About 190 staff positions are included in the outsourcing arrangement. The human resources team manages the administration of compensation and benefits, employee information center, risk management, payroll, information systems, vendor relationships, and administration. BPO Streamlines Fiduciary Trust Operations PricewaterhouseCoopers renewed its three-year business process outsourcing contract in 1997 with one of the world's leading commercial banks to manage the fiduciary tax compliance function for its private bank. Our outsourcing team includes a number of bank personnel who joined our firm, and we manage the function on-site in the bank's administrative centre in New York. We use the Omega Fiduciary Tax System which is the most advanced technology for processing tax returns for trusts, estates, foundations, and agency accounts.
Clients report better customer service and reduced administrative costs.
BPO Facilitates Corporate Merger PricewaterhouseCoopers was awarded several long-term business process outsourcing contracts in 1993 following the merger of two major metals and mining companies. We guided the companies through the merger process, advising on ways the combined organization might integrate and manage various financial, accounting, and tax functions. We were awarded outsourcing contracts to manage tax compliance, internal audit, and other administrative activities. We hired key company personnel, formed outsourcing teams, reengineered the processes, introduced leading-edge technologies, and provided better training. Company officials were freed up to focus more on strategic planning and acquisitions, while operating costs were reduced by about 10 percent on a pro forma basis.