What are Special Processes in Financial Institutions?

[MVladimir]

Friends, could you please provide any samples of special processes in:
1) banks,
2) investment funds,
3) stock exchanges,
4) insurance companies.
Any opinions will help!

[John Broomfield]

MVladimir,

Great question!

Application of special process controls should be determined by the Institution's risk management beyond the definition of special process in ISO 9000.

For example, may I suggest "any process that could result in a promise being broken to a customer"?

Leading to this policy: The processes responsible for making and keeping promises to customers shall be designed and validated per clause 7.5.2 of ISO 9001.

I am sure that Covers will have a lot of other suggestions.

Best wishes,

John

[somashekar]

In Reply to Parent Post by MVladimir

Friends, could you please provide any samples of special processes in:
1) banks,
2) investment funds,
3) stock exchanges,
4) insurance companies.
Any opinions will help!

Any of the risk based financial products offered which perhaps does not assure fixed returns and which performance are influenced by market and economic dynamics will have processes that could be termed special.
Banks:
Cheque discounting could be a special process.
Savings account / Fixed deposit could be a normal process

Investment funds:
NAV (Net Asset Value) based investments that provide tax benefits could be a special process.
Debentures with assured returns over time could be a normal process

Stock exchange:
Always normal process, The trading rules are well defined and the customer who comes in knows the dynamics that he is trading with or takes all the risk with his money. ~~~

Insurance:
Structured insurance plans for specific customers can be a special process.
Life insurance, Health insurance, motor insurance can be a normal process though they are governed by several applicable conditions, clauses and exclusions all put confusingly in small print under 'Terms and Conditions' of insurance proposal.

[Paul Simpson]

Bearing in mind the Credit Crunch and world wide Financial collapse brought about by the banks irresponsible dealing and risk taking I would suggest banking processes are neither:

• Special
• Good

I hope you get some more constructive answers.

[MVladimir]

Friends, good points of view! Thanks for everybody!!
I hope other experts will give one's view.
Vladimir