Challenges

  • Siloed business units made it difficult to undergo business transformation
  • Looking to leverage Lean methodology and Agile techniques
  • Needed a tool to connect internal audit, risk and controls, and enterprise architecture

Results

  • Consolidated architectural views in one repository across internal audit, risk and controls, and enterprise architecture
  • Executed the Company’s first Agile project on-time and on-scope
  • Connected business processes save risk users 75% of time and auditors cite value 10X beyond expectations

 

Global Insurance company needed a tool to transform business process and utilize Lean methodology

A Global Insurance company, headquartered in Canada with $71B assets under management and a diversified business ranging from wealth management to group pensions, was facing some challenges including:

  • Business transformation efforts were stalling in part due to siloed business units
  • Lean methodology and Agile techniques to cut costs and optimize business processes were being introduced
  • There was no tool that could allow all of them to see across the business and realize a shared vision

The Company’s first step was to review the end-to-end processes that spanned multiple departments and divisions to understand where they could reduce friction.

As a result, the risk and controls practice put out a Request for Proposal (RFP) for a tool to help with internal audit.

After connecting across the company and realizing a tool could also benefit IT and enterprise architecture, an updated RFP was issued soliciting a tool that would help establish processes across all these disciplines.

HOPEX was selected as it is the only tool that can provide an architectural solution that connects business, IT, risk, and data perspectives. In addition, the tool has a strong French/ English dual language functionality which would be key to driving user adoption given many people speak French at this Canadian company.

A single tool to connect Internal Audit, Risk and Controls, and Enterprise Architecture

From the very beginning, MEGA worked with this Insurance company to ensure their complete and total satisfaction using HOPEX to achieve their goals. This included:

  • Kick-off and Project Scope – First, MEGA held an in-person project kick off workshop to determine the requirements and user stories that the Company would need from HOPEX. There were hundreds of user stories that were reviewed to determine prioritization of needs and magnitude of effort. A plan was co-developed using sprints (a key component to Agile methodology) that were prioritized based on urgency and complexity. The requirements for an agreed minimal viable product was determined and a project timeline of six months was established.
  • Project Roadmap – Next, a project roadmap was co-developed to ensure deliverables and timelines were met. Additionally, the project team agreed on using an out-of-the-box SaaS approach to upload the data and then uncover the gap areas where customization would be necessary. This helped the team to leverage as much standard functionality as possible and reduce customization build costs.
  • Project Management – MEGA managed this project step-by-step by working with the Agile teams and ensuring the sprints were achievable and executed on schedule. MEGA’s service team was able to manage expectations to ensure assumptions wouldn’t be made and potential failures were avoided that would derail the project timeline. Further, MEGA listened intently to ensure knowledge transfer, providing insight on best practices from other projects, guidance and guardrails to Agile efforts, advice on change management best practices (e.g. branding project name, governance, etc.).

This Company was fully committed to the success of the project ensuring resources were accessible and readable and this proved essential to the project’s success.

  • Agile Coach – The Company hired an Agile scrum master and Agile coach to support the team all the way through the project to help ensure its success.
  • Test scripts – The Company developed high quality test scripts to test the functionality and capability of HOPEX. The internal auditors had a good sense of where potential problems could occur and this specific knowledge and effort helped ensure the HOPEX solution was optimally leveraged and development timelines could be met.
  • Training – The Company knew that training would be foundational to ensuring user adoption and knowledge transfer. On-demand and in-person training was developed for the 700 people that used HOPEX.
  • Governance Committee – Further, the Company developed a Governing Committee comprised of senior executives. This enlightened stakeholder group brought all the workstreams together and reviewed key milestones to ensure the project would meet the objectives and timeline.

One connected repository to see the bigger picture and reduce 75% of time for risk users

After six months, the minimum viable product was realized, and this Company has:

  • Moved off internal audit system and migrated over to HOPEX – leveraging the benefits of an integrated system with process and architecture (single source of truth).
  • Moved off an older process modeling tool.
  • Consolidated architectural views in one repository across internal audit, risk and controls and enterprise architecture.
  • Gotten a clear picture of IT assets used throughout the organization and their respective business value.
  • Established a global process and centralized repository for technology standards to ensure future technology additions are integrated smoothly and efficiently.
  • Defined a business capability map and assessed capabilities.
  • Linked risks to business processes using process modeling to create the context of risk whereby the company can now see where the risk of fraud increases in a specific step or in a country, and then plan for mitigation.
  • See context in real-time using a single source of truth that connects across the company and moving away from heavy manual excel worksheet updating.

Now that the Company has centralized under one connected repository, they plan to focus on value stream development to further design an efficient future state, and then begin to focus on information architecture to further improve their customer experience.

“85% are highly satisfied with the project, think HOPEX is very user friendly, and have realized a 75% reduction in time spent on tasks.” Company’s risk department

 

Solutions

  • HOPEX Integrated Risk Management
  • HOPEX Enterprise Architecture
  • HOPEX Business Process Analysis
  • HOPEX platform
  • MEGA Services Team

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