Published by the

Centre for Sustainability and Excellence

Good Practices Guide

Bilingual Guide (English and Greek)

Cases of the leading organisations operating in Greece

Solutions for Performance Excellence

 Centre for Sustainability and Excellence,

EFQM.
Athens EFQM Forum 2007,

EFQM. EFQM

.

.

Copyright CSE 2007

PISCINES IDEALES
Piscines Ideales 100% , 1990,

,
F ranch is ing.
, 23 ,
200 1.000 .

Piscines Ideales
, ,
,

.

,
,
, .
. 2000
ISO 9001. 2005
(14
). CSC EFQM.
2006 Piscines Ideales 2
100 (BEST WORKPLACES IN
EUROPE). Superbrands 2005,
.
(Committed to Excellence in
Europe). .., , Quality Leader of
t h e Y e a r . 2 0 07 1 (
), 10 , 5
(250 ) 2
(1 Ferrari, 3 BMW). Piscines Ideales
(Recognised for
Excellence in Europe 4-stars).
EFQM

. EFQM,
Piscines Ideales,
,
. EFQM
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Ideales .
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PISCINES IDEALES
:
Graph 1: Benchmarking HR (& Best Places to Work)
BEST PLACE TO WORK -
2

5
10

2
8

12
2007

2006

15

25

4
2007

2007

14
2006

20

2005

2005

2006

30

32

35

2005

TRUST
INDEX

CULTURE
AUDIT

Best Places to
Work- Greece,

.
2005 14 ,
2006 2 , 2007 1.

.

Graph 2:
o Best Place to Work,

.
2005 2006,
. 2007

(>=86%).

Graph 3:


Best Place
Trust Index, 2/3
. Tru s t Index
8.3 % 2005 2006 ( 104
96),
102 2005 110 2006.

Graph 2:

,
, .

.
.
80% .

COCO-MAT
MAXI COCO-MAT
COCO-MAT 1989 ,
.
COCO-MAT 218 . ,
,
EFQM 1997.
COCO-MAT ,
,
,
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:




17 ,
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EFQM , 1 2003
.

COCO-MAT ,

. , ,
,
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.

,
.
COCO-MAT,
,
, (
46% ).
COCO-MAT
(
).

COCO-MAT
COCO-MA T ,

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COCO-MAT

. H COCO-MAT
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COCO-MAT

COCO-MAT
. (TQM-Total Quality Management)
,
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.

100%
95%
90%
85%
80%

TM.
. TQM
.
TM. R&D
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TM.
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SEPA (Single Euro Payments Area),
& , ,
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.

(-STEP1, STEP2, EUROCLEAR, DIAS-Local ACH, TARGET).

:

,

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,

,
, ,
,
, Deutsche Bank (STP rate)
,
Money Markets.
2004,
EFQM. Committed to Excellence 2005
2 Recognised for
Excellence 4 2007.

European Foundation for Quality Management,
.

&
EFQM

,
& Scorecard:
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Scorecard, R.A.D.A.R.
EFQM.

Scorecard
Balanced Scorecard R. Kaplan D. Norton
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Scorecard (
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Performance Indicators)

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1 EFQM Committed to Excellence,

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. 2 EFQM Recognised for Excellence
,
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10

&
,
,

.
, 2006 ,
, Scorecard. 4
Scorecard ,

, :

(Financial Perspective)

(Internal Business Processes)

- ( /)
-

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-

(Customers)

&
(Learning & Growth)

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Scorecard
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Scorecard
( r e p o r t )
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11

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Intranet Site Forum). ,
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12

teammate
/
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scorecard
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4 Scorecard:
, , , & .


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13

GAEA
Gaea (), 1995

. Gaea
(brand name),
.
(total quality) , niche
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usp
, -
( - ), -
,
(lifestyle).
Gaea, EFQM

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. 2 Gaea
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,
. , :
)

.
.
) EFQM,

Drivers ,
(KPIs) (Balance
Scorecard) .
) ,

. ,
,
.

14

GAEA
)
EFQM,


. Gaea
.
,
Drivers
(KPIs).

AREA OF IMPROVEMENT: RURCHASES ()

Year

KPI

Results

Activity
ratios

Inventory
turnover
ratio

2005

1.6

2006

2.6

62.5

2.6

62.5

0.711

10.4

2007

2.85

9.6

2.85

9.6

0.8

12.51

Difference
by %

Inventory
turnover
ratio

Difference
by %

1.6

Ratio of
current
assets to
liabilities

Difference
by %

0.644

AREA OF IMPROVEMENT: PRODUCTION ()

Year

KPI

Results

Product
ivity
ratios

Gross
profit
margin

2005

10.9%

2006

19%

74%

19%

74%

-5%

13%

2007

25%

31.5%

25%

31.5%

7.2

12.2%

Difference
by %

Gross
profit
margin

Difference
by %

10.9%

Net
profit
margin

Difference
by %

-18%

15

()
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16

2006
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bottom loading,
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MARPOL
.

,
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Lloyds Register
Ecocity,
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,
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17

ENTERPRISES SHIPPING &

TRADING S.A.
EFQM
1
, ,
,
.
,
" IDEA" ( ),
.. . EST,
,
. ,

(EBEN GR)
, , EST

. EBEN

management ,

.
2

.
EST



.


.

,
,

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3


,
..

18

ENTERPRISES SHIPPING &

TRADING S.A.

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.

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"IDEA", ""
(, ). "IDEA"



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5


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19

ENTERPRISES SHIPPING &

TRADING S.A.

: 1 ) 2) 3) .
Flag Administrations, Classification Societies, P&I
Clubs .
.
,
,
.
6


EST.
,

.
7

2003
.

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8

, EST
2003 /
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20

EXODUS
EXODUS .., ,

,
. 1994
.
,
. EXODUS

.
EXODUS
EXODUS

.

. , EXODUS
,

.
"Recognized for Excellence" EFQM 2007
5 stars ,
.
EXODUS , 2003
EFQM
, 1
Co m m i tted to Excellence . ,

ISO 9001:2000. 2004 EXODUS
, "Recognized for
Excellence".
2005/06 Recognized for Excellence
,

Recognized for Excellence, 4
stars,
. EFQM
Levels of Excellence 2006

Recognised for Excellence (3 5 stars),
EXODUS
Recognised for Excellence, 5 stars.
...

21

EXODUS
XODUS
.

,

20%, , 18%
, 15% .

5 .
1.


(
B a l a n c e d S c o r e c a r d K e y P e r f o r m a n c e Indicator s )
, ,
- , .
, ,
,
,
,
.
, ,

.
2. Customer Service Desk
EXODUS
.
(stakeholders), ,
, ,
, ,

Committed to Excellence 2003.
( ,
, ..)
,
.

The Centre for Sustainability and Excellence (CSE) is proud to present the
EFQM Good Practices Guide. The guide represents an initiative of CSE in
the context of the Athens EFQM Forum 2007 and includes practices of
highly respected organisations operating in Greece that implement the
EFQM model. The EFQM model is one of the most valid and recognised
frameworks in Business Excellence on a global level and is adopted by a
large number of organisations throughout the world.
We would like to express our gratitude to the organisations that provided
CSE with the appropriate material for the realisation of this guide.

Copyright CSE 2007

23

PISCINES IDEALES
Piscines Ideales, founded in 1990, is 100% Greek company and it is the
largest construction co mpany of p r ivate and public swimming pools in
Greece. Piscines Ideales is the sole pool company in Europe that expands
via Franchising and builds 1000 pools per year. The vision of the
o r g a n i s a t i o n i s t o c o n q u e r t h e s u m m i t o f b u s i n e ss e xce l lence in all
aspects and to be a point of reference in Greece and Europe for the
organisation and way o f manage ment, the way clients, employees and
business partners are treated, as well as the offer to the society and the
environment.
Swimming to excellence
From the first day of operation, the company tried to fulfil its promises to
the customers, suppliers and people, and exceed their expectations, in the
best possible way. Thus, Piscines Ideales is distinguished and developed
in firm and sound bases. Since 2000 we the company is ISO 9001 certified
regarding the full range of its services. In 2005 it was awarded for its best
working environment (14 th place in Greece) and adopted EFQM (European
Foundation for Quality Management). In 2006 the organisation obtained
the 2 n d p lace in G reece and was among Europes Top 100 companies
regarding its work ing environment (BEST WORKPLACES IN EUROPE).
Piscines Ideales has also been awarded in the Superbrands 2005
co mpetition and has received the Committed to Excellence in Europe
distinction. Mr. Stelios Stavridis, CEO of Piscines Ideales was awarded
Q u a l i t y L e a d e r o f t h e Y e a r , a d i s t i n c t i o n t h a t h o n o u r s t h e w h o l e of
Piscines Ideales group. In 2007 Piscines Ideales was renowned the
best employer in Greece having obtained the 1st place in BEST
WORKPLACES HELLAS competition. Furthermore, it was ranked among
Europes Top 10 regarding its working environment and Top 5 (less than
250 people) and 2 nd best in the manufacturing field (1 st Ferrari, 3 rd BMW).
The organisation has also been recognised for its Excellence in Europe
(4-star).
Benefits from participating to the EFQM
Along with other things, high goals need appropriate tools in order to be
s u c c e s s fully ach ieved. The EFQM model allowed Piscines Ideales to
m a i n t a i n h i g h p e r f o r m a n c e l e v e l , b u t m o r e i m p o r t a n t l y i t boos ted i ts
development. The EFQM model offered the company significant assistance
and lead it to obtain the 1 st place in Greece for its working environment.

34

PISCINES IDEALES
Criterion: Leadership
The vision and values of Piscines Ideales are constantly communicated
through effective channels to stakeholder such as the employees, business
partners and c l ients. Each empl o yee is considered as a leader and a
businessman. A culture of open and unrestricted communication has been
c u l t i v a t e d . Al l e mp loyees are encouraged to express thei r opin ion on
everything. Any effort for improvement and integrity is awarded and stands
as example for imitation.
The way of manage ment is cons idered as the foundation stone of the
companys being and development. There are explicit procedures and a
person in charge for diffusion, follow-up and continuous improvement for
e a c h o f t h e s e . I n P i s c ines Ideales all emp loyees are encouraged to
participate in the improvement of the organisation system by indicating and
also imposing proposals of improvement, where they believe it is necessary.
The triptych education-change-constant improvement has been incorporated
in the companys culture as a major driving force.
Criterion: Human Resources
Piscines Ideales has managed to create an excellent working environment
for which it has been awarded both in Greece and in Europe. However, at
the companys working environment is highly demanding. The organisation
recognises that prosperity comes only with hard work, constant training,
modernisation, progress and development. All the members of the Piscines
Ideales family are seen as equal and the management of the company
wishes to have everybodys opinion on every important issue. The goal is for
all employees to be i.e. to think and act - businessmen and leaders.
Employees are also encouraged to be self-motivated and have absolute
flexib ility, but at the same time to have discipline. To understand the
priceless value and importance that each one has for the company and
simultaneously the enormous value of all colleagues in the achievement of
our common goals.
The organisations belief is that prosperity of each one passes from the
prosperity of their colleagues, but also of the prosperity of society. The
natural environment is considered as a very important asset which gives the
company possibility and the opportunity for progress and that is the reason
that substantial efforts are being made for its protection.

34

PISCINES IDEALES
Criterion: Human Resources Results
enchmarking in HR issues (& distinction in Best Places to Work competition
Piscines Ideales participation each year in the Best Places to Work Greek
competition allows the company to measure reliably and systematically the
perception of its people and the appraisal of the benefits distributed in
relation to other Greek companies. In 2005 Piscines Ideales came 14 th in
final classification of the competition, in 2006 the company came 2nd, while in 2007 1st.
Next years objective is to maintain the high position.
Measurement of Perception Values
In the line of Best Place to Work research, the perception of the people for
b a s i c v a l u e s i s m e a s u r e d , w h i c h c o m poses their overa ll satisfaction.
Comparing 2005 and 2006 results, there is an index increase for all values.
Fo r 2007 the goal is to achieve better resu lts in relation to last year
(aim>=86%).
People satisfaction from benefits
A l l e m p l o y e e s a r e a s ked to eva luate the co mpanys benefits and the
working environment through the Best Place to Work questionnaire, which
forms the Trust Index, weighting 2/3 of the total score of the company. The
Trust Index increased 8.3 % from 2005 to 2006 (reaching 104 points from
96), while the score of the first company was 102 points in 2005 instead of
110 points in 2006.
People satisfaction from Education
Peoples satisfaction concerning education is recorded and analysed per
hierarchical category, department, sex and age of people. The aim is to spot
t h e l o w p e r c e n t a g e s a n d t o t a k e c o r r e c t i v e a c t i o n s . There has been
increasing tendency of satisfaction for all categories. The companys goal is
to achieve an 80% in all categories.

25

COCO-MAT
Overview of Maxi S.A COCO-MAT
COCO-MAT was established in Athens in 1989, and was originally involved
in the production of bed mattresses made of natural raw materials. Since
then it has expanded, and COCO-MAT currently employs 218 people. Since
its first steps, the company has developed a policy focused on quality,
while since 1997 COCO-MAT has taken part in the European Foundation of
Quality Management Excellence (EFQM) Model. The vision of the founders
of COCO-MAT is for the company to remain at the top position worldwide
in the manufacture of natural products, and to achieve a working culture of
sustainability, embracing all types of human activity - giving equal chances
to everybody. COCO-MATs policy is based on sustainable development
and is focused on four main areas:
NATURAL QUALITY PRODUCT
CUSTOMER SATISFACTION
EMPLOYEE SATISFACTION
SOCIAL CONTRIBUTION
Du r ing the 17 years of its operation, COCO-MAT has won significant
awards and top distinctions, showing extremely positive results on issues
of quality, personnel management, protection of the environment, methods
of production and its social contribution. Among these awards COCO-MAT
has received the 2 nd place in the EFQM competition for two consecutive
years and the 1st place in 2003.
Description of employee selection and development practice
COCO-MAT, acknowledges variation in human character and does not
apply concrete and bold criteria in recruiting new employees.
Characteristics, such as behaviour, personality, professionalism, career
orientation, commitment, loyalty and ecological sensitivity are considered
as the most crucial criteria for selection, in combination with candidates
background, specific knowledge, professional training and working
experience. The companys management policy provides equal
opportunities for all employees. It is worth noting that COCO-MAT has
achieved an exceptional and honouring novelty: more than 46% of its
employees are refugees, a fact that demonstrates the companys interest in
special social groups. It is also important to point out that COCO-MAT
imp le ments a rec ruitment and e mployment polic y that provides equal
opportunities to people with special skills (the usual term used is special
needs).

26

COCO-MAT
COCO-MAT operates like a big family, giving its personnel the
o p p o r t u n i t y t o g e t i n v o l v e d i n the decis ion making p rocess and on
issues of strategic importance to the company, utilising the variety and
freedom of op inion as motivation tools for growth and development.
COCO-MAT has consistently recognised employees contribution to the
company. Accordingly, the company has established procedures
regarding the appraisal of personnel performance and satisfaction of
personal aspirations and career development opportunities.
Performance appraisal is based on the degree to which the targets have
b e e n a c h i e v e d . T he ta rgets may be individual and/or tea m targets.
Moreover, every employee is given the opportunity to achieve his or her
professional aspirations. The criteria for employees career development
are based on their general performance in the company, measured by
personal per for mance indicators, teamwork, initiation of development
projects and level of knowledge.
As a new position is c reated, the head of the particular department
seeks the employee profile that satisfies the relevant prerequisites and
recommends him to the head of the H.R.O.
With regard to the managerial positions, the head of the H.R.O.
assesses the candidates and recommends them to the general
manager. More specifically, during the first ten days of each year, the
heads of the departments make a report to the leadership for the new
positions created in their department. At the same time they indicate
the employee who could be more sufficient for each position.
After wards, the leader ship makes the final e va luation based on the
opinion of the heads of the departments, the results of each
department, the performance indicators of each employee, the opinion
of his colleagues (inside and outside the department) and the number
and quality of his ideas-suggestions.
Moreover, COCO-MATs leaders act as role models for the companys
va lues b y demonstrating their co mmitment to the companys quality
culture. Direct communication between the employees and the
Management is COCO-MATs basic philosophy.

27

COCO-MAT
PROPOSAL
OF THE HEAD
OF THE
DEPARTMENT

BOARD OF
DIRECTORS
PROPOSAL

DEPARTMENTS
RESULTS

PERFORMANCE
INDICATORS

COLLAGUES
ATTITUDES

NUMBER /
REALISATION
OF
INNOVATIVE
IDEAS

PROMOTION

For COCO-MAT the evaluation of the degree of employee satisfaction is a crucial issue. The
Statistics Office gives to the Head of TQM (Total Quality Management) Department all the
information concerning employees satisfaction. TQM Department analyses the causes of any
problems and seeks for practical solutions. This information is mainly achieved through personal
contact with employees.
AVERAGE OF EMPLOYEES SATISFACTION PER DEPARTMENT

100%
95%
90%
85%
80%

SECRETARIAL OF.
TQM DEP.
STATISTICS OF.
R&D OF.
H.R. OF.
MARKETING DEP.
PRODUCTION MAN.
SUPPLIES DEP.
LOGISTICS DEP.
ACCOUNTANT DEP.
SALES MAN.

All these achievements make COCO-MAT proud and give all personnel strength to continue their efforts
towards excellence.

28

PIRAEUS BANK
Funds Transfer &
Central Operations Division
Funds Transfer and Central Operations Division is an integral part of
Piraeus Bank, which is one of the leading financial institutions in the Greek
B a n k i n g sect or, with grow in g in t ern at ion a l presen ce esp e cially in
Southeastern Europe and Eastern Mediterranean.
The Divisions main responsibilities include the development of Funds
Transfers and Custody products and the administration of centralized services
such as Money Transfers and SEPA products, Custody for securities &
derivatives, Stock Exchange transactions, SWIFT services, Cheques
clearance, Bills of Exchange and Bank Notes. The Division is also responsible
for the development and management of the Payment System and
transactions clearance channels (-STEP1, STEP2, EUROCLEAR, DIAS-Local
ACH and TARGET).
The strategic goals of the Division for the areas under supervision
consist of the following:
To contribute to the vision and values of the Bank to be among the
leading banks in Greece, with a powerful presence in the sector
of small- and medium-sized enterprises
To satisfy customers needs in terms of variety, comprehensiveness
and quality of products and services offered, using sophisticated
methods and tools
To have loyal and satisfied employees proud to be working for the
organisation
To be among the first to respond to European and international
banking evolution
Over the last few years, thanks to the efforts and know-how of its highly
trained and competent people, the Division has achieved high-aspiring goals,
h a s e x h i b i t e d i n s t a n c es o f imp r e s s i v e p e rf o r m an c e a n d h a s b e e n
acknowledged via international distinctions, such as awards by Deutsche
Bank, for four consecutive years, for the quality (STP rate) of its money
transfers and by the internationally known Money Markets magazine, for
Best performance in Custody for the domestic market for the years 2005/6
and Best Client Service Award 2006/7.
The journey of the Division towards Business Excellence and Total Quality
s t a r t e d i n 2 0 0 4. T h e D i v i s i o n a c h i e v e d t he European EFQM award
Committed to Excellence in May 2005 and continued with the conquest of
the 2nd level, 4-star award Recognised for Excellence in May 2007. This
distinction is the only one awarded up to date by the European Foundation for
Quality Management to a relevant unit in Greece, and one of the few awarded
to a European bank.

29

PIRAEUS BANK
Funds Transfer &
Central Operations Division
Benefits from participating to the EFQM Levels of Business Excellence
On the way to business excellence, the benefits for the Division can be summarised in the
successful implementation of a series of best practices, some of which are:
Productivity Indicators & Scorecard: tools for measuring financial information and
performance
Customer surveys: tools to measure customers/ associates satisfaction from the
Division's products and services, as well as to collect their suggestions for evaluation and
bring out issues for improvement
Complaints Management System: a tool that functions as a barometer of customer
satisfaction from the products and their support which brings out issues for improvement
Information and Knowledge sharing Procedure
Employees Recognition and Rewarding Procedure
Internal Meetings Procedure
One of the most important practices, the creation of a Scorecard, is described shortly below,
based on the R.A.D.A.R. logic of EFQM model:
Approach
The reasoning and the main core of the Scorecards design was based on the philosophy of the
Balanced Scorecard of R. Kaplan and D. Norton, being adjusted to the Divisions particularities.
For the development of the Scorecard, the following elements were used:
Results (financial and procedural) of previous periods
Goals (qualitative and quantitative) in relation with the Organisations strategic planning
Key Performance Indicators
Deployment
During the participation of the Division in the 1st level of EFQM Committed to Excellence, the
need for a more systematic and comprehensive monitoring of basic indicators linked to its
strategic goals, came out, so that the correlations between tasks, actions and procedures, could
be defined. At the 2nd level of EFQM Recognized for Excellence this need was implemented with
the planning and development of projects, so as to extract in a systematic way, results about
the:
Transactions progress
Transactions completion time
Human resources requirement and task distribution
Staff productivity
Consequences on production and performance from procedural changes
Operational cost
enefits from the involvement of human resources in work groups
Staff rotation

30

PIRAEUS BANK
Funds Transfer &
Central Operations Division
The analysis of the results contributed and supported other operational approaches as well. It
reinforced the objectivity in the evaluation of the procedures, it facilitated the Divisions decisions
about staff rotation and tasks management issues and affected business decisions. Following the
needs of the above projects, a special work group was set up in 2006, which undertook the task
of analyzing all the indicators, so that the most important could be chosen and included in the
Scorecard. Below are shown the 4 main categories in the Scorecard, along with the questions
which the corresponding indicators answer, and some of them which are monitored in relation to
the Divisions goals:

Financial Perspective

Internal Business Processes

What is the image of the Division as seen by

the Banks shareholders?

In which activities must the Division excel?

- Profitability (revenue/ expenditure ratio)

- Transactions and Customers service
channels
- Revenue/ Expenditure budget

- Human resources (evaluation, training)

- Productivity

Customers

Learning & Growth

How do customers view the products and

services provided by the Division?

How can we continually improve ourselves and

add value to Piraeus Bank?

- Customer Satisfaction degree

- New Customers
- Number of complaints

- Participation in Task Groups

- Internal communication (Employees
satisfaction degree)

Assessment & Review

The indicators and the goals depicted on the Scorecard are monitored and assessed on a regular basis. The
assessment includes not only making quality use of the overall and comparative results (benchmarking with
other units of the Bank, as well as with the rest of the market), but also proceeding with actions which are
required so that the individual goals can be achieved. The actions may include promotional campaigns,
satisfaction surveys on internal and external customers, training programmes for the staff, creation of new
products, and changes in procedures.
Results
The created Scorecard is a concise report featuring a set of measures that relate to the performance of the
organisation. By associating each measure with one or more expected values (targets), managers of the
organisation can be alerted when organisational performance is failing to meet their expectations. The
Scorecard is an important tool, as it depicts in a concentrated manner the main results of the Unit and indicates
deviations from the goals.

31

PIRAEUS BANK
Internal Audit Division
The Internal Audit Division is an integral part of Piraeus Bank Group. The Division reports
to the Chairman and CEO of the Group and cooperates very closely with the Audit Committee. The
main strategic objectives of the Division are the following:
Safeguarding the adequacy of the Groups Internal Control System
Adopting and active managing the framework of auditing procedures for the assessment
and improvement of the risk management procedures' efficiency, the internal control
system and the corporate governance principles' implementation
Monitoring compliance with internal rules and regulations and with the legal framework
A u d i t i n g t h e a d e q u a c y a n d c o m p a t i b i l i t y o f the Internal Contro l Syste m w i th the
respective ones of the Groups Subsidiaries
Developing and adopting the global Corporate
Governance Principles within the Group
Disseminating and enhancing the principles of Corporate Governance and Corporate
Social Responsibility
Following the Divisions participation in the 2 nd level of EFQM Recognized for Excellence, and its
s e l f - a s s e s s m e n t , n u m e r o u s p r o j e c t s w e r e u n d e r t a k e n a n d c o m p l e ted, contr ibuting to the
achieve ment of the above mentioned objectives. More specifica lly, Internal Audit Division
incorporated all benefits stemming from its participation in its daily operations implementing a
series of best practices. The most important of them are the following:
Implementation of an effective Internal Control System, which is adequately
safeguarded by a strong framework of internal rules and procedures, easily adaptable to
the Groups fast growing requirements. All internal audit procedures and their implementation are
being mapped in a simple manner. Thus the communication among the involved parts becomes
easier and the inherent risks of the Bank are mitigated.
Identification and evaluation of needs, stemming from the continuous development of
the Group, w as conducted by an internal survey. Customers satisfaction was measured
domestically and abroad, providing valuable feedback and input on many aspects of our operation.
All weakness in communication between auditors, auditees and associates went under careful
examination. As a consequence, the relationship among them was strengthened. The
dissemination of corporate governance and culture within the Group was enhanced as well.
D i s s e m i n a t i o n o f inf o r matio n an d kn ow -h ow and cu ltiva tio n o f c or p orate cult ure for
setting up a unique operating framework was achieved, with the cooperation of all Internal Audit
Units of the Group also through the creation of bilingual Intranet Site and Forum.
The value of best practice sharing was evident right from the beginning of design and creation of
p r o t o t y p e s . T h e v a l u a b l e c o n t r i b u t i o n o f a l l I n t e r n a l A u d i t U n i t s w a s p r o v e n , l e a d i n g to
dissemination of information and know-how throughout the Group.

32

PIRAEUS BANK
Internal Audit Division

Additional use of teammate modules (a widely used software for internal

a u d i t i n g pu r p oses) in f u ll range o f IAD s activit ies an d f ull use b y all
corresponding Units of the Group.
Formulation of Indicators - integration in a single scorecard for measuring
the Divisions productivity. Division's key indicators were determined after
s tudying exi s ting theoretical models and many meetings to choose the most
appropriate ones and fine tune them to the requirements and needs of Internal
Audit Division. Finally, the indicators in the Division's scorecard were classified in
four main categories: Financial Perspective, Internal Business Processes,
Customers, Learning and Growth.
Systematic monitoring of all indicators and comparison with target prices enables
timely detection of deviations and prompt activation of the appropriate corrective
actions. The key indicators in the four perspectives are:
. Financial Perspective
Audit Plan completion related to budget.
Report lapse time (field audits) related to best practices.
. Internal Business Processes
Increase of rendering of consulting services.
Increase of ratio of implemented recommendations to the number of repeat findings.
C. Customers
Decrease of number of incidents reported.
Degree of satisfaction of auditees.
D. Learning and Growth
Training hours per internal auditor.
Degree of satisfaction on opportunities to acquire new skills and capabilities.
Percentage of working time allocated to innovative and learning processes, tasks
and projects.
In addition, the incorporation of EFQM model in IADs employees culture, to their
way of thinking and acting should be counted among the benefits gained. The
active participation of all employees in the deployment of improvement projects
c o n t r i b u t e d t o t h e e n h a n c e m e n t o f r e l a t i o n s h i p o f a l l t h e i n v o l v e d p arties
domestically and abroad.
In conclusion, the dissemination of principles of corporate governance and corporate
social responsibility was promoted, contributing to the sustainable growth of Piraeus Bank
group.

33

GAEA
Gaea was founded in 1995 upon the realisation that Greek
agricultural food products despite their inherent high quality and
good taste were absent from the international markets. Gaeas
vision and mission is to be the absolute leader of the category
of Medite r ranean Greek cu is ine meze in the international fine foods
arena, synonymous with quality traditional, authentic and innovative
Greek specialty food products.
Gaeas values include total qua l ity, integr ity, ma rket leadership in our
niche segment, environmentally friendly, focused on people development.
T h e v a l u e s that fo rm the basis of our marketing concept and p roduct
portfolio are: Natural, healthy, innovative, qualitative, authentic and
gourmet. Our unique selling proposition is based on quality - authenticity
and a pleasant and joyful lifestyle. Our products smell and taste
like homecooked.
Gaea endorsed the EFQM model and chose specific approaches to
a d v a n c e t o t h e f i r s t l e v e l o f C o m m i t t e d t o Exce l lence thus m anaging
to achieve spectacularly improved results. The Self-assessment a major
tool of EFQM and the dynamic character of this model helped the
organisation to take advantage of its strengths and to minimise our weakness.
Over the last 2 years that the company has been working with this model
significant improvement was noticed with regards to productivity,
customer satisfaction, society, leadership and generally in all areas of the
company. More specifically the following results were achieved:
The Mission and the Vision of Gaea was presented in a coherent way to
the companys people and partners. The strategy was explained in detail
in order to make sure that all the people were working towards the same
target through the same paths.
Following the logic of EFQM Gaea has developed and defined in a very
clear manner Drivers in every area of interest,. Key Performance
Indicators (KPIs) have been identified and the model of Balance Scorecard
(Benchmarking) has been employed in order to assist in the evaluation of
results
De veloping the above issues resu lted in a mo re accurate definition of
procedures in order for mistakes and malfunctions to be avoided.
Furthermore, following proper definitions and measurement the
communication among the people in the company has been dramatically
improved.
The evaluation of the culture of the company towards the basic principles
of excellence of the EFQM model assisted in the identification of priorities
as well as in the creation of a practical timetable listing specific activities
leading to the improvement in all significant areas within company.

34

GAEA
The following tables show some areas of improvements demonstrating the methodology of DriversKPIs-Results.

AREA OF IMPROVEMENT: RURCHASES

Year

KPI

Results

Activity
ratios

Inventory
turnover
ratio

2005

1.6

2006

2.6

62.5

2.6

62.5

0.711

10.4

2007

2.85

9.6

2.85

9.6

0.8

12.51

Difference
by %

Inventory
turnover
ratio

Difference
by %

1.6

Ratio of
current
assets to
liabilities

Difference
by %

0.644

AREA OF IMPROVEMENT: PRODUCTION

Year

KPI

Results

Product
ivity
ratios

Gross
profit
margin

2005

10.9%

2006

19%

74%

19%

74%

-5%

13%

2007

25%

31.5%

25%

31.5%

7.2

12.2%

Difference
by %

Gross
profit
margin

Difference
by %

10.9%

Net
profit
margin

Difference
by %

-18%

35

elin
Overview of Elin
ELINOIL (elin) is an integrated Greek private energy company listed on the
main Athens Stock Exchange. The company, founded in 1954, has a
growing network of approximately 480 petrol stations throughout Greece. It
supplies a significant proportion of Greek industrys requirements in liquid
and so lid fuels as we ll as lubr icants, and is also active in the field of
residential and commercial heating. The company is a market leader in the
f i e l d o f f u e l s a n d l u b r i c a n t s f o r y a c h t s , wh i le also suppl ying sh ipping
companies with lubricants both in Greece and worldwide.
Supplying the Hellenic islands safely and with respect to the environment
One of elins most critical functions is the supply of fuel to the Hellenic
islands, whereas the company operates 90 of its 480 petrol stations on
these islands. Consequently, the effectiveness and efficiency of the
respective processes represent some of the most critical success factors for
the company.
Approach and application
W h e n , i n 1 9 8 3 , f o l l o w i n g a t r a g i c s h i p w r e c k , t h e H e l l e n i c M i n i s tr y of
M e rcanti le M a r ine p rohibi ted the transfer of liquid fuel tank trucks with
conventional ro-ro vessels, oil companies raised their hands and suspended
the supply of fuel to Hellenic islands that did not have fuel storage facilities.
I n o r d e r t o m e e t t h e n e e d s o f H e l l e n i c i s l a n d s i n t e r m s o f f u el, elin
converted, initially one and subsequently another two, small tankers in such
a manner that they would be able to transfer, apart form fuel, a small tank
truck, which would be able to disembark from the vessel and, after the fuel
was loaded thereon from the vessels tanks, with successive deliveries,
cover the needs of each island.
Evaluation and review of needs
As a result of this innovative approach, elin was able to expand its network
to the Hellenic islands. Conditions, however, gradually changed and, thus,
the continuous demand (and the co mpanys co mmitment) for safer and
more environmentally-friendly practices, the increasing needs of clients for
faster service and the corporate strategy for the development of maritime
tourism compelled the companys management to re-examine the approach
a n d t o m a k e n o t o n l y c e r t a i n i m p rovements but a lso radica l changes.
Following a systematic analysis, the new requirements were given to the
ship owner that developed the ship designs and finally, in 2006, two new
ships were constructed in Brodosplit Shipyards (Split, Croatia).

36

elin
The result was two new tankers, Apiliotis and Zefiros, which use state-ofthe-art technological systems that ensure that the vessels operations are
car r ied out w i th absolute control and w ith respect to the environment.
Specifically, the two tankers are fitted with double hull and double bottom,
while fuel is loaded onto the three tank trucks that each vessel can transfer
with state-of-the-art bottom loading devices, which are equipped with a
vapour recycling system for the protection of the environment. Thus, apart
from the fact that fuel is now transferred more safely, all the vapour that is
emitted as fuel is loaded onto the tank trucks is gathered and not released
into the atmosphere.
Moreover, the bottom loading system allows elin to control the amount of
fuel that each tank truck transfers, both on-site and remotely, allowing it to
manage any dangerous s i tuation that may arise immediately and in an
organised manner, even from its central offices. Fuel control is enhanced
w i t h a l e v e l m e a s u r i n g s y s t e m and a netwo rk that supplies iner t gas
throughout the vessels, thus ensuring the vessels safe operation at the time
fuel is loaded onto the vessel and unloaded the refrom, thus eliminating any
possibility of explosion or fuel leak into the sea. Absolute safety and the
speed by which fuel is supplied to islands, as well as the protection of the
environment, is additionally ensured since vessels are not required to dock
for long hours in order to unload fuels. elins two new vessels only need to
dock for a few m inutes until the tank trucks, which have already been
loaded with fuel onboard in a safe and environmentally friendly manner,
disembark. The specifications of elins vessels meet the strict requirements
of MARPOL, s ignifying that they do not pollute the sea in any manner
whatsoever.
Results and continuous improvement
W i th its new vessels, elin has improved its main process performance
indicators regarding the transfer of fuel to the Hellenic islands, whereas it
has increased the speed by which it provides its service, it has practically
e liminated the environ mental impact caused b y the operation of these
vessels with the application of various systems, such as the bottom loading
system and the vapour recovery system, and has almost entirely eliminated
the possibility of a serious accident and subsequent pollution of the sea. The
results concerning the perception of all stakeholders are summarised as
satisfied clients, awards from well respected organisations, such as Lloyds
Register and Ecocity, as well as a work force that is proud of the vessels
distinct character and accreditation. The cycle of continuous improvement
fo r elin does not stop here, whereas the team that is responsible for
managing the vessels conducts systematic measurements, evaluations and
reviews so as to identify new areas that could be improved in the future.

37

ENTERPRISES SHIPPING &

TRADING S.A.
Best Practices according to the EFQM framework
Criterion 1
Leaders through their behaviour and actions inspire and motivate the entire
organisation and encourage all employees to contribute, to develop and
learn to be innovative and creative. Leaders are always listening to peoples
ideas, thoughts and concerns both formally through approaches like "IDEA"
(Companys Suggestion Box) and informally through approaches like the
Open-door policy.
EST leaders, aligned with the Integrity and Ethics value, run the
organisation in a visibly ethical manner. That said, they have decided not
only to support the Greek chapter of the European Business Ethics Network
( EBEN GR) b y becom ing its founding members but also the Managing
Director of EST in an elected member and serves as the Treasurer of the
institutes Board of Directors. The EBEN is the only international network
dedicated wholly to the promotion of business ethics in Europe and its role is
to promote values-based management, ethical leadership and increased
awareness about companies responsibility in society.
Criterion 2
The companys policy and strategy is being determined by its leaders on an
annual basis. Managers of all departments and levels participate on ESTs
annual management meeting in order to review companys performance
during previous year aiming at the maintenance of a high quality
Management System and identification of all areas that need to be
improved. The results of such meetings allow the companys leaders to set
new realistic goals in order to improve the overall performance and
s takeholder s ` satisfac tion. Du r ing the annual management meeting the
management team analyses and reviews all the aspects concerning safety
culture, fleets safe navigation and operation, international legislation that
comes into force as well as companys efficiency in supporting the vessels.
Criterion 3
The companys human resource policy is not just to attract new employees
but mainly to promote the continuous employability of existing employees,
t h e i r c a r e e r d e v e l o p m e n t a n d t o a f u r t h e r e x t e n t t o b e a l i g n e d w i th
companys policy and strategy. The Company has set three main categories
under study and observation, to develop the people resources policy, that is,
"The Personnel Inflow", "The Job Rotation" and "The Personnel Outflow". All
three categories are interrelated and one affects the other in a bidirectional
relation.

38

ENTERPRISES SHIPPING &

TRADING S.A.
The Management Team, takes into grave consideration, the market trends,
the increase of the load of work, the outflow as well as the job rotation, and
then evaluates the number of new employees that are considered
n e c e s s a r y f o r t h e o r g a n i s a t i o n t o m e e t f u l l p o t e n t i a l a n d effic iency.
E m p l o y e e s i n v o l v e m e n t i s m a i n l y a c c o m p l i s h e d b y t h r e e i n n o v a t i ve
projects and in particular the "Idea", the "Opinion Surveys" as well as the
regular Meetings (daily, monthly and annual). The "IDEA" scheme resulted
in the implementation of various projects that the Management considered
i ndeed i mpor tant and essential for the improvement of the companys
efficiency as well as the personnels career development. Very important
are considered to be the Employees Opinion Surveys. Employees are asked
every year for their satisfaction level on several areas and then the results
are recorded and ana lysed w ith a view to imp le menting improvement
initiatives and corrective actions.
Criterion 5
Annual Self-Assessment
A key process used for the formulation of the policy and strategy is the
Annual Self Assessment. Through this process, measurable results of the
organisation s per formance a re p ro vided, that can help in setting the
s t r a t e g i c g o a l s a s w e l l a s in identifying areas fo r imp rovement. The
Management meeting for the Self Assessment is conducted annually with
the participation of the Management Team where policies, strategies and
processes are discussed, decided and reviewed. Processes include
p r o c e d u r e s , a c t i o n s , i n t e r r e l a t i o n s a nd controls to car r y out specifi c
operations. For each process, key performance indicators are identified and
measured while targets for improvement are at the same time being set.
Third-party opinion survey
Despite the fact that the shipping sector is thought to be a very competitive
one, setting various obstructions in the information channels, EST gives
great priority to the opinion of the parties which interrelates with. In this
r e s p e c t , a T h i r d P a r t y Sur vey has been launched in 2003, and then
repeated annually, for the identification of the companys stakeholders
needs and expectations, and also gain a feedback on the projected image of
EST and third parties perception. This Survey is divided in three
subcategories, concerning: 1) Partners 2) Suppliers 3) Customers. The
opinion of Third Party Organizations such as Administration, Classification,
P&I clubs, is of great importance for the successful operation & reputation
of EST. Third Party organisations, due to their authority in shipping as well
as their independence, play an important role in the industry since they act
as controlling and regulatory institutions that obtain a broader view of the
shipping industry.

39

ENTERPRISES SHIPPING &

TRADING S.A.
Criterion 6
Customers satisfaction survey
Customer Focus through satisfaction of customers needs and expectations
is one of Leaderships main objectives. For instance, through customers
satisfaction survey the company identifies customers expectations and new
strategic approaches and targets are set from the organisation every year.
Criterion 7
Employee opinion survey
This project begun in 2003, as a result of Companys self assessment held in
2003. A project team was assembled with the responsibility to design and
introduce the first Employees Opinion Survey. Thus, a questionnaire was
produced, measuring the employees perception and awareness on issues
with great impact on the company and determining employees needs and
expectations.
Criterion 8
Third-Party Opinion Survey
As a part of its commitment to improve its overall performance, EST S.A.
conducts annua l l y s ince 2003 a Th i rd Party Opinion Survey in order to
identify defective areas within its operation that will enable the Company to
set new goals and objectives.
In this view, Companys image, performance, environmental performance
and social responsibility were considered as matters of outmost importance
and were inc luded in the questionna ire so that input could be obtained
regarding the concerned parties opinion on these issues.

40

EXODUS
EXODUS S.A., a member of the holding group of Piraeus Bank, is one of the biggest
software solutions (development and implementation) companies in Greece,
showing a continuous growth and a large number of customers in the private,
banking and public sector. The company was founded in 1994 with the aim
of providing innovative software solutions of up-to-date technology. A number
of large projects, rewards, distinctions and important co-operations
distinguishes EXODUS route up to now. Today the company is proud of being one
of the most dynamic enterprises in the field of Information Technologies in Greece
with an integrated portfolio of solutions and products. Its manpower amounts to
over 110 persons.
The journey of EXODUS towards Business Excellence
EXODUSs vision is to be recognised as a leader in providing financial software
products, as well as end-to-end solutions for enterprise information systems. In order
to accomplish this it has set the objective of Excellence in all its business areas.
Today in 2007, EXODUS can be proud of having put the basis in order to succeed
in this and also of achieving sustained results through its steady efforts in many
areas. Its 3rd participation in the EFQM "Recognised for Excellence" programme in
2007 and its successful recognition at this level as a 5 stars company proves
the sustainability and commitment of its management regarding the achievement
of the vision. EXODUS journey towards Business Excellence started in 2003
with the introduction of the principles of the European Business Excellence
Model of EFQM into the companys organisation system, within the framework
of its participation in the 1st level Committed to Excellence, at which it
became recognised in the same year. In parallel its organisation system of
procedures had been certified for the first time as ISO 9001:2000 compliant. In
2004 EXOD US management com m i tted i tse lf to continuing the journey
towards Business Excellence, setting the next goal of becoming "Recognised
for Excellence". The company again succeeded in this the same year. Through
the involvement of its entire staff in improvement projects it had managed to
enhance its performance in many areas in a short time and to comply successfully
with the requirements of the model set for this level. In the framework of the journey
the company decided to participate in 2006/6 in the "Recognised for Excellence"
level again and did not only succeed in being recognised for the 2nd time, but
also achieved a respectable increase of its performance score compared to its
previous recognition. The recognition as a Recognised for Excellence, 4 stars
company was accomplished, a fact that motivated the companys management
to commit itself even stronger to the continuation of the journey. The new
approach of the EFQM organisation within the programs of Levels of Excellence
that had been implemented from 2006 on and which provides organisations
with the opportunity of being rated at different levels of maturity in the
fra mework o f Recogn ised for Exce llence (3 5 stars ) , provided the
s timulus for EXOD US to apply again for its participation in 2007, with
the objective of becoming recognised as a 5 stars company. The achievement
of this goal was realised in July 2007 and the journey goes on

41

EXODUS
In the framework of the journey towards Business Excellence, the company realises,
From 2004 on, annual basis self-assessments based on the RADAR methodology with
the aim of identifying its strong areas and areas for improvement and the initialisation of
improvement actions. Within the systematic implementation of these actions the
company achieved many important benefits in all its business areas, like, Alignment and
linkage of energies to its strategy and policy, Systematic monitoring of its Key
Performance Indicators, Enhanced monitoring of customers and employees needs,
Improvement of communication with customers and partners, as well as within the
organisation, through development of successful communication channels, Improvement
of customers and employees satisfaction, Gaining reputation as a social responsible
company. The sustained efforts of XODUS led to the improvement of a series of
results in all areas of the company. Some examples include Recovery of financial results
after a period of crisis in the Information Technologies Market, Improvement of
performance of customer projects implementation of 20%, related to in-cost of projects
18% improvement of employees satisfaction, 15% improvement of customers
satisfaction, Some Best Practices that fall under EFQM, Criterion 5 Processes, are
described below.
1. Support of Strategic Planning through Integrated Information Systems
The need of the company to support and monitor the achievement of its strategic
objectives (defined in its Balanced Scorecard through Key Performance Indicators)
through integrated information systems had been detected in the last two years by its
self-assessment measures and proved to become more and more compelling. In the
frame of covering this need and after a common commitment, resources allocation and
time plans had been approved in order to synchronise and link existing systems and to
develop new functionalities that were required in order to monitor the progress of results,
to facilitate analysis of trends and decision making. Efforts within this large improvement
project still go on, but first positive effects could already be noticed, especially in the
areas related to monitoring of performance of customers project implementation.
2. Reorganistation of Customer Service Desk
One of EXODUS key processes is customers support after delivery of solutions and
products. Because this process is of interest to many stakeholders, like customers,
employees and shareholders, its improvement was decided to be critical, after its initial
determination, that had taken place as one of the improvement projects in the framework
of companys participation in the Committed to Excellence program in 2003. After two
reviews and improvements on several levels (hardware and software infrastructure,
employees training, contract management, i.e.) this activity now shows improved
customers satisfaction rate, and in parallel provides improved profit results.