Applying the Process Approach in the Financial Service

Abstract

This article represents the utilization of the process approach in the financial service, as explained in the case of the Centralized Accounting Department of the City of Kazan Office of Cultural Affairs municipal public institution. The concept of process approach observes the activities of an organization as a set of interrelated processes. It is notable that evaluating the effectiveness of this approach's implementation is very significant. Only through the analysis of work processes can be stated as it affects the application of the measures described, leading to the subsequent development of the solutions to the problems that arise in the process of applying this approach in your organization, because the failure of one unit may lead to failure throughout the organization. It is important to note that the performance assessment performed within a single Department and described in this paper should be performed across all divisions. Because even by analyzing the processes, you can recognize issues and modify them in time. As such, the process approach is fundamental for such managerial concepts as logistics, production management, project management, quality management, and lean manufacturing philosophy. On the whole, we have attempted to recognize and eliminate losses in the process approach, which is a crucial step towards optimizing the organization's work.