Business English Lesson – Advanced Level''''s archiveShared Service Centres potx

Business English Lesson – Advanced Level's archive Shared Service Centres 1.. Shared service centres SSCs are not a new phenomenon within the financial services industry; indeed they ha

Business English Lesson – Advanced Level's archive

Shared Service Centres

1 Shared service centres (SSCs) are not a new

phenomenon within the financial services industry; indeed

they have become an established part of the business

process for many large multinationals, says Hugh

Davies of Citi

landscape

portrait

scenery

viewpoint

2 For corporates, the underlying principle is the pursuit of

highly efficient operations and service through

re-designing and centralising common processes; if a

company has activities across its organisation —

combined with multiple bank interfaces — it will have less

control and visibility over its operations

desperate

discreet

discrete

disparate

3 This is of particular concern at a time when companies

face obligations under regulations such as

Sarbanes-Oxley, when they must demonstrate high levels

of accountability and transparency throughout the

organisation

compliance

complicated

contractual

convergence

4 There is also the desire among corporates for improved

company-wide cost management, as they face increased

pressure to obtain extensive cost savings from middle-

and back-office operations, as well as better visibility over

capital

asset

labour

revenue

working

5 While greater economies of and cost efficiencies

are derived from centralised processing, corporate

treasurers are taking on an increasingly strategic role

within the company

effect

nations

saving

scale

6 This is resulting in improved use of information and is

ensuring that SSCs are becoming an essential tool that

can provide visibility and transparency of

information across the company for the creation of value

and competitive advantage

accessible

actionable

operable

objectionable

7 Harmonisation of financial infrastructures as a result of

the single payments area (SEPA) is also an

opportunity to rationalise accounts and legal structures,

and therefore derive further efficiencies from SSCs

economic

euro

European

expense

8 The SSC platform and the related systems built around

it are an excellent way to the fundamentals of SEPA

and adapt quickly to realise the benefits

embed

embroil

ensconce

entrench

9 Establishing an SSC and centralising functions does not

necessarily mean the removal of traditional payment and

collection that are required by local operating

companies where supplier and customer relationships are

maintained

documents

instruments

offices

utensils

10 The rationalisation of banks and systems will lead to

the concentration of risk, and in order to this risk,

the standardisation of interfaces and formats is absolutely

critical

inculcate

instigate

manumit

mitigate