The middle-ticket leasing arm of a London-based bank were using a contract level leasing system to administer their portfolio. The middle office team also maintained a Leased Asset Database (‘LAD’) Excel file which held more detailed asset-level data relating to the lease contracts in the system. Reconciliation issues with the asset data in the LAD and in the system led to inaccuracy of the depreciated asset values for the Risk LTV/FTV report. The lack of data entry consistency and the production process for the Risk report required time-consuming manual processes and checks to update existing LAD data to ensure accuracy of depreciated asset values. Plus the operational inconsistency and the LAD being maintained in Excel brought technical issues such as the ability to make concurrent changes and file growth in size over time. The bank’s management team made a strategic decision to run an assessment to address these issues identified internally by the Executive Risk Committee.
Based on VIP Apps Consulting’s experience with business processes and system assessment, its strong relationship with client and its deep knowledge of the client’s business, the bank asked VIP Apps Consulting to support it in achieving these goals.