factors for holistic BPM maturity. 

With the advent of off shoring, global in-house 

(captive) centers and major BPOs have become 

essentially process management centers by design to 

drive performance and value. 


’ 

categorize their process 

‘management’ maturity 

at the organizational 

level. Accordingly, 


as a community of 

practitioners and 

industry experts, decided 

to evolve a Process 

Maturity Model (PMM) 

that is based on industry 

practices. 

This PMM can be used as an evaluation tool to 

benchmark processes in the GICs or BPOs or India 

shared service centers, against a standard set of 

parameters to assign levels of process maturity. The 

intention of setting up such a model is to create a 

methodology which can be used to measure 

improvements as well as establish thresholds. 

An organization with mature processes effectively 

defines, manages, measures, and hence, has greater 

scope or opportunities to improve its processes. 

Processes are documented, roles and responsibilities 

are well understood, and work flows are easily 

updated when necessary. A disciplined process is 

consistently followed because all participants 

understand its value, and infrastructure is readily 

created to support it. 

Process Maturity Model developed by SSF 

The model developed at SSF is primarily designed 

keeping in mind the extent of detail required/ 

available in the Business Services industry. Business 

Services, being a large industry encompassing 


15

multiple domains and a range of processes, the model 

focuses on six primary and most important 

parameters common to all services. This model uses 

a 6 x 5 Matrix to assess the major or mega processes 

for the organization and classify them into five levels 

– Levels 1 through 5). 

Eventually, the model will enable a function or an 

organization to ‘move up the value delivery’ to 

customers and stakeholders. It is essential to 

emphasize that the PMM of SSF can be well applied 

to all processes within enterprise functions (like F&A, 

HR, SCM, IT, CLM etc.,) in various sectors and 

industries, as this will reinforce the need to focus on 

processes by all companies across all major 

industries. 

The summary structure (Parameters & Levels) of the 

PMM is given below: 

Operational 

Governance & 

Leadership 

Level of 

Automation 

Process 

Documentation 

Process 

Robustness & 

Stability 

Process Control 

& Risk 

Management 

Process Metrics 

The Parameters of PMM 

There are six most important parameters for process 

maturity assessment and these have been reviewed 

and revised based on real life application and 

assessment. Given below are the descriptions for 

each of the parameters and the drilldown of the 

details for the various levels for each parameter to 

enable an objective assessment, and keep it 

meaningful and even convincing to the leaders of the 

organization. 

A. Process Documentation 

Process documentation is a complete written 

description of how to execute a given process. 

This includes any and all documents that go to 

support a process – process execution maps, 

policies, checklists, tutorials, forms and links to 

other applications and processes. The intention 

of creating such documentation is to: 

• have a common view of the steps in a 

process 

• reduce vulnerability to employee specific 

knowledge 

• improve processes 

• create a training plan 

Process documentation is segregated to include 

all necessary information on the inputs and the 

desired outputs as well, through a SIPOC and 

deployment charts to share how the process 

‘flows’ across the organization through multiple 

departments as well as in multiple forms 

(manual/ scanned/ automated etc.). 

B. Process Control & Risk Management 

Process control is the starting point to assess 

potential process risks (what can go wrong) 

including exceptions, failures and outages 

handling. Risk management is the complementary 

process of identifying and evaluating a threat to 

the outcome of a process or to the enterprise as 

a whole as a result of an error in execution of a 

process. The risk involved could be as simple as 

cost of re-work or loss of actual or expected 

revenue. It could even be the more serious 

threats such as poor customer experience, loss 

of reputation or compliance failures. 

Usually companies deploy several methodologies 

like FMEA to capture the control issues, 

classified according to occurrence, detection and 

prevention to predict such incidents of losses 

and put in place processes to prevent, measure, 

report, evaluate and fix them. 

C. Process Metrics 

Process metrics are numeric measurements 

used to evaluate and benchmark business 

processes performance. Metrics tell the process 

owner how the process is operating. 


16 


Process metrics can be of several types – input, 

process, output, or outcome. Besides, the 

metrics dashboard, visible numerical values of 

process performance will help to drive the 

process maturity. Similarly, metrics on real time 

and historical basis will add how the process is 

performing over a period of time. Each of these 

measures the process from different 

perspectives. Several combinations can be made 

to these metrics to determine process efficiency, 

effectiveness and flexibility. Efficiency 

determines the relationship between input and 

output while effectiveness measures the quality 

of the outcome. Flexibility metrics, on the other 

hand, determine the ability of the process to 

handle exceptions and adaptability to changes. 

The outcome metrics can also be linked to 

business metrics and KPIs to assess how well 

the process is focused on business performance 

and not just on process operations. 

D. Process Robustness & Stability 

F 

Process robustness reduces, minimizes and 

eliminates the variability in output and outcome. 

Process stability refers to the ability of the 

process to consistently provide the same desired 

result each time it is executed. If the process is 

executed by the same operator repeatedly the 

results returned should be well within the 

acceptable desired range – this is called process 

repeatability. In case the exact same process is 

executed by other operators, the results retuned 

here too should be well within the acceptable 

desired range – this is called process 

reproducibility. The combination is referred to as 

R&R – Repeatability & Reproducibility for 

process maturity assessments. 

The acceptable range itself should be set as 

narrow or broad as required by the process 

owner. In a stable process, both the Lower 

Control Limit (LCL) as well as the Upper Control 

Limit (UCL) should be well known and on a 

narrow band. 

Parameters 

Operational Governance 

& Leadership 

E. Level of Automation 

Of late this parameter has begun to take greater 

significance in assessing maturity level of 

processes since it provides a good opportunity 

to ensure the adherence to all the four 

parameters discussed above. This includes use 

of control systems, bolt on tools for operating 

processes with minimal human intervention, 

effective utilization of ERP etc., In fact, this is a 

key driver for process capability base-lining as 

well as productivity measurements. In cases of 

high levels of process automation, variability of 

process execution would be low, controls and 

risk management process would be strong, 

predetermined metrics would be easily available, 

and the process outputs are likely to be very 

stable. 

However, there are many other factors too which 

make this parameter important. It ensures a 

direct linkage to the other enterprise processes 

by using a common platform. Use of state–ofthe-art 

applications can also better prepare the 

organization for the unknown vagaries of the 

future. 

F. Operational Governance & Leadership 

This parameter measures the engagement levels 

of the leaders and the effectiveness of 

structured governance of the process 

performance. It determines the extent control 

the leaders have on the processes, as opposed 

to the processes being completely ad hoc and 

arbitrary. This will extend to how the leaders 

across levels are managing the process through 

team meetings, reviews, visuals, assigning tasks 

including peaks/ troughs, inviting comments and 

suggestion for team engagement. It also 

measures process ownership and importance of 

shared responsibility amongst the teams. This 

can be used as an effective tool to improve 

efficiency and effectiveness metrics, as well as 

act as an innovation and experimentation lab for 

the future. 

Parameter Definition 

Managing the process through structured operations/ strategic governance - team meetings, 

reviews, visuals, assigning tasks and inviting comments/ suggestions 

E Level of Automation Use of control systems, bolt-on tools for operating processes with minimal human intervention 

D 

C 

B 

A 

Process Robustness & 

Stability 


Process Control & Risk 

Management 

Process Documentation 

The chart below summarizes the description for all six parameters. 

Robustness to reduce variability and Stability to increase consistency in output and outcome 

Measurable and visible numerical values of process performance available on real time and 

historical basis. Linkages with the Business Metrics 

Identify and address potential process risks including exceptions, failures and outages handling 

Process flows, SIPOC / COPIS, Responsibility Matrix, Desk Instructions defined and standardized; 

Step-by-step instructions to ideally execute the process 



17

The Levels 

The Level is the final measure for each parameter as 

well as for each process. In a way, this becomes the 

output of the model at various stages: i) Each Major 

process ((Payroll, Accounting, Accounts Payable 

etc.,), ii) Each Mega Process or Function (Finance, 

HR, IT, SCM) and finally iii) organization as a whole for 

Multiple Functions - by aggregating the assessments. 

The level also clarifies or reinforces the cross section 

of assessment between parameters and the current 

state. 

Level 1 – Person Dependent 

This level represents the most basic or ad hoc 

processes. At this level success often depends upon 

the limited understanding or whims of the employees 

in the organization. The process flows and risks lies in 

peoples’ minds. The process does not even have 

proper documentation and depends upon the instincts 

of the individuals. Even the leaders may follow an 

instructional way of managing the process or have 

personal preferences to drive the process. At this 

level, services may just happen, but often exceed 

timelines and may involve huge re-work. Both 

repeatability as well as reproducibility are often a 

challenge. 

Level 2 – Process Oriented 

At this level services are planned, performed, 

measured, and controlled. Limited technology is used. 

However process and procedures may vary between 

units, departments or even teams. Requirements, 

processes, work products, and services are managed 

with specified delivery points in mind. Processes are 

reviewed and revised as needed, and they are 

reviewed and controlled to meet requirements, 

standards, and objectives. Generally, processes are 

not extended beyond a department or business unit, 

and there is often little or no executive support. 

The Level 2 itself is a big jump and it is important to 

refer to the specifics for this level to decide the right 

level and not go by gut-based comparative 

performance between the past and current. This level 

is set against benchmarks and not against past 

performance. 

Level 3 – Fragmented Deployment 

At this level processes are deployed universally, 

though are fragmented. The focus at this level is 

‘deployment’ i.e. process flow across functions/ 

departments. Interlinking of process is weak though 

processes are defined, understood, and documented. 

Standards and tasks stem from departmental output 

requirements and are performed consistently across 

the organization. Variations are allowed per 

established guidelines. 


18 

Processes are qualitatively predictable, but generally 

there are no measurements to enforce or improve it. 

Use of technology and automation is limited to stand 

alone, usually desktop level applications. 

Level 4 – Consistent Deployment 

At maturity Level 4, tasks or sub-processes 

contribute to overall performance, and they are 

controlled using statistical and other quantitative 

techniques. Measures are established for quality and 

performance, and they are used as criteria for 

managing processes throughout its entire lifecycle. 

Process variations are identified and corrected, and 

performance is both controlled and predictable. Error 

correction methodologies are traced to source and 

teams authorized to fix fundamental issues even if 

they happen to be in areas outside the control of the 

processors. Needs of the customer drive the process 

with clear linkage between process outputs and 

business outcomes. 

Processes are implemented in an effort to support 

business decision making. Technology usage is core 

and applications are part of enterprise wide resource 

management systems. 

Level 5 – Continuous Value Delivery 

At this highest maturity level, processes are 

continually improved based on quantitative analysis 

of common causes of variation. The focus is on 

continually improving performance through both 

incremental and innovative technological 

improvements. Quantitative process improvement 

objectives are established, revised, and used to 

manage process improvement. Improvements are 

evaluated against organizational objectives, and an 

empowered workforce executes them. Such 

objectives are usually governed by customer 

experience management techniques. 

The organization rapidly responds to changes and 

opportunities, and it openly shares learning and 

knowledge. Deployment of robotics for repetitive 

tasks and that of artificial intelligence for cognitive 

tasks is common and encouraged. 

The Detailed Structure of PMM 

Using the combination of the six assessment 

parameters and the five levels, the model creates a 

matrix to establish process maturity. This model can 

be put to use on any process of business services 

industry or enterprise function. Each parameter can 

be assessed individually and therefore each can well 

be at different levels of maturity. The process can 

then be assessed as a whole to arrive at a common 

maturity level. Since every parameter is generically 

connected with every other, it is highly unlikely that 

the parameters would in themselves be at vastly 

different levels of maturity.. 


The basic structure of the model is given below: 



19

Deployment of the Model 

The Process Maturity Model of SSF has been 

deployed in several overseas and Indian environments 

as well as GIC and India SSC situations. It has 

provided great results in these multiple scenarios and 

hence, has successfully passed the test of 

deployment. 

Sample 1 illustrates PMM assessment for a services 

organization depicting the process maturity levels of 

its finance function - that has 7 major processes. 

Operational Governance 

& Leadership 

Level of Automation 


Stability 

3 

3 

3 

3 

2.5 

2.5 

3 

2.5 

3 


2 

3 

3 


Management 

2.5 

3.5 

3.5 


1 

1 

2 

Sample 2 

0 1 2 3 4 5 

IT HR Finance 

Sample 3 illustrates the consolidated PMM 

assessment for the organization on the six 

parameters for the 3 mega processes in scope (as in 

Sample 2 – Finance, HR and IT). This view gives an 

overall summary of the observations guiding the 

assessment and also the priority wise actions to 

move up the value delivery. 

Operational 

Governance &… 

Level of Automation 


Stability 


3.0 

2.7 

2.8 

2.7 

Sample 1 

Sample 2 illustrates the consolidated PMM 

assessment for the organization depicting three 

functions - Finance, HR and IT of which the Finance 

function is a consolidated view of Sample 1 


20 


Management 


Sample 3 

1.3 

3.2 

0.0 1.0 2.0 3.0 4.0 5.0 

Consolidated Score 


Benefits to Corporates 

Organizations stand to benefit greatly by undertaking 

this journey of process maturity assessment. Some of 

the possible benefits are: 

1. Performance measurement – outcome impact. 

Very often companies go through a series of 

processes without having a clear sense on how 

the processes impact the real business of the 

company. The PMM assessment assurance is a 

methodology that helps the company trace a 

direct linkage between the process and the 

business of the company. This act by itself is 

first step to gauge the relative importance of the 

process in the functioning of the company. 

2. Process improvement. As processes go through 

the various levels of PMM, there is an automatic 

affinity to continuously improve performance to 

reach optimum levels of efficiency. 

3. Benchmarking. Comparison is possible between 

different processes of the same or organization 

or between organizations by bringing them to a 

common level of understanding and assessment. 

4. Consistency. This ensures that the desired 

results are achieved for each instance after the 

other with all exceptions built in, even after they 

have been repeated or reproduced. Consistency 

is not automatic. It needs robust processes 

controls to exist. PMM recognizes such 

processes and assures consistency. 

5. Customer service. Great performance need to 

mean great customer satisfaction. Whether or 

not customer satisfaction is a defined SLA of a 

process, PMM forces the focus on it. PMM 

places a high degree of importance on this 

ultimate acid-test of service. 

6. Risk. Assessing the extent of exposure and 

readiness with mitigation strategies could well be 

the key difference between a well thought out 

processes and a poorly designed one. 

7. Cost. Each process control comes at a cost. This 

parameter counter balances the relative benefits 

of tightening controls and other value added 

processes. 

8. Employee engagement. Organizations cannot 

work in silos or in isolation. The workforce is an 

equal stakeholder in the success or otherwise of 

its processes. Employees with higher levels of 

engagements with visibility on how their efforts 

impact the ultimate business goals tend to do 

well for themselves and the company. PMM helps 

leaders keep a keen eye on how to do just that. 

9. Evaluate capabilities of suppliers. Often the 

quality of output is determined by the quality of 

input. PMM can be used as a measurement tool 

to assess and document quality of the input data 

– whether from an internal source or external. 


Challenges & Requirements 

As in all assessment tools, this model has to be 

watched out for a few specific requirements. Not all 

of them need be a challenge for all.... 

Individual assessment. Though the model attempts 

to create a numerical level by assigning 

thresholds, assessment on the ground is subject 

to individual ideologies. Assessors need to be 

adept and trained to evaluate the condition of 

each parameter so as to not fall into the trap of 

“falling between the chairs” 

Interdepartmental or intercorporate benchmarking 

may not be possible or easy due to the inherent 

differences in the businesses and business 

processes. 

In case of multiple process variants, it might be 

difficult to establish a common process which is 

best for the organization as a whole. 

Rapid organic growth and acquisitions can result in 

multiple processes at any given moment of time. 

It may not be prudent to streamline processes as 

such times. 

Evaluation should be carried out for the entire 

organisation and all process, to make the best use 

of the model. 

The basic corporate leadership principles of 

strategic alignment, governance, and change 

management should be in place. 

Conclusion 

SSF’s Process Maturity Model is designed to support 

the services industry and enterprise functions of all 

industries to better understand the individual 

elements that helps achieve a more rigorous, 

structured, and controlled process program. In 

addition it creates a focus on high-risk or large 

impending change. Additionally, organizations are 

likely to have visibility into improvement initiatives to 

avoid conflicts, define common improvement 

approaches, and to identify and recommend 

improvements. 

In the cut-throat world of business today, following a 

defined and structured model as the PMM could well 

be the competitive advantage for the company. PE 


21

Calling the Attention of Financial Gatekeepers 

THE GOOD AND BAD OF CRYPTOCURRENCIES 

• VAISHALI NAROOLA 

Cryptocurrencies are thought of as encrypted 

decentralized digital equivalent of paper currency, i.e. 

it can be characterized as a set of entries in a 

database, which no one can change without fulfilling 

specific conditions. This is very similar to a banking 

ledger system. Cryptocurrencies attribute a price 

accounted to them but the intrinsic value is not 

universally seen. As a 

contrast, the value of a 

federal legal tender such 

as United States dollar is 

not something about 

which anyone needs to 

be convinced. It is the 

lynchpin of all 

international trade. 

Cryptocurrency Uses and Use Cases 

transactions to international trade finance and even 

to non-traditional sectors, such as aid finance. 

Adoption of cryptocurrencies will rise if it is backed 

by a transparent asset, such as fiat currency. This 

would amount to the digitization of real world assets, 

which can aid and transform many forms of financial 

transactions conducted around the world. 

‘ 

Cryptocurrencies have some legitimate 

uses. These uses could span from 

distributed trust to authentication 

certification to confirmation of transactions 

to international trade finance and even to 

non-traditional sectors, such as aid finance. 

’ 

Regardless of the limited equivalency to a real 

currency, quite a few countries and companies are 

planning to release their own version of 

cryptocurrency. Recently, IBM announced its 

partnership with Stronghold, which is the first digital 

currency backed by US dollars traded on the Stellar 

Blockchain Network. 

Cryptocurrencies have some legitimate uses. These 

uses could span from distributed trust to 

authentication certification to confirmation of 

There are several 

business use cases 

that a company 

can leverage using 

cryptocurrency or 

blockchain technology, 

which is the 

technology behind 

cryptocurrency. A few 

are listed below: 

Any process, wherein multiple parties have to 

authenticate a transaction. 

Any product, whose authenticity needs to be 

verified using a ‘multivariate’ approach (an 

approach to find patterns and relationships 

between several variables simultaneously)., 

such as for medicines. 

Any financial innovation, which uses derivative 

instruments, as long as the absolute native 

asset has some intrinsic value. For example, a 

company could issue cryptocurrency to allow it 

certain rights in company transactions or 

decisions. These could be backed by the 

company stock, which is eventually backed by 

equity in the company, which eventually 

translates into a fiat currency depending on 

the company’s market cap on a given day. 

Any process that can be confirmed only if a 

consensus threshold has been met, such as a 

decision to put an issue to be brought up to a 

vote in a company’s annual stock holder 

meeting. 

A smart contract implementation. A smart 

contract is a digital protocol intended to 

digitally facilitate, verify, or enforce the 


22 


negotiation or performance and eventual 

disposition of a contract. Legal and notary 

services would see tremendous use for these 

smart contracts. 

For creating a system of trusted timestamping. 

It is the process by which the time of creation 

and the time of modification of a document can 

be secured. Integrity of the timestamp is key 

for the system to not be compromised. The 

use cases are immense for the legal and 

financial industries, amongst others. 

Cryptocurrency 

Protocols 

As the world of 

cryptocurrencies is 

very much evolving, 

companies who choose 

‘ 

As the world of cryptocurrencies is very 

much evolving, companies who choose to 

roll out or in any manner interact with this 

technology, need to be careful so as not to 

run afoul of any regulations and legalities… 

’ 

to roll out or in any 

manner interact with this technology, need to be 

careful so as not to run afoul of any regulations and 

legalities imposed by the governing institutions under 

which these companies operate. The following list 

should only be viewed as a starting point and not a 

comprehensive list of measures that would complete 

the cryptocurrency protocols at any company. The 

company should: 

1) Explain in layman’s terms the use case(s), for 

which the cryptocurrency is intended. This is 

by far the first and foremost thing that the 

company would be well advised to do 

2) List all jurisdictions (domestic and foreign) 

from which it accepts customers and 

transactions 

3) Understand the relevant regulations 

applicable in those jurisdictions, such as 

General Data Protection Regulation and 

other relevant regulations. Cryptocurrency 

could serve both as a breach of these 

regulations as well as a solution to comply 

with these regulations. The company should 

understand the end goals of such regulations 

and align their cryptocurrency and 

blockchain use cases so as to not risk 

noncompliance 

4) Detail the linkage between the fiat currency 

and any derivate instrument created by way 

of cryptocurrency 

6) If trading is allowed, detail the policies by 

which a trade is considered legal and 

executable 

7) Have an approach to manage volatility, 

which would include capital buffers, trade 

restrictions, liquidity guarantees, etc., since 

cryptocurrency transactions can tend to 

cause large fluctuations and variability 

The Dark side of Cryptocurrency 

And, since we live in a 

world where good and 

evil meet often, we 

would be amiss if we 

did not focus on the 

unintended use of 

cryptocurrency. 

It is quite evident that the dark elements have found 

cryptocurrencies to be a convenient way to finance 

their activities. This comes as no surprise to the 

financial gatekeepers. The incentive to develop 

cryptocurrencies as an alternate way of financing and 

hence avoiding the international financial system can 

be easily understood. 

This point is well demonstrated by the roll out of 

Petro, Venezuela’s state backed cryptocurrency. It 

solicited help from another sanctioned nation, Russia 

to develop this currency via two state owned 

companies. Venezuela’s government institutions 

were mandated to start accepting Petro as legal 

tender. International acceptance has not been easy 

but that has not deterred Venezuela from preparing 

to launch a second cryptocurrency backed by the 

country’s gold reserves. 

An analogy might serve to understand this situation 

better. One country creates a new currency based on 

a set of Lego blocks that their citizenry has collected 

over the years. Lego blocks are not an internationally 

traded product or convertible into currency. 

5) Specify the methodology and rates at which 

exchanges occur, in case exchanges are 

permitted from one cryptocurrency to 

another service or instrument or an 

eventual fiat currency 


Image Courtesy jaysbrickblog.com 


23

The government of this country however, mandates 

its institutions to accept this Lego blocks based 

currency, for which the pricing and currency 

generation mechanism is random. Next it starts to 

use this currency to purchase sanctioned items, such 

as iron, or cement or weapons. 

Tools for Economic Sanctions 

Economic sanctions are a powerful foreign policy tool. 

However, in the age of cryptocurrencies, economic 

sanctions would have to work a little differently to 

still be as effective. A similar framework including 

education, deterrence, detection, and enforcement 

against financial crime, which applies to fiat currency 

would have to be applied when dealing with 

cryptocurrencies to apply economic sanctions. 

Cryptocurrencies eventually need to be converted 

into real goods. Economic sanctions can target those 

specific points of conversion. Also, these 

cryptocurrencies need to go past the country of 

origin to complete international transactions, their 

raison d'être. 

Provide clear guidance for rating websites, such as 

ICOindex.com, which tracks initial coin offerings of 

cryptocurrencies, for when to label an ICO a scam 

Geographically fencing certain transactions based on 

suspicion, or at least having delay mechanisms in 

place so that such transactions can be investigated. 

Build and proactively apply signature patterns to 

identify rogue transactions, based on variables, such 

as originating country, country of support, transaction 

antecedents, underlying asset, identification of 

various levels of ownership, accompanying collateral, 

other logistical information, etc. 

Sanction or use other punitive measures against rogue 

entities or nations supporting the country originating 

bogus cryptocurrencies. 

Link suspicious transactions for their completion and 

confirmation to logistical details such as, shipping 

routes, distribution parties, counter parties, insurance 

providers, etc. 

Sanctioning entities may 

have the following tools 

at their disposal. This is 

of course not a 

complete list but the 

intent is to generate 

conversation and fortify 

the white hats. 


‘ 

The argument that a fiat global currency 

could also be used by criminals serves only as 

an admission that regulation is much needed 

in the crypto world to keep the world from 

becoming a lawless jungle. 

’ 

Sanction supporting crypto exchanges and trading 

platforms on which the sanctioned nation’s 

cryptocurrency trades 

Link internationally recognized cryptocurrencies to 

the release of any aid benefit. 

Co-opt a legitimate investigative entity to become 

part of the consensus mechanism for these rogue 

cryptocurrencies and blockchain transactions, thereby 

not letting the transaction reach a consensus 

threshold, or at least having the ability to detect the 

transaction 

To Conclude 

As we know, fiat money 

is currency that a 

government has 

declared to be legal 

tender, but it is not 

backed by a physical 

commodity. The value of 

fiat money is derived from the relationship between 

supply and demand rather than the value of the 

material from which the money is made. The 

argument that a fiat global currency could also be 

used by criminals serves only as an admission that 

regulation is much needed in the crypto world to 

keep the world from becoming a lawless jungle. 

Criminal laws and financial laws are interlinked such 

that a functioning society depends on these laws. 

Nonetheless, anti-crime enforcement bodies will 

continue to have to make strides in the areas of 

identification, anti-money laundering, suspicious 

activity reporting, commodity threading, transaction 

verification, counter party risk, dark web research, 

and others. PE 

Vaishali has over sixteen years of work experience in Strategy and Operations focusing on Financial 

Services, Technology and Utilities/ Renewable Energy industries. She has a diverse skill set ranging 

from Due Diligence, Merger Integration, Digital Transformation, and Complex Program Management. 

She works with cross functional teams of bankers and lawyers to assist Private Equity clients and 

Strategic Buyers execute on deals. 

She has led business transformation and value creation projects for Wells Fargo, Bank of America, 

American Express and Apple. 

She holds an MBA in International Affairs from Thunderbird School of Global Management and a 

Graduate Certificate in Technology Management from La Trobe University, Australia. She is also a 

certified Information Systems Security Professional (CISSP). 


24 


Cognitive Automation for Operational Risk Management 

AI BASED PROCESS SURVEILLANCE IN TRADE LIFECYCLE 

• NEERAJ PARASHAR 

In recent times, leading global banks have drawn 

attention towards trading patterns where an individual 

employee has the ability of putting the financial 

position of the banks or trading houses at risk. This is 

commonly referred to as Rogue Trading. Rogue 

trading has largely been possible due to limited 

awareness towards risk-based scenarios and 

vulnerable organization practices, paving an easy way 

towards such outcomes. With likelihood of cybercrime 

and ransomware, there is a huge risk involved where 

any single act of such 

‘ 

practice can convert the 

capitalization of any bank 

or financial institution to a 

significantly low level and 

impose existential threats 

in terms of direct financial 

exposure, loss of customer 

base or huge penalties. 

The risk of rogue trading 

can be effectively mitigated 

mitigated early on by warning signals flagged off by AI 

based cognitive RPA that helps to prevent 

occurrence of such scenarios from the system. 

The table below specifies the top financial losses 

which were caused directly by rogue trading between 

the period 1992 and 2011. 


He brought down the 233 year old 

Barings Bank to a third of its 

capitalization. Incurring losses of US$1.3 

billion from unauthorized investments in 

index futures contracts were sufficient to 

bankrupt this centuries old financial 

institution in 1995. 

The case of Nick Leeson requires special mention 

which led to Baring Bank’s eventual insolvency. He 

brought down the 233 year old Barings Bank to a 

third of its capitalization. Its losses on unauthorized 

investments in index futures contracts were sufficient 

to bankrupt the bank in 1995. Through a combination 

of poor judgement on his part, increasingly large initial 

profits, lack of oversight by the management, a naïve 

regulatory environment, and an unforeseen outside 

event - the Kobe earthquake, Leeson incurred a 

US$1.3 billion loss that bankrupted the centuries old 

financial institution. 

Risk of Rogue Trading 

In the world of data 

protection accountability 

with mandatory compliance 

of GDPR like regulations, 

organizations are more 

vulnerable to unauthorized 

access from inside, than 

external data breaches. 

’ 

Rogue trading is one such scenario which is high 

stake and prone to high risk, high tension and high 

frequency. The operational dangers inherent in the 

world of securities and derivatives trading have risen 

dramatically in last 20 years with operations becoming 

digital. 

This new threat is a result of 

the advent of high-frequency, 

‘black box’ trading strategies, 

which are fully automated but 

not fully optimized, for the low 

latency exchange markets. In 

the past, traders would 

exceed limits, and finding 

prices moving against them, 

extend their unauthorized 

positions. The build-up of risk 

and losses would force the 

individuals to cover up and 

misrepresent activities. Such 

hidden positions, when 

brought to light, have toppled 

banks, and led to resignations 


25

of senior executives with otherwise stellar records. In 

the future, banks, or worse — clearing houses — could 

be brought down by high-frequency trading software 

building massive positions in unforeseen and difficult 

to predict ways. 

‘ 

The black box rogue 

trading scandal of the 

future will have much 

in common with the 

rogue trader scandals 

of the past. 

The actions of those individuals dubbed as ‘rogue 

traders’ have fascinated and, to an extent, invoked a 

degree of awe and admiration from those not directly 

affected by their machinations. These individuals 

circumvented controls, exceeded limits, and carried 

on by misrepresenting their holdings and risk. 

Unfortunately, in the high-stakes, high-risk, hightension 

world in which traders find themselves, the 

drive for success can overcome ethics. These 

individuals cover losses and deceive their colleagues, 

often in clever and ingenious ways. After the blow-up, 

it usually turns out that rogue traders have exploited 

multiple weaknesses in their firms’ procedures and 

systems. Keep in mind as well, that in most cases, 

investigations reveal that a number of managers were 

aware of the profits (which later, of course, turn out 

to be fictitious), and therefore the risks that were 

being taken. 

Key Questions for Risk Management 

In the digital ecosystem, there are many automated 

activities, which require regular reviews and 

governance to reduce risk exposure. Some of the 

important questions to be asked are listed below: 

Are banks running ‘stress tests’ on their high 

frequency trading programs? 

Could errors in price feeds from the many sources 

of market data trigger a flood of trades before the 

aberration is detected? 

Could detailed knowledge of a large bank’s algo 

trading rules be exploited by an external trader 

who sets off the market conditions that lead the 

algo to ‘misbehave’ or ‘go rogue’? 

Are regulatory cross-market ‘circuit breakers’ 

and trading halts required, or can natural price 

discovery be retained in today’s low-latency 

markets? 

Concerns around the role of these algorithms 

skyrocketed after the so-called ‘flash crash’ of 6th 

May 2010 that caused the Dow Jones Industrial 

Average to plunge nearly 1,000 points in less than a 

half hour, with nearly a trillion dollars in stock market 

value evaporating — and then (mysteriously) 

reappearing. When it was later discovered that 68 per 

cent of the questionable trades that ended up being 

cancelled involved Exchange-Traded Funds (ETFs), 


…hidden positions, when brought to light, 

have toppled banks, and led to 

resignations of senior executives with 

otherwise stellar records. 

26 

whose trading is highly computerized, the US 

regulators decided to explore whether algorithms that 

cause disruption in markets should be treated as if 

they were rogue traders. 

Regulators are eager to 

develop methods for 

assigning responsibility 

when trading technology 

goes awry. Overall, the 

’ 

computerization of 

financial markets has 

improved transparency 

and efficiency, and reduced investors’ costs. To 

avoid politically motivated bans on new trading 

technologies, leaders in the financial markets industry 

must define when high-frequency or algorithmic 

trading crosses the line into being disruptive to 

markets, and who is responsible when it happens. 

Finding the answers to these concerns is now 

perhaps the most critical element in ensuring the 

safety of financial systems in the future. 

With a two-pronged approach of system audit and 

monitoring transactional data, AI-based cognitive 

RPA solutions via predictive model and proactive 

actions not only provide early warnings but also 

execute them automatically. The key benefits for the 

organization by installing such solutions are: 

Stakeholder Value 

Corporate Governance 

Risk and Compliance 

Early Warning Signals 

Prevention of Financial loss 

System Robustness 

Digital Capability for Risk Management 

As per current circumstances, Blockchain, IoT and 

RPA are taking over human input based governance. 

There is very little room left in the process or system 

not monitored closely in an integrated architecture. 

To have such a robust capability, organizations need 

to have a clear view of not only their enterprise 

architecture i.e. SOA (Service Oriented Architecture) 

but also customer facing BPM platforms. There is a 

distinct possibility that agile enterprise changes may 

leave some risk controls open for future 

vulnerabilities. In light of such situations, AI-based 

capability is not only vital but imperative to have. 

Business integration services are putting a ‘method 

in the madness’ by framing agreements for their 

partners and vendors. However, a huge area in 

operational environment is left unattended. In the 

digital world, old methods/ practices are not going to 

be replicated. With disruptive technologies and 

dynamic business environment, structured thinking 

based on concepts and lots of imagination is required 

to seek the necessary capability to meet internal and 

external threats and attacks. 


Case Scenario 

Recently, a leading BPO company conducted a risk 

assessment exercise of many of its clients to identify 

vulnerable scenarios at client locations. Based on the 

learning captured, an AI-based solution was designed 

to mitigate all such scenarios in the future. While 

assessing the Trade to Settlement process on a 

client, the BPO company observed that there are 

huge discrepancies in the system with respect to 

people, processes and technology. Based on 

preliminary suggestions, the client noted the hugely 

vulnerable circumstances of their processes The 

client decided to leverage the assessment to not only 

determine the loopholes but at the same time, take 

immediate preventive and corrective actions. 

AI Based Deep Learning Framework 

Based on various scenarios, a pattern discovery 

analysis has been designed through multivariate and 

big data analytics that will identify the drivers 

(independent factors) of such 

instances and frame a predictive 

model for early warning signals and 

establish robustness of the system. 

AI-Based Surveillance Mechanism 

Broadly the surveillance mechanism can be developed 

around two broad major dimensions: 

1. Core Process Based Scenario Governance; and 

2. Data Driven Discrepancies 

Both these dimensions are elaborated below: 

Core Process Based Scenario Governance (or 

System Audit Framework & Business Intelligence). 

Here, user stories and remedial actions need to be 

configured on the AI platforms as scenarios to put a 

robust and scalable governance mechanism in place. 

The process and customer journey scenarios can be 

broadly classified into two categories: 

1) trading related scenarios where transaction level 

governance is required, and 

2) enterprise security and hygiene, which requires 

significant specific security standards and 

framework based approach for sustained and 

consistent operational excellence. 

Trade Life Cycle Risk Recognition Aspects: Major Scenarios 

The key areas where the below 

methodology helped are: 

Access Control Issues 

Technology Implementation in 

mapping business rules to 

accounting books 

Reconciliation Issues with 

respect to open exceptions 

No ownership and 

accountability against failed 

trades 

Discrepancy in Static and 

Reference Data 

The two categories as above have their 

own specific elements but it is very 

essential to note that these two 

categories are interdependent, making 

the scenario complex, demanding digital 

capability to track and monitor risks 

from rogue trading. 

In the next table, details of the major 

factors are mentioned, in terms of 

developing scenarios and incorporating 

controls in front, middle and back 

office. 



27

Front Office 

Middle Office 

Back Office 

Trading 

Scanner 

Technology 

Scanner 

 

 

 

 

Purpose of Trading based on 

pattern recognition. 

Dealer Profile validation. 

Manual entry of counter 

party. 

One time vendor transactions, 

not in ICP master. 

Existence of non-live portfolios. 

No-access control of S&R data. 

No call back to confirm static 

and reference data. 

No monitoring of trade patterns 

for inter-company trades 

Access of booking/capturing 

trades and settlement to same 

person. 

Confirmations are managed 

manually or can be influenced. 

Trade allocations to incorrect 

client/prop accounts. 

Confirmed trades are not prematched 

within stipulated 

timelines/matched incorrectly. 

Manual confirmation of 

trades. 

Manual pre-matching of 

trades. 

Manual release of trade 

instructions in the market . 

Manual reporting, tracking 

and monitoring of post 

trade events. 

Reconciliation rules not 

preset in systems. 

Exceptions during settlement are 

incorrectly booked/settled. 

Failed trades are not reported on 

time/reported incorrectly. 

Failed trades are allocated to 

incorrect age/nominal buckets 

Accounting entries booked to 

incorrect journals 

All Static Data is not aligned/ 

implemented to accounting 

events. 

All source applications are not 

aligned to FIs. 

All daily exceptions are not 

automatically flagged on time. 

All resolved exceptions are do 

not have audit trail. 

Reconciliation and fail reports 

are not automated. 

Finance 

Scanner 

Access 

Control 

Scanner 

No daily recon by system of all 

transactions booked by FO and 

closure of open issues. 

No ownerships of accountability 

issues 

No job swapping and risk audits 

pertain to operational practices 

and processes. 

 

Traders/Sales Desks having 

access to book keeping and 

settlement systems. 

All daily exceptions are not 

escalated or channelled to 

respective business owners. 

Root cause analysis not 

done on daily exceptions. 

All transactions are not 

tracked in book keeping 

system/ledgers 

Access control issue of call 

accounts & Bank Accounts. 

No clarity on creating, editing 

and deleting call accounts. 

Incorrect flow in the Intersystem 

reconciliation. 

Incorrect posting of journals 

leads to incorrect balances in the 

sub-account leading to contra 

bookings in the suspense and the 

wash accounts. 

Manual adjustment of accounts 

and database 

Back office personnel having 

access to trade booking / 

amendment systems. 

Client 

Scanner 

No Audit trail of client requests. 

No tracking of client grievances. 

No system of clearing client 

accounts on periodic basis. 

No formal preset channel for 

client communication 

Client sensitive information sent 

to incorrect parties. 

Absence of formal 

communication for 

confirmation and 

settlement for all trades. 

No reverse recon for each client 

data via automatic mechanism. 

Compliance 

Scanner 

Early Warning 

Signals 

Scanner 

Movement of people from 

middle office and back office. 

No Tracking of financial impact 

in their dealings. 

No audit trail of employee 

access levels and internal 

account details. 

 

 

No Dash boarding system 

Recon between order book 

and trade book across 

applications 

No planned rotation of 

people 

Existence of non-live 

employees in the system. 

No Dash boarding system 

Management of swift cost and 

offline trade separately. 

Absence of external audit 

practices or strong internal audit. 

No Dash boarding system around 

critical parameters like Ratios , 

Performance and Pattern. 

Business 

Intelligence 

Scanner 

Movement of people from 

middle office and back office. 

No Tracking of financial impact 

in their dealings. 

Absence of trading pattern 

recognition software 

No strong follow up and closure 

Absence of analytics engine 

around defined business 

rules. 

No strong follow up and 

closure 

Separation of official duties. 

Conflict of interest. 

No analytics of data available in 

system 

No strong follow up and closure 


28 


Data Driven Discrepancies (or Data Driven Actionable Insights): 

These are descriptive, diagnostic, predictive and prescriptive 

analytics via actionable insights, KPI reports and models/patterns. 

Off-Track Trading Strategies – Surveillance Mechanism 

Core Preventive Measures 

The major rogue trading cases discussed above were 

all avoidable through basic, general management 

governance and review. There are a few immutable 

principles in the control of trading operations, but 

management must enforce them rigorously and 

continuously with no exceptions. The four core 

principles for avoiding rogue trading disasters are as 

follows: 

Separating front/middle/back office activities and 

processes. Segregation of duties ensures traders 

cannot interfere with the processing and reporting 

of their transactions 

Limiting access to trading, risk control and 

settlement systems to separate functional areas 

completely and preventing any individual from 

having access to more than one area 

Using independent, outside pricing sources for 

mark-to-market valuing of positions. It’s easy to 

value a bank’s position in IBM shares, but many 

traded instruments do not have an easily 

obtainable market price. Allowing internal staff to 

enter price estimates for profit and loss 

calculations opens the firm to deception 


Ensuring integrity, which is the key to a 

good trading system. This means all trade 

accounting data are accurate and 

consistent, and can be verified easily 

through reconciliation with external 

parties (e.g., client trade confirmations, 

clearing, etc.) 

In summary, firms must maintain a robust 

control environment, allow for audits, limit 

access to key functions to specified users, 

and be able to reconcile with other internal 

and external data. 

Way Forward for Digital Readiness 

The AI based surveillance mechanism and 

framework leverages all the digital 

capabilities of the organization and offers a 

robust and scalable framework where data 

driven and culture building practices provide 

a holistic environment that leads to a secure 

framework and mitigates operational risk, 

especially led by rogue trading and other off 

trading practices. Putting a structured framework 

works as a significantly effective deterrent against 

ongoing cyber and internal attacks and compromising 

positions for the organizations. Since this is a 

dynamic and never ending process, it is essential that 

organizations should align dedicated teams on 

research and analysis of other possible scenarios and 

enrich surveillance index organically and inorganically. 

There is also a need to view actions taken by RPAled 

engine and review the performance in pre and 

post implementation conditions. Assessment of risk 

requires innovative ways of measuring risk - be it 

interviews, suggestion system, floor governance and 

secondary data inputs which is from the qualitative 

point of view and not covered in the present way of 

working. Big data based analysis covering both 

unstructured and structured data offers intelligent 

monitoring of transactions and defined process which 

provide an opportunity to install early warning signals, 

lead indicators, caveats, advisories to seek vulnerable 

tendencies. Benchmarking and digital performance 

management standards too need to be developed in 

this space, which may also prove useful in leveraging 

digital capability for business performance. PE 

Neeraj Parashar is Practice Head of BFS, Global Risk & Compliance, Digital and Design Lab for 

Tech Mahindra, and has also worked as Global DPO for TechM. He is pursuing PhD in Digital 

Transformation (where he has written digital performance management standards), and MBA 

(Information Systems and Marketing) from IMS, Indore, M.Phil in Economics, Certified DPO, Six 

Sigma MBB, Lean Master, PMP, CIO Said-Garter Certified Professional and an alumnus (Diploma in 

Software Engineering) of Carnegie University of Pittsburgh, USA. With over 18 years of experience 

in consulting (operational, architecture and advisory) and managing delivery of Digital and RPA 

based organization excellence projects i.e. focusing IT and business outcomes especially in the 

domains of telecom, banking, financial services and insurance. He has managed client engagements 

in RSA, Singapore, India, UK, EU and US. The solutions developed by Neeraj have benefited 

customers not only in seeking financial impacts but also in effectively deploying digital business 

strategic capabilities. 



29

SSF Excellence Awards, Recognition and Felicitations 

“COMPANIES OF EXCELLENCE GO THE EXTRA MILE TO ACHIEVE WHAT'S DISTINCT 

AND VALUABLE.” 

• A CURTAIN RAISER 

Champions do not become champions when they win the event, but in the hours, weeks, months and years they spend 

preparing for it. The victorious performance itself is merely the demonstration of their championship character. 

– T. Alan Armstrong 

The time is now ripe for Excellence Awards & Recognition to those who have delivered Business Imperatives using the 

power of Process Discipline. With this intent, Shared Services Forum, in collaboration with its Knowledge Partner RvaluE , 

has instituted Shared Services Excellence Awards, Recognition & Felicitations. These Awards have been established to 

honor, recognize and promote Process Management and Transformative Strategies by Shared Services demonstrating 

winning practices. These awards are designed to recognize contributions by Companies & Individuals that are broadly 

comparable. These are poised to become the benchmark for Indian organizations to adopt Shared Services & BPM 

Strategy. 

30 

AWARDS, RECOGNITION & FELICITATIONS 

The Shared Services Excellence Awards are designed to recognize contributions by Companies and Individuals/ 

Professionals that are broadly comparable. With this objective, the year 2018 will have the following categories for: 

EXCELLENCE AWARDS 

 

 

 

 

Shared Services in India/ Overseas: Servicing for any of the Service Functions (private or public sector), such as 

Finance & Accounting (F&A), Human Resource (HR), Supply Chain Management, Operations, Customer Life Cycle 

Management, Information Technology Services 

Effective Business Process Transformation – Delivered Business Impact/ Achieved Business Excellence by any of 

the following: 

‣ Leveraging Process Discipline Leading to Process Excellence/ Innovation in any of the Service Functions 

‣ Technology Transformation or Digitization in any of the Service Functions 

‣ Deploying Innovative People Practices (such as Organizational Talent Management Initiatives, including 

Innovative Employee Learning and Development Initiatives) resulting into a Business Impact 

‣ Moving up the Process Value Chain 

‣ Exemplary Customer Experience Management 

The above Awards will be for two separate sub-categories: 

Global In-House Centers 

Corporations and Shared Services in India 

Realizing Business Value by centralized function spin-off/ Unlocking the Value of Business Process Management 

through a successful spin-off 

Effective Business Process Transformation for a Client by IT Services/ ITeS Provider, presenting a Client Case 

Study demonstrating value delivery 

RECOGNITION 

Successful Launch of Business Process Consolidation/ Shared Services Strategy by Companies/ Institutions in 

India through Captive or Outsourced Shared Services 

FELICITATIONS 

Felicitating Leaders/ Achievers to recognize and honor stellar contributions by Distinguished Individuals who are 

key leaders to build the Global Shared Services & Business Process Transformation space at the Industry as well as 

at the Company level 



Shared Services Forum (SSF) with RvaluE Consulting as knowledge partner has conceptualized and has been holding the 

annual BPM & Shared Services Conclave for six consecutive years now. The key objectives of this event are to capture, 

recognize and disseminate awareness/ impact of Business Process Management (BPM) by Global Indian Organizations 

through Shared Services, both captive and hybrid, thereby fully leveraging the best practices from global shared services 

and offshoring operations. The 2018 Conclave aims to bring specific focus of the industry towards the role of the digital 

disruption on business process practices to counter the changing world and achieve enhanced business outcomes, thus 

fully leveraging the best practices from global shared services and off-shoring operations. 

Past Conclave Events (2011-2017) – A Snapshot 

The journey of SSF began in 2011 with the purpose of sharing the knowledge which was resident with a few leaders of the 

shared services and outsourcing industry. This journey so far has been extremely successful with its focus progressively 

widening from Business Process Consolidation (BPC) to a more holistic Business Process Management (BPM). Shared 

Services Forum has progressively become the Forum of Interactive Excellence in India for Shared Services and Business 

Processes. The participants at the SSF platforms/ events/ publications, take back not only a myriad of experiences with 

respect to strategic execution of shared services strategy, but also connections and awards that bring in ‘Culture’ and 

‘Value’ to the Industry. 

WINNERS OF THE 2017 BPM & SHARED SERVICES EXCELLENCE AWARDS 



31

Awards & Recognition for Excellence in Shared Services (2011-2017) 

The Annual Conclave serves as the platform for recognizing and awarding Organizational Achievements and Professional 

Excellence, thus setting benchmarks, for Indian organizations to adopt BPM & Shared Services Strategy. These awards and 

recognitions have been conferred on the following organizations for their exemplary achievements: 

Conclave Year 

Organizations Awarded/ Recognized 

2011 nuFuture Digital India and Hindustan Unilever Limited 

2012 

Bharti Airtel Ltd, Atlas Documentary Facilitators Company (ADFC) Pvt Ltd (An Associate of HDFC), ICICI 

Prudential Life Insurance Company Ltd, Dr Reddy's Laboratories Ltd 

2013 Tata Motors Ltd, Adani Enterprises Ltd, ICICI Bank Ltd, ONGC 

2014 

Reliance Industries, Vodafone Shared Services Ltd, Dabur India Ltd, Brandix Mercury Asia (Sri Lanka), ZEE 

Media Corporation Ltd, VE Commercial Vehicles Ltd, AHL Business Solutions Limited 

2015 

Cipla Ltd, Hindustan Unilever Ltd, Tata Motors Ltd, Infosys BPO Ltd, Piramal Enterprises, United Spirits 

Ltd, and SRF Ltd 

Mahindra Integrated Business Services Pvt Ltd (Mahindra & Mahindra), TATA Motors Ltd, Essel Business 

2016 Excellence Services Limited (Essel Group), Dr Reddy’s Laboratories Ltd, ANZ Begaluru Hub, and Kuoni 

Travel Group 

Olam Information Services Pvt Limited, Essel Business Excellence Services Limited (Essel Group), 

2017 

syngenta Services Pvt Limited, Principal Global Services Limited, Vodafone Shared Services India, Unilver 

Industries Pvt Limited, Hindustan Coca-Cola Beverages Pvt Limited, Intelenet Global Services, and 

Raymond Lifestyle Business 

Winning Moments Captured… 

DR REDDY’S LABORATORIES 

TATA MOTORS 

SYNGENTA SERVICES 

PRINCIPAL GLOBAL 

SERVICES LIMITED 

OLAM INFORMATION 

SERVICES 

UNILEVER INDUSTRIES 

HINDUSTAN COCA COLA 

BEVERAGES 

ANZ Bengaluru Hub 

MAHINDRA INTEGRATED 

BUSINESS SERVICES 

ESSEL BUSINESS 

EXCELLENCE SERVICES 

RAYMOND – 

LIFESTYLE 

BUSINESS was 

given 

Recognition for 

Effective Shared 

Services 

Implementation 

In India 


32 


THE HALL OF FAME – SSF Felicitations of Pioneering Leaders in Global India 

Year 2014 marked a tradition of felicitating BPM Industry Leaders with Pioneering Leader Awards to honor their stellar 

contributions in the BPM space at the Industry level as well as at the Organizational level. 

PRIYAN FERNANDO 

2017 

‘PIONEERING BUSINESS LEADER’ 

FOR GLOBAL SHARED SERVICES 

BVR MOHAN REDDY 

2016 

‘PIONEERING BUSINESS LEADER’ IN 

GLOBAL INDIA 

RAKESH KUMAR GUPTA 

2015 


GLOBAL INDIA 

AKHIL GUPTA 

2014 


GLOBAL INDIA 


RAMAN ROY 

2014 

‘PIONEERING ENTREPRENEURIAL LEADER’ IN 

GLOBAL INDIA 


33

THE HALL OF FAME – SSF Felicitations of BPM Achievers in Global India 

In 2015, SSF initiated the ‘BPM Achiever in Global India’ Awards to felicitate achievers in the Shared Services space for 

CREATIVITY & LEADING ENTERPRISE-WIDE SHARED SERVICES & BPM MISSION, DELIVERING VALUE AND BUSINESS 

TRANSFORMATIONAL IMPACT 

SHYAMA BIJAPURKAR 

2017 

‘BPM ACHIEVER’ IN GLOBAL INDIA 

PRADEEP KAPUR 

2016 


RAHUL SINGH 

2016 

‘PIONEERING BPM ACHIEVER’ IN GLOBAL INDIA 

PANKAJAM SRIDEVI 

2016 


K RAMESH 

2015 

‘PIONEERING BPM ACHIEVER’ IN GLOBAL INDIA 


34 


ABOUT THE ORGANISERS 

Shared Services Forum (SSF) 

SSF is a pioneering, interactive platform of Industry Veterans and Business Process Experts & Practitioners with a vision 

to create and disseminate knowledge for excellence in Business Process Management (BPM). We ideate and synthesize 

‘best in context’ practices for successful adoption of business process in the corporate world. 

SSF began its journey in 2011 for the purpose of sharing of knowledge which was resident with a few leaders of the 

shared services and outsourcing industry. Over the years, it has built a strong network of thought leaders, experts, and 

change agents across all functions and several domains. In short, SSF’s mission is : 

To spread awareness of Value-Delivering Transformational Strategies for effective adoption of BPM 

To establish Winning Practices that result from exchange of knowledge 

To acknowledge, award and showcase Organizational Achievements & Professional Excellence 

To build a strong network of thought leaders, experts, practitioners and change agents 

SSF has progressively become the Forum of Interactive 

Excellence in India for Shared Services and Business 

Processes. The participants at the SSF platforms – 

interaction events, publications, seminars, workshops, 

etc., take back not only a myriad of experiences with 

respect to strategic execution of shared services 

strategy, but also connections and awards that bring in 

‘Culture’ and ‘Value’ to the Industry. 

The On-Going Journey of SSF…. 

10 Pioneering Leaders & BPM Achievers Felicitated 

35 Organizations Awarded/ Recognized 

170+ Speakers Shared their Expertise/ Experience 

55+ Case Studies Presented 

10 Release of SSF Publications 

3 Research & Survey Reports 

6 Frameworks for Building Capabilities 

Knowledge Partner 

SSF leverages the immense global and India industry experience of RvaluE in multiple 

domains, across many functions and in all forms of operating models. 

RvaluE signifies ‘Realizing Business Value’ and is a team of BPM Pioneers & Team of 

experienced Practitioners, Consultants, Facilitators and Coaches. RvaluE offers niche 

End-to-end business transformation services and solutions covering Redesign of Business Processes & Offshoring, 

Developing Talent & Capabilities of Individuals/ Organization, Industry Expertise for BPM strategy adoption & 

execution, technology and enhancements, and Innovative Solutions for Operations across Indian / Overseas 

Organizations, Shared Service Centres and the BPM Ecosystem. 

For any query related to Awards, Conclave 2018 or SSF, write to awards@sharedservicesforum.in 



35

A Scientific Art & An Artistic Science 

SIMPLIFYING BPM – THE LIGHTER SIDE OF SERIOUS BUSINESS 

• KRISH VENKAT 

A line is a dot that went for a walk. 

– Paul Klee 

The dot taking a predictable walk results in a straight 

line, which is what most readers would visualize 

spontaneously while reading the above................................. 

‘ 

A random walk – a 

walk deviating from 

the routine – might 

lead to something 

new, something 

creative, something 

that could possibly 

change the world 

around us. 

Managing processes 

There is a ‘process’ in everything that is 

occurring around us, if only we learn how 

to ‘see’ it. From as mundane as getting 

ready and leaving for work every morning 

to readying a flight with 500+ people for 

take-off, there is a process involved, 

whether we are aware of it or not. 

This is where Process Management comes into 

picture. There is a ‘process’ in everything that is 

occurring around us, if only we learn how to ‘see’ it. 

From as mundane as getting ready and leaving for 

work every morning to 

readying a flight with 

500+ people for take-off, 

there is a process 

involved, whether we are 

aware of it or not. 

But somehow, people 

think of processes 

consciously and intensely 

only when it comes to 

anything related to 

business. 

’ 

Hence ‘Business Process Management’ (BPM) 

seems to have acquired a unique significance. Henry 

Ford, Steve Jobs, Bill gates and numerous others 

have had the requirements of replicating their 

inventions and scaling their businesses up to the sky 

and even beyond. The way they have conquered the 

world, even Alexander of Macedon would envy. To 

achieve this, the tens of thousands of their army had 

to bring out outputs in the same way they had 

envisioned. Hence, Business Process Management 

assumes utmost significance. 

Continuous Line Art 

Courtesy: darkroastedblend.com 

A straight line or a drawing of a specific shape and 

size is formed if it is drawn in a particular way, 

through a ‘process’. 

Especially, if there is a need to replicate it many 

times over, there is a need for a standard process 

that needs to be understood, designed, agreed, tested 

and implemented. 


36 

“No institution can possibly survive if it needs 

geniuses or supermen to manage it. The business 

must be organized in such a way as to be able to get 

along under a leadership composed of average human 

beings.” Peter Drucker. 

But, successful organizations would want to sustain 

their ability to add value and thus, their competitive 

advantage. They have to create new products and 

also retain the best of brains. Thus, Business Process 

Management must look beyond mere awareness of 

the processes or the robotic repetition from the 

manuals. BPM has to ensure sustained excellence, 

thereby naturally assuming the nature of an art. 


Peter Drucker called management a liberal art and he 

in fact brought lessons from sociology, psychology, 

philosophy, culture and why, even religion into his 

teachings on management. 

BPM thus embraces art throughout. The art 

dimension would dominate, if an individual or a team is 

involved in BPM with passion, reasonable freedom, 

creativity and empowerment. 

Looking Beyond the Function 

Most professionals, especially in finance and 

accounting, may not be process oriented. Some of 

them would have understood the function well, while 

missing the process. BPM increases the visibility 

factor. A person who has a process orientation is able 

to see the “whole”, identifying bottlenecks and 

visualizing risks and enabling proactive action. 

Understanding the relationships and the end-to-end 

flow is science while improvising and adding 

excellence is more of an art. 

“Risk comes from 

not knowing what 

you’re doing.” 

–Warren Buffett 

BPM is thus not a routine, predictable, boring job. 

BPM is not merely documenting what is. It is doing all 

things required to reach where you desire to be. In 

short, you design excellence. 

BPM & Technology 

BPM is not just about technology. It goes way 

beyond technology. In fact, technology is just one 

part of BPM. Unless there is excellence in the 

business process, there is not going to be any 

excellence merely by using the most expensive or the 

most modern technology. 

At the same time, business and technology have 

become so woven together. As part of BPM, it is very 

rare that you talk about one excluding the other. 

Hence, BPM is more or less like an AR Rahman 

composition. It is about music. It is also about 

technology. You cannot exclude one from the other. 

But a novice using the same technology would not 

produce the same music that AR Rahman produces. 

‘ 

BPM is thus not a routine, predictable, boring job. 

BPM is not merely documenting what is. It is 

doing all things required to reach where you 

desire to be. In short, you design excellence. 

’ 

“Design is not just what it looks like and feels like. 

Design is how it works.” 

–Steve Jobs 

To a crafty batsman, the cover drive is akin to an 

artist’s brush stroke. But for those who study it and 

use it to coach others, it could be more of a science. 

Art is more internalized. Even for the batsman 

himself, when he is made aware of a flaw in his game, 

the science takes over in precisely measuring, for 

example, the extra unnecessary leg movement or the 

bat lift. 

Once he rectifies his 

flaw by repeated 

practice, he gets back 

to the ‘artist’ mode 

and even improvises 

on what he just learnt. 

He shifts from 

‘doing’ to ‘being’. 

......automation applied to an inefficient operation 

will magnify the inefficiency.” 

– Bill Gates 

The End User 

The ease of use for the consumer - internal or 

external - is directly proportional to the vigorous 

efforts during the process design. 

Be it a smart phone or an app, the harder you work 

during the programming or the designing, the easier it 

would be for the end user. Thus, in BPM, while 

creating the process, there is a need for deliberating 

all relevant factors and even proactively visualizing 

the challenges. This will ensure that it simplifies life 

for the end user. 

Singing for the ‘Emperor’ 

“No great artist 

ever sees things as 

they really are. If 

he did, he would 

cease to be an 

artist.” 

– Oscar Wilde 

In most organizations, the employees are shown the 

process. They are merely expected to understand it 

and just keep repeating it. 

Once, Akbar heard the divine song of a fakir and 

found that it was far more melodious than that of 

Tansen, his most favorite court singer. He asked 

Tansen “Both of you have the same heavenly voice, 

but his song is far more superior to yours. What could 

be the reason?” Tansen replied “While I sing to 

please you, he sings for himself and his divine Master. 

That’s the big difference.” 



37

BPM, in many organizations, is very similar. The 

initiatives are taken to please some ‘emperor’ or the 

other and are executed in a highly predictable 

manner, dominated by a narrow vision. More often, it 

is too focused on the “emperor” that people even fail 

to point out that the emperor is not well dressed. 

This propensity to remain silent has sometimes even 

caused huge losses, including lives. The Columbia 

disaster of NASA is only one such example. The 

Board that investigated the disaster reported: 

"Cultural traits and organizational practices 

detrimental to safety were allowed to develop," and 

cited "reliance on past success as a substitute for 

sound engineering practices" and "organizational 

barriers that prevented effective communication of 

critical safety information" among the problems 

found. 

(Courtesy: Space.com) 

“The leader is the one who climbs the tallest tree, 

surveys the entire situation, and yells, ‘Wrong 

jungle!.... Busy, efficient producers and managers 

often respond....‘Shut up! We’re making 

progress!” 

– Stephen Covey 

Leadership Dimensions of BPM 

BPM definitely needs inclusiveness, openness and 

creativity. The courage to challenge existing ways of 

working must be appreciated as a value. Of course, a 

clear framework and a disciplined approach is a must, 

with concrete focus on business objectives. In music, 

each raag has a rule. If one chooses that raag, the 

specific rules have to be followed. But that does not 

mean the lack of creativity since, within each raag, 

great composers have managed to create thousands 

of songs using just those seven or less notes. 

There must be scope for new ideas and radical 

changes. This does not mean re-inventing the wheel, 

but often re-invigorating the zeal. It sometimes 

means a Zero–base approach to ensure that we are in 

the right ‘jungle’. Also, the Organization should look 

towards increasing the ownership down till the last 

employee to enable shared vision of the enterprise. 

The highest level of Business Process Management 

would thus be Business Process Leadership, which is 

doing the right things rather than doing things right. 

From all of the above, we would find that BPM 

encompasses Strategy, Operations, Systems, HR and 

what not? And art permeates into all of these. 

“There is nothing so useless as doing efficiently 

that which should not be done at all.” 

– Peter Drucker 

Conclusion 

For BPM to become inclusive, creative, disruptive 

and profitable: 

I. Create an open environment. 

II. Build business partnerships amongst the 

internal leaders. 

III. Open the communication channels. Stop 

conducting ‘meetings’ and start having 

conversations. 

IV. Listen to the people concerned. This is the 

most powerful motivational tool ever. 

V. Empower them. 

VI. Ensure that all business leaders are inclusive in 

their approach. 

VII. Identify the negotiable and the non-negotiable 

parts of the BPM. Make all understand these. 

“Art is not a thing, it is a way,” 

– Elbert Hubbard 

Art is a way, a process. And process is an art. PE 


Krish is a psychologist with a special focus on creative leadership and entrepreneurship. He is a 

Chartered Accountant with an MBA in HR and a Masters in Psychology, 

Organisational Psychologist, Chartered Accountant, Strategist, CEO Coach, Author & Keynote 

Speaker. 

25+ years of corporate experience in Strategy, Finance, HR and Learning & Development, with 

leading Indian & Multi-National Corporations, and has designed the SMartT (Sports, Music, Art & 

Theatre) methodology for learning interventions.. He is Passionate about enabling peak performance 

of businesses, teams & individuals. 


38 


GLOBAL CIO SUMMIT 2018 

– A Curtain Raiser 

To be announced soon… 

In the year 2018, SSF is delighted to announce its first-ever Global CIO Summit 2018 

The Global CIO Summit 2018 is SSF’s premier gathering of IT leaders. It’s an opportunity for IT chiefs and 

professionals to interact, exchange notes and gain insights from global technology and business leaders/ 

veterans/ experts. The participants at SSF’s Global CIO Summit 2018 will be able to explore the latest IT 

and business trends that will shape the business in the near future. 

The agenda of the Global CIO Summit 2018 has been categorized under three streams: 

Panel Discussions & Case Presentations, and Knowledge Sharing Interactions; 

Felicitation of a Leader in the Technology Space; 

SSF Publication on the latest IT and Business Trends 

The key focus areas of the One-Day summit are: 

Business transformation and technology management 

IT-Business issues and solutions 

Changing technology landscape 

Staffing and security 

Artificial intelligence and machine learning 

Cyber Security and data safety 

New technologies for competitive edge 

Who are attending: SSF’s Global CIO Summit 2018 is a highly-focused C-Level Summit for the technology 

leaders and business strategy heads of some of the major corporates and shared services organizations 

with participation of: 

C-Suite Executives, Business Heads, Technology Heads, Heads of HR/ IT/ Supply Chain and BFSI Leaders 

CIOs 

CTOs 

IT Directors and Senior IT Executives 

IT Managers and Senior Business Executives 

Entrepreneurs of the Rural Sector; Business strategy Leaders/ Managers 

Senior functional managers from multiple functions like, Quality/ Process Excellence, Finance & Accounting, 

Corporate Compliance, Supply Chain & Logistics, Information Systems, Human Resources 

Managers/ Leaders from Shared Services /BPO – F&A, HR, Supply-chain, IT, Operations 

Attendance is limited to CIOs, CTOs, Business and Technology Heads, C-Suite Executives, IT Directors, General Managers of IT and 

their direct reports. SSF reserves the right to refuse attendance to any person not fitting the above roles or from a non-sponsoring 

vendor organization. 

FOR QUERIES ON PARTNERSHIPS OR PARTICIPATION, WRITE TO summit@sharedservicesforum.in 


DOMAINS 

RvaluE Group is Celebrating 

12 Years of Excellence 

12 

Years of 

Excellence 

RECOGNIZED AS 20 MOST VALUABLE BUSINESS CONSULTANT COMPANIES!! 

Converting Support 

Functions to Line 

Functions 

(F&A, HR, IT, SCM, Ops.,…) 

RvaluE signifies 

‘Realizing Business Value’ 

THROUGH OUR PROVEN SET TM FRAMEWORK 

BPM Pioneers & Team of experienced Practitioners, 

Consultants, Facilitators and Coaches, we at RvaluE, offer 

niche comprehensive services and solutions covering 

Redesign of Business Processes & Offshoring, Developing 

Talent and Capabilities of Individuals/ Organization, 

Industry Expertise for BPM strategy adoption, execution, 

transformation, technology and enhancements and 

Innovative Solutions for Operations across Indian / 

Overseas Organizations, Shared Service Centres and the 

BPM Ecosystem 

OUR SERVICE SPECTRUM 

Sustain Global Standards of Service Excellence 

Realize Full Potential of BP Services 

Become Strategic Consultants to Corporates 

What is the 

Industry 

saying 

about us… 

Consultants Review, Jan 2016 

CFO India Magazine 

Recognized as 20 Most Valuable 

Business Consultant Companies 

25 Most Promising Business Consultants 

in India, Consultants Review, Dec 2014 

MAIL TODAT, December 

2017 

Phone: +91-11-2667 4814, +91-11-26674920 I Mobile: +91-9958840404 

Email ID: contact@rvalueconsulting.com 

www.rvaluebs.com I www.rvaluels.in I www.sharedservicesforum.in 

42

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© 2018 Shared Services Forum 

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