Analysis questions in finance

By in Know-how, Process Mining, Uncategorized

Prevent risks and save money – How to strategically analyze finance processes

In the financial sector, non-optimized processes quickly lead to high additional costs and unnecessary losses – not only for the financial companies themselves, but also for their customers. At the same time, companies incur high risks if they do not specifically analyze finance processes for their conformance and compliance.

Process mining tools such as LANA can automatically identify these and other optimization potentials. But beyond the technical details of digital process analysis, targeted analysis questions form the basis of every successful process mining project.

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Process Conformance

Every process should have a target model – an ideal reference model that represents the perfect intended process flow. In reality, however, business processes run through a multitude of possible process variants in almost any situation. Whether due to bottlenecks, unexpected influence factors or even calculated variables, virtually no business process is always 100% conform with the ideal target state. It is therefore important to determine whether the deviations that occur are harmless for the company or whether they represent risk factors. The more consistent the processes are with their target model, the easier it is to optimize their performance and the fewer compliance risks occur.

Analysis questions in Process Conformance:

How close are the processes to their ideal target model?

Where do high-impact non-comforming process deviations occur?

How many acceptable variants does a process possess?

Risk Management

Especially in the financial sector, risk management is often one of the most important strategic business areas for a company. Even small deviations in standard processes can damage both liquidity and customer loyalty. Process mining not only helps to uncover such weaknesses retrospectively, but also helps to preventively minimize risks. The intelligent root cause analysis in LANA also creates a data-based foundation for strategic risk management with just one click.

Analysis questions in Risk Management:

Where are potentially dangerous risks in the processes?

How do these risks arise and where do they commonly occur?

What are possible preventative measures?

Process Mining analysis - finance processes

GRC

Governance, Risk Management and Compliance (GRC) is superordinate to risk management and describes a broad network of business processes and areas that deal with optimal corporate governance. On the one hand, this applies to internal requirements that the organization has imposed on itself in order to promote integrity and cooperation, for example. On the other hand, GRC also deals with external factors such as legal and economic framework conditions. A lack of compliance in these areas can often have drastic consequences for a company.

Analysis questions in GRC:

How compliant are the processes with both internal and external guidelines and legal requirements?

Which cross-departmental risks can be identified and how do they influence each other?

Efficiency Improvement

Even with optimal compliance and effective risk management, there are always opportunities to further optimize business processes. Especially on the data level, there is often hidden potential even in compliant standard processes. From transaction data to customer data, for finance companies the complete transparency of their database is often decisive for competitiveness. Even simple adjustments can lead to a significant increase in process efficiency. As a rule, the cleaner the data, the more efficient and effective the business processes.

Analysis questions in Efficiency Improvement:

Where can processes be grouped for better transparency and structure?

Are there any superfluous data entries in the responsible system?

Which processes produce a high amount of invalid data?

Always keep an eye on the analysis questions. With the free guide to process analysis, including posters and practical index cards, you can use the full potential of your process data in no time at all.