IT Strategy and Governance
Align your technology with your institution’s strategic objectives
We have assessed the IT function of hundreds of financial institutions, and our consultants understand that there are often a multitude of solutions and strategies. We take a full life-cycle approach to strategy and governance and can provide guidance and assistance from the initial assessment project all the way through the execution of the technology strategic plan. Our assessments are conducted according to our proven methodologies. We focus on ways that financial institutions can maximize the return for each dollar spent on infrastructure, applications, and people and align the overall technology expenditure with the institution’s strategic objectives. Your technology ROI comes from reduced operating costs, increased market share, and cost-effective risk management and compliance.
- Full life-cycle approach to strategy and governance
- Infrastructure, applications, processes, service provider relationships, and technology-related staff and management analysis
- Technology Action Plan (TAP)
- Virtual Chief Information Officer (VCIO)
Technology Assessment – the first step
Our Technology Assessment process analyzes your institution’s infrastructure, applications, processes, service provider relationships, and technology-related staff and management. It includes a review of the institution’s planned and ongoing technology projects and the relative priority, return on investment expectation, and timing of each initiative. We generally evaluate the following areas and functions within the technology organization and give a complete, 360 degree view of the current technology capabilities as a baseline:
- Staffing levels, skill sets and experience of employees within the IT function
- Management, operational and reporting processes
- Organizational structure
- Contracts and service level agreements with technology service providers including performance levels and customer satisfaction indicators
- Technology risk management program including an assessment of risk tolerance thresholds
- Technology budget and expenditures including capital investments
- Technology infrastructure design, implementation and management
- Applications portfolio, both in-house and outsourced in terms of feature, function and the technical architecture of systems
- Technology development and/or acquisition methods and guidelines
Our recommendations are based upon our experience with similar institutions and a comparison of our findings against peer group analysis and industry best practices. The results of a Technology Assessment serve as a baseline analysis of the overall technology function and are designed to be used as the primary input into a Technology Action Plan.
Technology Action Plan (TAP)
Targeted, detailed analysis, specific results
Our Technology Action Planning (TAP) process builds upon the results of the Technology Assessment and compares those results to the institution’s strategic objectives and then outlines the action steps required and the timeframe needed to achieve the strategic objectives. The resulting TAP will guide the organization through its technology investments and projects over a 3 to 5 year time horizon that maps step-for-step with the institution’s overall strategic plan. As you move through the execution of the TAP, we can help you benchmark your progress against your original baseline as well as other institutions of similar size or markets and dynamically track your overall return on your technology investment.
Action oriented deliverables
The Technology Action Plan focuses on a multitude of key technology areas within the institution, including:
- Primary Findings and Recommendations:
- Organizational
- Process
- Staffing
- Specific Findings and Recommendations:
- Core processing functions and systems
- Lending and loan origination
- Back-office functions and support
- Sales support and customer relationship management (CRM)
- Technology infrastructure including network and telecommunications
- IT staffing, including support functions
- Information security, compliance, and risk management
- Item processing and imaging
Our Technology Action Plan clarifies your institution’s vision and strategic focus on technology, thereby helping you prioritize and align technology initiatives, invest appropriately in new systems, and ensure that your IT staff is prepared for the changes in the technology landscape. Our methods and tools are focused on developing a plan that can be effectively utilized by your board of directors, senior management, examiners, regulators, as well as other key stakeholders.
Virtual Chief Information Officer (VCIO)
As you migrate from the planning phase to the execution phase, SCS can provide guidance and assistance at a level appropriate to your needs. From the sidelines, at regular intervals, as needed, or on a fulltime interim basis, as a virtual member of the execution team, we can help across a wide variety of functions. The VCIO program was designed for institutions that want to outsource the CIO role on an ongoing basis, augment staff you currently have in place, or fill a temporary vacancy. The VCIO program will assist in overseeing the Bank’s IT function and coordinating IT activities and initiatives throughout the institution, including:
- Assist in prioritizing current and new projects in order to ensure the institution’s strategic objectives are met
- Monitor the progress of key technology priorities
- Assist in forming a Technology Steering Committee, if needed
- Provide initial training for Steering Committee members
- Assist in developing and implementing Service Level Agreements
When appropriate, and in direct communication with the institution’s executive management, Sheshunoff technology Consultants can assist with activities such as the following:
- Assist in determining and implementing an appropriate institutional structure
- Review and revise, as appropriate, job descriptions for technical staff
- Assist in managing vendor relationships
- Provide ongoing reporting to senior/executive-level management
- Perform project oversight for major technology initiatives
- Mentor technology staff, both in terms of technology and management
- Assist in technology budget development and adoption
- Assist with vendor selection through analysis of proposals and contract negotiation
Contact one of our representatives today to set up a call with one of our Technology experts to better understand your needs and to request a proposal.