The Challenge: Our client, a Singapore based crude oil, refined product and natural gas trading company, needed to improve the efficiency of its front, middle and back office operations in order to meet targets put in place by the company’s board of directors. However, the company’s internal workings were largely unstructured and it had no formal job descriptions, processes or documentation in place to guide employees in their duties. The result was lack of responsibility and accountability amongst employees and mistrust between departments.
The Solution: JBC provided the client with a comprehensive documentation and eventual redesign of the company’s internal processes that culminated in the creation of a trading & risk management policy and procedure manual that outlines the roles, reporting lines, authorities and responsibilities of each department, function and employee.
Our Approach: As a starting point the consulting goal was to understand how things were working at the point of JBC’s engagement. To accomplish this, JBC’s consultants worked hand-in-hand with the client in order to document all of the current processes in place in the front, middle and back office. This was done by sitting down with each individual employee within the company and then jointly mapping out their roles, their responsibilities and how their functions interacted with other departments. Once JBC had completed this mapping process, the consultants began to draft individual job descriptions for each member of staff, and the processes for each department in the front, middle and back offices. Once the drafts were completed, the consultants were able to identify gaps in employee skill levels, processes and general inefficiencies that were contributing to the organisation operating below desired levels of performance. The consulting team was then able to suggest how these gaps could be overcome through training, hiring some new talent and process re-design. Once agreed with the client, JBC was able to guide the client in the implementation of its advice and provide supporting material in the form of a trading and risk management policy and procedure manual which was distributed to each employee.
The Outcome: The client’s management was able to meet the key objectives as instructed by the board of directors, employee accountability and efficiency improved while inter-department conflict was significantly reduced.