We know that today’s hugely successful banks have had to invest in complex and capable legacy IT systems to serve their customers.
This presents issues with making changes to deliver innovation or regulation. The operational risk associated with change is large, with Gartner quoting that 80% of major incidents are caused by changes.
We believe that implementation hurdles can be overcome with the following integrated approach:
1. Consumer-grade design thinking behind showing ‘the plan’ to stakeholders, to avoid the usual rejection of the detail and complexity of Gantt charts. Better adoption and understanding is built.
2. Integrated communications and instant status distribution: tackle complexity through better communications rather than a more detailed plan. Be rapid in response so everyone is operating on the latest information.
3. Provide a black-box system of record to protect against conduct risk and underpin learning.
Together these elements reduce the operational risk associated with change and enable banks to deliver their innovation and regulatory compliance agendas more quickly.