The Situation
The IT infrastructure function of a major investment bank, with staff in over 45 centres globally, needed to improve their current infrastructure enabling the business to achieve their objectives. This function undertakes over 100 major initiatives each year with significant capital investment and people involved and therefore consistent, clear delivery was vital.
The Challenge
With on-going pressure to tightly manage costs, reduce headcount and meet regulatory pressure, the IT infrastructure function was faced with the challenge(s) of:
- How to consolidate and manage a portfolio of initiatives globally while aligning the portfolio to the function’s strategic objectives
- How to manage the risks within the portfolio of initiatives and understand the impact of undertaking the initiatives on the risk profile of the organisation
- Understand the impact of changes within the portfolio of initiatives on the organisation's objectives and risks
The Solution
The IT infrastructure function already had their risk and controls framework defined in the StratexPoint solution, therefore it was natural for them to see if/how it could be used to deliver/enhance initiative management and alignment globally.
Initiative management is a key part of the StratexPoint solution, based on the simple truth that objectives are achieved and risks are managed through action and those actions must be focused and aligned.
StratexPoint enabled the IT infrastructure team to load all their initiatives into a single solution and align those to objectives and risks. Accountabilities and responsibilities for each initiative were assigned through the RACI model which is “baked into” the solution. The status of the initiatives and projects, including budget and actual performance, % complete etc. are tracked and monitored consistently across the organisation.
The Benefits
A range of benefits have been noted by the IT infrastructure function when using StratexPoint to manage and monitor their global portfolio of initiatives. These include:
- Global visibility - for the first time the management team has visibility of the entire portfolio of initiatives across the global environment
- Risks related to specific initiatives and risks related to the portfolio in general are now tracked and monitored on a monthly basis through a combination of risk assessments, control self-assessments and indicators
- Management of and accountability for initiatives moved firmly to the front-line away from the accountants in finance
- The IT infrastructure function were able to be significantly more responsive, reacting in significantly shorter timeframes to changes in business objectives and priorities. Additionally, they were able to be more responsive to regulatory demands and respond effectively during FSA ARROW visits.
