This large Australian bank, which also has businesses outside of its home country, is one of the world’s leading financial institutions in terms of market capitalization.
Its Business Banking division, like all parts of the banking sector, was under constant pressure to improve customer service, streamline processes and costs, cross-sell more effectively, use technology more innovatively and improve its distribution channels. However, the bank also realized that its strategies to achieve high performance must be founded on sound, economically sustainable risk management.
The bank set itself the target of improving the performance of three elements of its risk capability by 20 percent. These three elements were risk effectiveness, risk efficiency and employee engagement. In this way, the bank would not only improve its overall competitiveness, but improve its standing with investors and regulators. Needing help to clarify the strategy, design its operating model and prioritize actions, the Business Banking division turned to Accenture, which had recently completed a two-year finance transformation program for the bank.