Mastering Daily Dynamics: Strategies for Trust Administration and Advisory Managers to Elevate Risk Mitigation and Client Satisfaction

Introduction

Introduction to Challenges in Risk and Compliance Roles

In the ever-evolving landscape of finance and business, risk and compliance roles stand as pillars that uphold an organization's integrity and operational efficiency. These teams face a variety of challenges that require a blend of analytical acumen, strategic foresight, and regulatory knowledge.

Common Challenges

- Regulatory Changes: Keeping up with constant updates in regulations and industry standards is crucial. Non-compliance can lead to serious legal consequences and financial losses.

- Complexity in Documentation: Evaluating and managing complex legal documents, such as trust agreements and estate planning, demand thorough scrutiny and precision.

- Decision-Making Under Uncertainty: Risk and compliance professionals often need to make quick decisions with incomplete information, balancing potential risks against business opportunities.

- Resource Management: Ensuring that teams are adequately staffed and trained to meet the demands of compliance standards is essential for sustained operation.

- Communication Across Sectors: Coordinating effectively with internal and external stakeholders to ensure alignment and clarity in compliance processes.

Insights from Daily Tasks

Personalizing these insights can be achieved by looking into the daily routines of professionals in risk and compliance roles. Utilizing the example of staff management from Trust Administration, we gain practical perspectives:

- Staff Management:

- Set goals and hold colleagues accountable.

- Oversee the timely and accurate completion of tasks.

- Conduct training and ensure cross-training among team members.

- Service Standards and Metrics:

- Ensure service level standards are met or exceeded.

- Manage workflows to keep tasks on track.

- New Business Review:

- Assess new accounts, reviewing complex documents to determine viability.

- Engage with teams to resolve paperwork issues.

- Ongoing Administration:

- Make informed decisions on disbursements according to governing documents.

- Implement new processes to support administration.

These activities highlight the intricate balance of oversight, regulatory adherence, and strategic management required in risk and compliance roles. By focusing on the daily functions of these positions, organizations can better prepare for and navigate the complex challenges that arise.

Overview of Daily Tasks

Daily Tasks Overview for Trust Administration and Advisory Manager

Staff Management

- Goal Setting & Accountability: Establish clear goals and hold team members accountable to ensure the department meets its objectives efficiently.

- Oversight: Supervise the timely and accurate completion of tasks, ensuring all team members deliver work to standard.

- Training: Provide essential training to staff and promote cross-training to enhance versatility within the team.

- Hiring & HR Activities: Recruit new talent, carry out staff evaluations, and manage other HR-related functions, ensuring a motivated and skilled workforce.

Service Standards and Metrics

- Standards Compliance: Ensure all team members meet or exceed established service level standards to maintain client satisfaction and regulatory compliance.

- Workflow Management: Organize workflow and assignments to ensure timely completion of tasks, addressing any bottlenecks proactively.

- Communication Expectations: Establish clear communication protocols with internal partners and in responding to requests to ensure effective collaboration.

- Process Review and Enhancement: Continually assess and refine existing processes to improve efficiencies and compliance with changing industry regulations.

New Business Review

- Document Examination: Scrutinize governing documents for new accounts to ensure legally sound decisions about accepting roles as dictated by legal documentation.

- Complex Review: Responsible for reviewing the most complex document types, requiring an understanding of state statutes, trust and estate administration, and family dynamics.

- Executor Role Assessment: Evaluate notifications of death and determine Comerica’s suitability to take on roles such as Executor or Personal Representative.

- Engagement with Opening Team: Collaborate with the account opening team to address paperwork issues, finalizing legal reviews, and notifying any concerns.

Ongoing Administration

- Disbursement Requests: Review and approve or deny disbursement requests based on Comerica’s discretion and the governing document, balancing risk and beneficiary satisfaction.

- Process Design & Implementation: Innovate and execute new processes to support continuous administration, adapting to operational challenges and minimizing risks.

By implementing these daily tasks with precision and strategic foresight, a Trust Administration and Advisory Manager ensures risk mitigation, operational efficiency, and exemplary client service—aligning with Comerica’s commitment to excellence.

Mapping Tasks to KanBo Features

KanBo Feature for Designing and Implementing New Processes

Feature: Spaces

Overview:

Spaces in KanBo allow for the creation and management of organized workflows, making them an ideal feature for designing and implementing new processes in ongoing administration. This feature provides a visual representation of tasks, facilitating collaboration and effective task management.

Steps to Implement Spaces:

1. Create a Workspace:

- Navigate to the main dashboard and click on the plus icon (+) or "Create New Workspace".

- Enter a name and description for the workspace that aligns with the targeted process.

- Choose the workspace type (Private, Public, or Org-wide) and set permission levels by assigning roles such as Owner, Member, or Visitor.

2. Set Up Spaces:

- Within the Workspace, click on the plus icon (+) or "Add Space".

- Provide a name and description that reflect the specific area of focus for the new process.

- Assign roles to users to manage space roles effectively.

- Select the type of space that fits your needs—such as Spaces with Workflow for structuring process steps or Multi-dimensional Space for more complex process integrations.

3. Add and Customize Cards:

- Inside the Space, create Cards by clicking the plus icon (+) or "Add Card".

- Customize each Card with details such as notes, files, comments, and to-do lists to reflect specific tasks or decision points within the process.

- Manage Card statuses to track progress and conditions aligned with your new process.

4. Invite and Collaborate with Team Members:

- Invite relevant team members to the Space, assign roles, and add them to specific Cards to ensure everyone involved understands their responsibilities in the new process.

- Use KanBo's comments and mention features for real-time communication and collaboration regarding process adjustments and updates.

5. Monitor and Adjust:

- Utilize the activity stream for a chronological overview of activities and engage with team presence indicators to monitor involvement.

- Regularly review process effectiveness and make adjustments as necessary, using tools like Gantt Chart or Forecast Chart views for a more in-depth analysis of timelines and progress.

Benefits:

- Visual Workflow Representation: Spaces allow teams to visualize the entire process, identify bottlenecks, and streamline task management.

- Structured Collaboration: The feature enables seamless collaboration by organizing work in logical sequences and providing a centralized platform for discussion and updates.

- Efficiency and Adaptability: The ability to customize Spaces and Cards ensures that processes can be designed to meet unique requirements, with the flexibility to adapt to any operational changes efficiently.

By leveraging the Spaces feature in KanBo, a Trust Administration and Advisory Manager can effectively design and implement new processes. This not only enhances operational efficiency but also ensures meticulous task management and adherence to service standards.

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Glossary and terms

Introduction

KanBo is a comprehensive platform designed to facilitate seamless work coordination and enhance organizational productivity. By bridging the gap between strategic goals and daily operations, KanBo ensures that every task is aligned with broader business objectives. It offers real-time visualization, efficient task management, and streamlined communication through integrations with various Microsoft products. This glossary is intended to explain the key terminologies and concepts integral to understanding and utilizing KanBo effectively.

Glossary of Terms

- KanBo: An integrated platform that aligns company strategies with daily tasks, ensuring efficient work coordination.

- Hybrid Environment: A system setup accommodating both cloud and on-premises operations, allowing flexibility in data management.

- SaaS (Software as a Service): A cloud-based service model where software is accessed online via a subscription rather than installed on individual computers.

- SharePoint, Teams, Office 365: Microsoft products that integrate with KanBo, enhancing communication and task management.

- Workspaces: The highest organizational level in KanBo, representing departments or projects, containing Spaces and Folders.

- Spaces: Subsections within Workspaces or Folders devoted to specific projects or focus areas, containing Cards.

- Folder: An organizational tool within Workspaces used for additional categorization.

- Cards: The basic units of work in KanBo, representing tasks or items with notes, files, and to-do lists.

- Customization: The process of modifying software to suit specific user needs, highly supported in KanBo for on-premises solutions.

- Integration: The process of combining different systems (like Microsoft products) to function seamlessly with KanBo.

- Data Management: The practice of collecting, keeping, and using data securely and efficiently.

- Resource Management: In KanBo, the process of planning and allocating organizational resources (human, material, financial) efficiently.

- Resource Allocation: Assigning available resources in an efficient way to complete tasks or projects.

- Time Tracking: Monitoring the time spent on tasks, feeding data into resource management for analysis and planning.

- Conflict Management: Identifying and resolving resource availability issues to optimize resource use.

- MySpace: A personalized area for organizing and managing individual tasks in KanBo.

- Kickoff Meeting: An initial meeting introducing the project scope and the use of KanBo to the team.

- Roles: Defined positions or functions assigned to users within KanBo, like Owner, Member, or Visitor.

- Activity Stream: A real-time feed that displays ongoing activities and updates within KanBo.

- Card Templates: Predefined structures for creating new tasks quickly and consistently.

- Forecast Chart: A tool for visualizing and predicting project progress and potential outcomes.

- Date Dependencies: Relationships between tasks that depend on the completion of other tasks.

- Space Templates: Predefined formats for creating new Spaces with consistent workflows and setup.

- Visualization Tools: Graphical representations in KanBo for tracking and managing tasks and resources.

- Official Holidays: Specific days defined in the system where no work is planned, useful for scheduling and availability.

- Cost Structures: Financial arrangements in KanBo that define internal cost rates and external billing rates for resources.

These terms form the foundation of a deeper understanding of KanBo and its capabilities, allowing users to leverage its full potential for enhancing organizational operations and productivity.