Driving OPEX in financial services with change management

Maureen Terralheiro, vice president, back-office operations at A. Farber & Partners Inc., tells PEX Network about her experience in operational excellence (OPEX) and shares her advice for driving it in financial services.

She also exclusively shares what to expect from her session at PEX Live: OPEX in Financial Services 2022, taking place online on 19-20 July 2022.

PEX Network: Could you tell us more about your experience with operational excellence in financial services? Would you like to share any success stories you have experienced?

Maureen Terralheiro: I started my OPEX career almost 20 years ago in banking, where I became a Lean Six Sigma Black Belt. I then spent some time outside of financial services, only to find my way back to insurance for several years in business transformation. Most recently, with A. Farber & Partners Inc., I have been applying my OPEX experience in leading the operations team in the bankruptcy and insolvency space.

For me, regardless of the industry, the concepts of OPEX and continuous improvement transcend industries. It is about ensuring that employees see the flow of value-added steps to the customer and are empowered to solve problems in that flow.

I am most proud when I see employees change their mind-set from waiting to be told how to fix a problem, to speaking up, identifying the problem, taking ownership and solving it. They know that they are empowered to do so and that they are in the best position to solve it as they are closest to the work.

Become a PEX Network member and gain exclusive access to our upcoming digital events, industry reports and expert webinars

PEX Network: What is your top advice for financial organizations looking to drive OPEX?

MT: My top advice is to aim for small incremental wins as it is all about change management and employee buy-in. Celebrating wins, no matter how small, is important so employees see what OPEX looks like, what the expectations are and that it does not have to be a ‘big bang’ project. Adding those small wins is how you achieve successful transformation.

PEX Network: What can attendees expect to learn from the discussion you will be taking part in on the need for transformation and the importance of change management?

MT: You cannot transform an organization and have a continuous improvement culture without making change management a priority.

To hear more expert opinions on the advantages, challenges and application of OPEX in financial services, register for PEX Live: OPEX in Financial Services 2022.

Do you agree that financial services organizations will be embracing digital in the coming years? Let us know in the comments below.