Comprehensive audit and IT strategy services for Liberty Bank, one of the largest banks in Georgia
What was the project about?
In response to its quick growth and the changes spurred by the COVID-19 pandemic, the management of Liberty Bank, together with its newly elected IT director, decided to draft a new 2022-2024 business strategy. The new approach necessitated the deployment of IT solutions that would make the achievement of its business goals possible. Importantly, management had to be sure that the IT department would be able to deliver the necessary tools on time; due to the evolution of markets and the digital transformation underway, the time pressure was immense. The new IT strategy had to be completed in a matter of just 6 weeks.
The Bank needed a partner with enough industry experience to be able to include the latest market practices and standards in the new strategy. The partner had to show expertise in the latest IT, processes and organisation solutions and know how to assess their effectiveness. Among other tasks, our role was to perform an audit of the IT systems already in place to verify whether they would align with the institution’s business strategy.
- IT consulting
Who was our client?
In terms of its assets, Liberty Bank is the third largest bank in Georgia, with a 5.3% share of the market as of 30 September 2017. The bank has the largest network of local branches in the country, with over 5,000 employees on its payroll, providing services to nearly 1.6 million natural persons and more than 77,000 legal entities.
What were the key challenges of the project?
- Assessing the architecture and security of IT key systems;
- Assessing the preparedness of IT teams for the new business strategy;
- Drawing up a list of IT initiatives to support the new 2022-2024 business strategy and reduce the IT deficit in just 6 weeks.
How did we address the problem?
To begin with, we performed a comprehensive IT audit covering:
- The technological security, scalability and maintenance of thirty-five key IT systems in place at Liberty Bank that provide business products and services to end clients;
- The performance of all IT teams and their scalability in line with strategic business goals, including the operation of key systems;
- The use of physical and virtual servers and their scalability in line with growing business needs.
Based on the audit, we presented our status quo assessment and recommendations in areas such as:
- IT team structure and its transformation process (to ensure the required IT department structure and skill pool in the future);
- Target IT system architecture and its development process (to guarantee the availability of IT tools necessary for the achievement of the new business goals);
- Physical and virtual IT server configuration (to reduce the need for purchasing redundant equipment).
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What did we do?
We analysed the Bank’s strategic business solutions and identified IT deficits.
We defined the target IT capabilities in accordance with the development plan.
We estimated potential IT risks and mitigation measures.
We drew up an elaborate list of IT initiatives to deliver the lacking capabilities.
What did the client get?
A new 2022-2024 IT strategy as a basis for its IT budgeting.
Important project milestones were achieved under great time pressure.
The audit generated savings totalling as much as 15% of the Bank’s annual IT budget.
CIO Liberty Bank
Altkom Software consultants demonstrated both expert know-how and effectiveness in the delivery of consulting services. We particularly appreciated their flexible, agile approach, which maximised our benefits under extreme time pressure and limited labour resources.
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