CFO · allocation and performance
Which assumptions, resource uses and sensitivities should be reconciled before allocating capital?
Explore valuation methods →Alpha Hedge Services
Independent Strategic Advisory, Global Markets & Applied Research
Clarify the choices. Structure the action.
From Financial Expertise to Strategic Impact.
We combine financial expertise, quantitative research and strategic judgment to help financial institutions navigate complexity, make better decisions and pursue sustainable performance.
For CEOs, CFOs, CROs, CIOs and Global Markets leaders. A decision memorandum, model review or roadmap to prepare your next decision.
Start with the question that matters.
CRO · risk and governance
Who reviews residual risk, decides limits and sets escalation and reassessment conditions?
Explore risk methods →CEO, CIO, Global Markets · transformation
Which change should take priority, with which deliverables, dependencies, responsibilities and adoption criteria?
Explore our approach →Three ways to move a decision forward.
Scope, access to evidence and responsibilities are agreed before work begins. These offers are not claims of completed mandates.
Valuation and model review
When assumptions, prices or sensitivities disagree.
An assumptions map, a discrepancy and sensitivity analysis, and a review memorandum with prioritised actions.
Read the multi-curve perspective →Scope, approach and deliverables
Heads of Quant, valuation teams, Front Office and model-risk teams.
- Who this is for
- Heads of Quant, valuation teams, Front Office and model-risk teams.
- When to engage
- A price discrepancy, an unexplained sensitivity or a proposed change of model.
- Evidence required
- Contract terms, conventions, dated market-data snapshots, model documentation and available benchmark results.
- Proposed approach
- Reconcile conventions and inputs, compare assumptions, analyse sensitivities and prioritise discrepancies for investigation.
- Proposed deliverables
- An assumptions map, a discrepancy and sensitivity analysis, and a review memorandum with prioritised actions.
- Scope and limits
- Review depth depends on accessible evidence and agreed scope. No production certification, guaranteed price or independent valuation attestation is implied.
Explore the associated research and tools
Front Office–Risk–Finance diagnostic
When data, hand-offs or responsibilities break the decision chain.
A process and responsibility map, a prioritised gap analysis and a transformation roadmap with decision gates.
Read the transformation perspective →Scope, approach and deliverables
Markets COOs, transformation leaders and Front Office, Risk, Finance and Technology stakeholders.
- Who this is for
- Markets COOs, transformation leaders and Front Office, Risk, Finance and Technology stakeholders.
- When to engage
- A cross-functional change, reconciliation breaks, unclear dependencies or competing delivery priorities.
- Evidence required
- Process maps, data flows, incident and reconciliation records, system interfaces and existing decision responsibilities.
- Proposed approach
- Map the current chain, identify critical interfaces, define a target and sequence changes with acceptance criteria.
- Proposed deliverables
- A process and responsibility map, a prioritised gap analysis and a transformation roadmap with decision gates.
- Scope and limits
- The diagnostic is an agreed advisory scope. System implementation, delivery ownership and measured benefits require separate evidence and commitments.
Explore the associated research and tools
Model and risk governance
When ownership, validation or escalation is unclear.
A responsibility matrix, a decision and evidence framework, and a prioritised monitoring and escalation plan.
Read the governance perspective →Scope, approach and deliverables
Risk leaders, model owners, validation teams and management committees.
- Who this is for
- Risk leaders, model owners, validation teams and management committees.
- When to engage
- Unclear model-use limits, unresolved findings or a decision without an identified owner.
- Evidence required
- Model inventories, policies, validation findings, monitoring indicators and existing committee records.
- Proposed approach
- Map development, review and acceptance roles; define evidence requirements, monitoring and escalation triggers.
- Proposed deliverables
- A responsibility matrix, a decision and evidence framework, and a prioritised monitoring and escalation plan.
- Scope and limits
- The framework is tailored to the organisation. Regulatory interpretation and independent validation are separately agreed scopes, not implied approvals.
Explore the associated research and tools
Expertise and advisory scope
Connect a strategic decision to reviewable work.
The three interventions above are the entry points. The following areas describe proposed work, not completed-engagement references.
Corporate & Business Strategy
Proposed engagement scope
- Client problem
- A growth ambition without explicit portfolio choices or resource constraints.
- Decision to prepare
- Where to invest, consolidate or stop? Compare options with retaining the current setup.
- Approach and deliverable
- Diagnosis, competing hypotheses, scenarios and options memo. Proposed deliverable: a reasoned allocation of priorities.
- Metrics to agree
- Metrics to define: committed capital, expected return, risk and execution capacity; no guaranteed target.
Investment Banking & Global Markets
Proposed engagement scope
- Client problem
- A product or hedging decision depends on poorly reconciled conventions and exposures.
- Decision to prepare
- Which valuation, structuring or hedging scope should be reviewed?
- Approach and deliverable
- Review assumptions, sensitivities and differences. Deliverable: review memo and decision points, without a transaction recommendation.
- Metrics to agree
- Explained differences, control coverage and open exceptions; specify source and owner.
Risk, Capital & Balance Sheet Management
Proposed engagement scope
- Client problem
- Profitability, liquidity and capital consumption point to different priorities.
- Decision to prepare
- Which scenarios and constraints should reach the CFO, CRO or ALCO?
- Approach and deliverable
- Reconcile definitions, balance-sheet scenarios and review responsibilities. Deliverable: decision pack and proposed reassessment triggers.
- Metrics to agree
- Interest income, economic value, capital and liquidity within scope; do not conflate these measures.
Financial Services Transformation
Proposed engagement scope
- Client problem
- Projects are delivered while breaks between functions, data and controls persist.
- Decision to prepare
- What changes first, and which dependencies determine adoption?
- Approach and deliverable
- Front Office–Risk–Finance mapping, root-cause analysis and roadmap with responsibilities and acceptance criteria.
- Metrics to agree
- Processing time, rework, incidents and adoption against a documented baseline.
Quantitative Research & Advanced Analytics
Proposed engagement scope
- Client problem
- A complex result does not always specify which decision it can support.
- Decision to prepare
- Which method fits the use, data and accepted uncertainty?
- Approach and deliverable
- Specification, reference cases and numerical controls. Deliverable: reproducible protocol, results and use limitations.
- Metrics to agree
- Numerical error, stability and test coverage; a good fit alone does not validate a model.
AI-enabled Business Transformation
Offer in development · scope to qualify
- Client problem
- An AI project starts before the need, data and human oversight are defined.
- Decision to prepare
- Automate, assist or retain human judgment? Define conditions for not deploying as well.
- Approach and deliverable
- Use-case framing, non-AI baseline, risk review and evaluation protocol. Offer in development, to qualify before engagement.
- Metrics to agree
- Answer quality, critical errors, review effort and total cost; no assumed productivity gain.
Performance Improvement & Operating Models
Proposed engagement scope
- Client problem
- Cost reduction may transfer risk or degrade service when the process remains opaque.
- Decision to prepare
- Simplify, standardise or redesign? Define end-to-end accountability.
- Approach and deliverable
- Baseline measurement, processing journey and critical controls. Deliverable: target model, dependencies and adoption plan.
- Metrics to agree
- Service cost, quality, availability and exceptions; track delivery, adoption and effect separately.
Executive Advisory & Leadership · in development
Advisory areas in development. Feasibility, available capabilities and mandate limits must be qualified before a proposal. No CEO, board or international executive mandate is claimed.
CEO & Board Advisory
Decision memo, options and questions for review; no executive or board appointment claimed.
Corporate Strategy & Capital Allocation
Compare uses of capital, scenarios and constraints; without personalised investment advice.
Strategic Negotiation
Map interests, options, criteria and room for manoeuvre; no implied legal representation.
Executive Decision-Making
Synthesis of facts, assumptions, disagreements and reassessment conditions.
Organizational Transformation
Target model, dependencies, responsibilities and adoption criteria.
Leadership Transitions
Listening plan, situation diagnosis and tailored milestones; no guaranteed 90-day result.
Governance & Stakeholder Alignment
Decision rights, escalation routes and unresolved-issue register.
Strategic Performance Management
Baseline, metrics, data source and monitoring owner; impact attribution requires verification.
Approach
A method. A decision. A clear responsibility.
Diagnose
Define the decision, break down the problem and confront competing hypotheses with data, interviews and process observations.
Proposed example and deliverable
Proposed banking example: reconcile P&L differences and data breaks. Deliverable: diagnosis, evidence register and hypotheses to challenge.
Frame Strategic Options
Compare distinct options, including the status quo. Make resources, constraints, dependencies and adverse scenarios explicit.
Proposed example and deliverable
Example: repair an interface, change accountability or redesign the chain. Deliverable: options memo and comparison criteria.
Decide
Present the proposed conclusion first, then arguments, uncertainties and trade-offs. The client owns the decision and risk acceptance.
Proposed example and deliverable
Example: approve a conditional pilot rather than full deployment. Deliverable: decision memo, disagreements and reassessment conditions.
Execute
Assign responsibilities, plan dependencies and verify controls, training and adoption. Match resources to the work required.
Proposed example and deliverable
Example: product-scope pilot with acceptance criteria. Deliverable: roadmap, milestones, risks and governance arrangements.
Measure Impact
Compare with a documented baseline; distinguish delivery, adoption and economic effect. Examine other factors before attributing an outcome to the engagement.
Proposed example and deliverable
Example: track time, rework and incidents after the pilot. Deliverable: monitoring table with sources, owners and a continue-or-revise decision.
Perspectives for executive decisions.
Capital efficiency: look beyond a single ratio
Assess a capital option alongside risk, liquidity, funding and operational capacity.
Read the perspective →Related intervention: governance →AI in finance: decide the use before the technology
Compare an AI use case with a non-AI baseline and define stop criteria.
Read the perspective →Related intervention: transformation →Global Markets operating model: organise end-to-end decisions
Start with decisions and critical controls before defining an organisation chart or technology target.
Read the perspective →Related intervention: transformation →Explore the educational Labs
Interactive demonstrators make assumptions and scenarios visible. Their scope and limitations are documented alongside each method.
Banking managementQuantitative methodsStrategy researchRisk methodsEconomics and decisionMarket regulation
Explore the assumptions behind sustainable finance
Read the research frameworks and compare entered scenarios for energy margins, portfolio carbon intensity and climate learning.
Explore the financial models · Read the management framework
The founder
Hicham ADANFARI
Over two decades in Global Markets, his experience spans quantitative finance, Front Office, risk, valuation and technology. This cross-functional perspective informs the firm's approach to advisory and applied research.
Background and leadership approach →Explore the firm’s perspective
Leadership requires the judgment to make assumptions explicit, assign accountability and act with discipline when evidence is incomplete.
Frame the first conversation
Describe the decision, scope, expected deliverable and timing. We will examine required data, responsibilities and limitations before agreeing an engagement. Do not send confidential data.
Discuss a proposed engagement
Describe your need, organisation, professional contact details, scope, expected deliverable and timing. Do not send confidential information.