Case Study

A leading US investment bank achieves greater cost impact with offshore audit team

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Leading US investment bank

Financial services

Business need addressed:
More effective internal audit team was created with all the required skill sets at a lower cost than the previous offshore team

Genpact solution:
An offshore internal audit services team was set up using a combination of existing resources and new hires to serve as a virtual talent pool for this client

Business impact:

  • Greater access to talent and on-demand resources
  • Lower risk and tighter compliance
  • Reduced cost and margin pressure
  • Cost-effectiveness increased by 25–40%

A major US investment bank was facing challenges with its offshore internal audit (IA) services team. Rising costs and increasing employee attrition rate were making the operating model ineffective. In response, Genpact allocated a highly skilled audit team dedicated to the client and ensured additional access to needed skills whenever they were required.

Business challenge

The company’s own offshore IA operating model struggled with

  • An inability to hire across the diverse range of skill sets required
  • Difficulty in retaining talent
  • Increasing cost pressures

Genpact solution

Genpact’s solution focused on two critical areas:

IA team setup
Created an initial two-member “Proof of Concept” team to showcase Genpact team capabilities

  • Year 1: Provided 14 dedicated, highly skilled, and cross-trained individuals from Axis Risk Consulting, Genpact’s fully owned subsidiary, for data analytics, corporate audits, IT application audits, quality assurance reviews, and prerequisite reviews
  • Year 2: Client expanded the scope of engagement to include institutional securities, risk, and investment management audit groups. Genpact hired additional skill sets to meet requirements
  • Provided additional SME support to address specific requirements on an as-needed basis
  • Set up a back-up team to support in contingency and scale up operations when required
  • Created a pool of more than 20 team members (core and backup)
  • Implemented project governance for hiring, training, and quality assurance

Training and retention

  • Provided training specific to client needs, embedding many aspects into the onboarding process
  • Set up a pre-agreed staff rotation schedule to retain and motivate the team

Business impact

  • Achieved 20% greater cost effectiveness compared to the client’s team working in captive offshore center
  • Achieved 35% greater cost-effectiveness compared to an on-site team

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