Digital transformation of a Credit Risk Department at Australia and New Zealand Bank (ANZ) -BASEL II

The bank used multiple sources of data to compile its monthly Credit Risk Reports for the Reserve Bank of Australia (RBA)and the Australian Prudential Regulatory Authority (APRA). This led to a higher margin of error and time spent on reconciling figures between the Credit Risk and Financial teams. This project sponsored by the C-Suite required the team to transition the business onto a new Credit Risk Platform (Moody’s Analytics/Fermat).

Industry

Financial Services

Budget

$50 million

Capabilities Applied

Digital Transformation

Business Analysis

Negotiation Skills

Workshop Facilitation

Multi-Stakeholder Engagement

Situation

Complication

The vast amount of data and data headers (CBS, Finacle, ICBS and Excel), teams that operated independently, duplicate reports being produced, getting stakeholders aligned and specifying the right requirements to the vendor were just some of the challenges faced by the team.

Action

The team of 30 undertook impact assessments to determine nature and extent of change and implemented necessary transition plans across 5 countries for people, processes, data, technology and structure.

Outcome

2.5 years undertaking that revamped the Credit Risk and Reporting Operational Framework by consolidating data and outputs across Business Units to the Reserve Bank of Australia and optimizing operations by cutting down reconciliation time by 3 working days.