Business Process of Commonwealth Bank

Running head: BUSINESS PROCESS OF COMMONWEALTH BANK
BUSINESS PROCESS OF COMMONWEALTH BANK
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BUSINESS PROCESS OF COMMONWEALTH BANK
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Development of the business requirements:................................................................................3
Determination of the system requirement:..................................................................................4
Selection of the software and vendor:.........................................................................................5
Utilization of the technology for the improvement of the banking system:................................6
Evaluation of the level of efficiency of the technology discussed:.............................................7
Evaluation of the potential risks in the functioning of the commonwealth bank:.....................10
Mitigation of the risks:...............................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

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BUSINESS PROCESS OF COMMONWEALTH BANK
Introduction
Commonwealth Bank is one of the significant bank in Australia. The bank operates both
retail and the investment banking. The business process for the bank is complex and has several
modules of operations. The primary functions of the banking system is to provide the users to
open the bank account and the make the possible gateways for the transaction of the money.
Apart from that the other business operation of the bank includes providing the loan to the
individuals and the organizations (Alalwan et al.,2016). The main objective of this paper is to
evaluate the business process of the organization along with the existing ERP system of the
organization (Leonardi et al.,2016). The paper discusses about the ERP process of the
organization and the challenges of the business processes in the existing ERP system (Dube,
Muzinda & Ndlovu, 2017). The identification of the challenges and the issues in the existing
business system will help to develop the mitigation plan of the issues. Apart from that the
possibilities of the risks in the organization can be reduced in this way.
Discussion
Commonwealth Bank is the largest bank in Australia. It operates in different parts of
country and has several branches. The operation of the banking process includes the assigning of
the loan and providing other financial services to the consumers. Apart from that the bank has
several business dealings with the other organizations (Shaikh, Glavee-Geo & Karjaluoto,2018).
Moreover, along with providing several services to the consumers, the bank is also concerned
about the expansion of the business outside of Australia. It can be said that the Commonwealth
Bank Australia has various goals and objectives in the business process. Handling all these
process in a correct manner the ERP system has been implemented in this banking organization
(Scheibe & Blackhurst,2018). However, there are certain challenges and issues in the existing

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BUSINESS PROCESS OF COMMONWEALTH BANK
ERP system. The challenges and issues raises as the requirements of the banking operation
changes and the several new business objectives added in the list. The modification and the
implementation of the ERP system will help to meet all the requirements of the business
objective of the Commonwealth Bank.
Development of the business requirements:
The business requirement of the organization is concerned with the primary requirements
of the processes those are needed to meet the business objective of the organization. The
documentation of the requirement is needed to be done in a proper way so that it can help to
mitigate the scope creep during the processing of the functions in the business organization
(Winarso & Salim, 2017). The scope creep refers to the change on the requirement during the
processing of the operations. The scope creep can increase the overhead cost of the organization
(Kweh et al.,2018). Apart from that the delivery time or the processing time of the operation can
be increased which is not desirable for the organization.
The business requirements for the Commonwealth Bank is complex as the bank operates
various operations for different purposes. The basic requirements for the bank is to maintain the
infrastructure that can provide the services to the consumers regarding the retail banking process.
The use of the emerging technology can be done in this context (Capponi & Chen,2015). The
bank has implemented certain use and application of technologies for increasing the flexibility of
the processes related to the retail banking. Some of these application includes the implementation
of the ATM machines in different parts of the city so that the users can get the money easily
from the ATM. In order to use the ATM the bank has provided unique PIN number to the each
users of the banking services. Apart from that the bank has implemented the secured payment
gateway for the safe transaction of the money through online processes (Reim, Parida & Sjödin,