Case Study
Operational Analytics Enablement
Strategy Risk Data
Client
Fortune 50 Financial Services Institution
Services
Business Resilience, Risk Analytics & Reporting, Operations & Process Optimization, Business Intelligence & Reporting
Project Overview
To improve business resiliency, as well as to reduce and better predict operational and IT risks, the Client needed to increase visibility into the enterprise’s operational processes to better understand the impacts of incidents and change to mission and business critical processes. An enterprise operations function was stood-up to run and govern the strategic effort with workstreams for business process mapping as well as business impact assessments / continuity planning across all divisions. Reference Point provided strategic advisory to the Client in standing up the program and associated governance and deployed focused teams with industry domain knowledge to accelerate the process modeling effort across the enterprise. RP also played a pivotal role for the Client in the definition, development, and roll-out of an operational intelligence platform which brought together business process, technology, risk, and other operational data into a consolidated view for future scenario planning and real-time response efforts.
Solution
- RP deployed a focused team to drive forward the strategic effort across enterprise operations, including experts in operational risk and large-scale program management to drive the overall program direction, former industry practitioners with robust knowledge of in-scope process domains paired with strategic consultants to model processes, and data & analytics experts and analysts to develop the operational intelligence platform.
- The strategic advisory team partnered with enterprise operations leadership to define an overall business process taxonomy for the enterprise, select a data-driven business process modeling tools (ARIS), and stand-up an overall program and governance structure for the effort and go-forward maintenance.
- The business process team partnered with division leaders to document all mission and business critical processes into a centralized repository and connected process detail to people, technology, and risk data attributes from Workday, the technology asset inventory, risk/control register, and more.
- The data & analytics team performed an assessment of existing data sources to identify use cases for the operational intelligence platform as well as function and non-functional requirements. RP successfully constructed both front-end dashboards and a back-end data management function to enable the Client to access relevant on-demand reporting related to business processes, associated technology stacks, risks/controls, and contingency plans.
Impact
- Leveraging expertise and surge capacity from RP, the Client was able to document all mission and critical business processes and associated data attributes into the centralized repository in advance of audit commitments dates with minimized impacts to FTE subject matter experts and BAU processes.
- By seamlessly integrating data from 10+ operational sources, the operational analytics platform emerged as the single, authoritative source for all operational data across the firm and provided comprehensive visibility into the operational ecosystem, empowering decision-makers to fully comprehend the effects of change, incidents, and resiliency events across the enterprise. Additionally, the platform facilitated valuable insights into process efficiency and control effectiveness within the organization.
- The overall program effort provided the foundational business intelligence and the analytics environment necessary for the client to mature its data practice and perform predictive analytics in business operations. The platform has since expanded in use across the enterprise to drive strategic business decisions and enable the exploration of opportunities for process improvement and automation.
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