ANZ Bank
The Situation
In Australia, a Royal Commission is an investigation, independent of government bodies, into a matter considered of utmost importance. In December 2017, Australia undertook a Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The commission followed media comments asserting a culture of greed within several Australian financial institutions.
The Problem
ANZ Bank, as one of Australia’s “Big Four” banks, was under investigation as part of the Royal Commission. While under investigation, the bank needed to ensure uninterrupted standard business operations whilst responding to investigation related enquiries. This required a higher degree of reportability than was previously available to decision makers at the banks due to hearings held by the independent investigators.
Further to this, ANZ Bank was required to improve their risk governance framework. This included expandability of its reporting profile across all key digital risks, notably project, data, and software adoption.
The Idea
ANZ Bank created an initiative to improve visibility across key verticals for enhanced reportability and accountability. They commenced by enabling a decentralised responsibility model to create data sharing between business units. This allowed for aggregation of data from legacy platforms used by the bank, with previously unreportable metrics.
ANZ Bank was able to produce two primary facilities for reportability. The first was a dashboard allowing C-level executives (notably Chief Risk Officers) to respond to enquiries from investigators, and the second expanded upon these initial insights by producing a higher level of granularity for other decision makers within the organisation.
The Technology
ANZ Bank developed a technology solution with three strong value propositions on inception to fulfil its requirements across project, data, and software adoption risk:
- Introduction of a secure data sharing framework to enable decentralised interdepartmental collaboration. This reduced operational risk caused by lack of visibility across departments.
- Development of a data cleaning platform to synthesise data irrespective of the data source.
- Integration with existing data visualisation platforms to reduce technology cost whilst providing an analytical representation of high risk items.
Adaca was brought in to manage and develop the technology solution in entirety.
The Outcome
Upon completion, ANZ Bank adopted the solution for improved reportability during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
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