FIN573: During 2020 and 2021, your firm introduced a series of new products that have become very popular, creating: Financial Crime Compliance Report, SUSS, Singapore

Question 1

During 2020 and 2021, your firm introduced a series of new products that have become very popular, creating a sustained increase in the number of new clients to be onboarded. You believe that this increase in business is leading to increasing delays in onboarding new customers, which in turn is beginning to give rise to customer complaints. You also believe that the staff is working efficiently and at full capacity and that the issue is that there is now too few staff to accomplish timely and effective onboarding. Your senior management is not convinced of the need to hire more staff and asks you to support your request for more staff with evidential data.

a) What type(s) of analysis will you employ and why?
b) What method(s) of analysis will you use and why?
c) After your research, you record the following factors.

• There is four full-time staff dedicated to onboarding new customers and that number has remained unchanged since 2019.
• Each member of the team is contracted to work for 240 days throughout the year, and they are averaging the onboarding of four new clients per member of staff, per working day.
• In 2019 there were 3,672 new clients onboarded. There was no backlog in onboarding.
• In 2020 the number of new clients rose to 4,212 and there was a slowly increasing backlog at the end of each week.
• In 2021, owing partly to the launch of another new product at the beginning of the year, the number of new clients rose sharply to 5,112 and the backlog of
  clients waiting to be onboarded increased commensurately.
• In the first six months of 2022 the number of new clients was 2,625. You notice that the staff are now onboarding an average of only 3.2 new clients per day and the backlog continues to increase. Interpret these findings in a report to the senior management.

The report should also include your recommendations for future staff levels (for the remainder of 2022 and into 2023), justifying this with the figures in the analysis.

Your report must also include a section that explains how you would monitor staff levels and efficiency in the future.