Sydney-based non-bank lender leverages Nintex’s process management software to efficiently capture processes, manage risk and support future growth, mapping more than 100 business-critical processes.
Nintex, the global standard for process management and automation, has announced that leading fund manager, Pallas Capital, has deployed Nintex Promapp, the visual and easy-to-use process mapping and management capability of the Nintex Process Platform, as part of an organization-wide drive to streamline workflows and improve operational efficiency.
Established in 2016, Pallas Capital specializes in the financing of Australian commercial real estate, focusing on the mid-market sector. To date, the company has undertaken more than AU$875 million in investments.
“Historically, like many organizations, we relied on a series of manual processes to support our company’s day-to-day activities,” said David McGilvray, Head of Operations, Pallas Capital.
“However, with Pallas Capital’s annual business growth rate above 75%, these highly manual and paper-based processes were becoming increasingly complex and inefficient.”
To drive process improvements in lending operations, achieve strict regulatory compliance and better manage risk, Pallas Capital sought a process mapping software solution that could be leveraged by its employees to easily document and collaborate on the company’s core processes and reduce the team’s reliance on Microsoft Excel.
Pallas Capital selected Nintex Promapp and deployed the process management tool in April 2021, which has already resulted in the mapping of more than 100 processes, with an additional 100 processes scheduled for completion within two months.
“We were particularly impressed by Nintex Promapp and the way it empowers teams to quickly and easily capture business processes, enabling teams to examine processes across the organization and have them documented in a consistent way,” said McGilvray.
Once a process has been fully documented and mapped, it is stored online and made readily available to anyone who requires it. This also allows regular reviews to be undertaken with improvements easily made, documented and communicated.
Pallas Capital has already begun to enjoy some significant business benefits since leveraging Nintex Promapp to drive continuous process improvements. As an example, newly-hired staff can rapidly get up-to-speed with the company’s processes while the productivity of existing Pallas Capital staff has improved thanks to visibility into processes. A series of process templates has also been created which further improves workflows.
“Nintex has served to enhance our due diligence processes,” said McGilvray. “This is critical for our business as investment comes down to accurately assessing and managing risks.”
Pallas Capital is also looking into additional ways in which Nintex will be put to work within the company over the coming months. One involves leveraging the automation capabilities of the Nintex Process Platform to support the development of new technologies within the firm.
“Nintex’s complete process management and automation capabilities will help our organization to further automate workflows and support our on-going growth in client numbers and funds under management, ensuring we retain our position as a market leader in our sector,” said McGilvray.
We asked David McGilvray, Head of Operations, Pallas Capital, further questions to find out more.
Can you explain how Nintex Promapp has facilitated your company to streamline and automate workflows?
Not only did Nintex Promapp provide us with a software solution, but now we also have a framework to follow when we work on our processes. Once key members in the team were trained to forget how we used to manage our processes by using complex boxes and connecting arrows, and learned a new way to approach the documenting of processes, teams attended a series of meetings and review sessions where we identified both current processes and process improvements.
This helped document and improve our processes and also allowed staff members to better appreciate how their work impacts others, both upstream and downstream. Once documented and captured in Nintex Promapp, participants involved in the process were able to flag improvements on the platform directly – for review and updates by the process owner, where appropriate – thereby contributing to the ongoing improvement process at Pallas Capital.
How has Nintex Promapp enabled your company to improve operational efficiency?
With Nintex Promapp, Pallas Capital operates more efficiently in a number of ways. New hires can get up to speed faster. Errors, double handling and rework have been reduced significantly. New IT systems being implemented are more rapidly deployed as business processes have been well-documented and are understood by our developers.
Can you explain how Nintex Promapp has facilitated your company to achieve strict regulatory compliance and better manage risk?
Firstly, our processes are documented in Nintex Promapp in accordance with our compliance and risk framework. This ensures that we’ve captured those processes that are key to regulatory compliance and minimise business risks. Then, through the adoption/ownership of these processes by our new and existing staff, we can minimise the risk of breaches and non-compliance. In the event of an incident, with the help of Nintex Promapp we can quickly identify, update and communicate process changes to users.
Can you mention some of the processes that have been mapped by Nintex Promapp?
We captured our first 100 processes in Nintex Promapp in a very short time, including processes related to new business origination, third party introducer accreditation, credit processes from initial review through to settlement, loans and arrears management, and loan discharges.
Can you explain how Nintex Promapp empowered your teams to efficiently capture business processes? What has been the main benefit of this?
Process owners are heavily involved in the initial Nintex Promapp training and, with the support of our Nintex Promapp super-users, they develop, document and refine the initial processes with their staff. Users have the ability to make suggestions for improvement and as a result, those enhancements create an environment of constant improvement. In addition, there is an increase in employee satisfaction due to the fact that process users’ ideas and suggestions are being heard and implemented.
How has Nintex Promapp enhanced your due diligence processes?
Once processes are captured in Nintex Promapp, they are easy to read and understand. In addition, the quality of the process maps and written procedures simplifies the due diligence and review process conducted by our partners and auditors, and instils additional confidence with regards to the organisation’s level of professionalism.
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