1. Periodic Workflow Review
Operations Management – Periodic Workflow Review
Periodic Workflow Review
Description: This workflow describes all the steps required to monitor the firm’s operations, particularly by evaluating the firm’s workflows. It is in this review that the firm identifies ways to improve overall operations within the firm as well as the firm’s workflow library that’s being used to support those operations. Best practice is to conduct a “Periodic Workflow Review” on a quarterly or bi-annual basis.
Process Checklist
PREPARE
ROLE
TASK
DETAILS/TIPS
Client Service Associate
Confirm Workflow Reports Needed by Advisor
Due: 2 Weeks Before Meeting
Work with the Advisor to identify the types of reports needed for the review
Analysis varies firm-to-firm but typically, the following reports are needed:
Quarterly completed workflow report
Past due completed workflow analysis
Current active workflow report
Schedule Workflow Review
When scheduling be sure to take into consideration the amount of time that is required to generate reports needed for this review
Book the room, resources, and attendees for the review
In preparation for the review, request attendees log feedback on ways to improve workflows
This feedback could be around editing existing workflows or creating new ones depending on the needs of the firm
It’s important to gather this feedback from each individual team member, because they all play a different role in the workflow and therefore contribute a unique perspective on how things can be improved for all parties
Create Workflow Reports
Due: 1 Week Before Meeting
Typically firms develop automated report templates that can be used to streamline the reporting process every Periodic Workflow Review
Utilize the firm's systems to generate the reports identified by the Advisor
Ensure all data being used in the reports is up-to-date and accurate
Review the reports for any errors or issues either due technology or oversight
Draft a cover letter for reports explaining what’s enclosed and key findings
Provide the materials to the Advisor for review before presenting everything to the other team members
This allows the Advisors time to prepare for the review and identify what are the key areas or issues that should be discussed in more depth
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2. Periodic Workflow Review
Operations Management – Periodic Workflow Review
Periodic Workflow Review
Process Checklist
CONDUCT
ROLE
TASK
DETAILS/TIPS
Advisor
Conduct Workflow Review
Present the reports to the team and review progress to goals
Identify the firm’s deficiencies and opportunities based on the report findings
Be sure to celebrate any positive trending data to increase firm morale toward collectively reaching operational goals
Collect feedback on ways to improve workflows within the firm
Allow time for each team member to present their feedback that they’ve logged in preparation for the review and discuss it with the entire team
Determine changes to be implemented within the firm, whether that’s changes to the workflow s or to individual’s behaviors
If changes do need to be made, be specific about:
What those changes are
How they’ll be implemented
Who is responsible for seeing those through
Process Checklist
FOLLOW-UP
ROLE
TASK
DETAILS/TIPS
Advisor
Oversee Tasks to Monitor Operations
Due: 1 Week After Meeting
Reinforce any changes within firm to the team
Distribute a summary of what those changes are on paper or via to the team as appropriate and file for record-keeping purposes
Assign follow-up tasks to team members
Ensure every team member is aware of what role they play in ensuring the changes are executed and implemented
If changed behavior is required of any team members, set reminders to periodically check-in to monitor and ensure appropriate efforts are being made
Launch the "Periodic Workflow Review" workflow again
Typically this is launched on a quarterly or bi-annual basis to continue to track and monitor operations within the firm
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© 2015 SEI. This information is proprietary.  No further distribution is intended.