Implementation of the New System for Commonwealth Bank

This paper proposes a sustainable system for Commonwealth Bank to improvise the current banking process. It discusses the requirements needed for the implementation of the system, the type of proposed system, reason for choosing the accounting information system, specification of the system, and cost analysis.

Running head: IMPLEMENTATION OF THE NEW SYSTEM
IMPLEMENTATION OF THE NEW SYSTEM
Name of the Student:
Name of the University:
Author Note:

1
IMPLEMENTATION OF THE NEW SYSTEM
Introduction
Commonwealth Bank is an Australian bank which is one of the most significant
organization in the financial sector. The current situation of the bank needs the digital disruption
in the banking process. The main objective of this paper is to propose a sustainable system which
will help to improvise the current banking process . The paper has also discussed about the
requirements needed for the implementation of the system.
Discussion
Presently, the bank has the ATM which provides the consumers the instant cash.
However, it has been seen that the changes are needed internally1. Currently, the bank is facing
some challenges related to the human error and the threats from the cyber crime. The flow of
communication and some of the accounting problems in the current banking system of the
Commonwealth Bank is partially manual.
The type of the proposed system:
In order to develop the internal processing of the bank, the improvisation of the
accounting system is needed to be done. The bank is still dependent on the human processing for
some of the accounting process. In this case, the bank can use a software that will work as a good
accounting information system management2. The main working of the accounting information
1 Buckby, Sherrena, Gerry Gallery, and Jiacheng Ma. "An analysis of risk management
disclosures: Australian evidence." Managerial Auditing Journal 30, no. 8/9 (2015): 812-869.

2
IMPLEMENTATION OF THE NEW SYSTEM
system is to collect, store and process the financial data and help the users of the software to
make the important decision making process by providing relevant financial information.
The deployment of the accounting information software such as like Xero or Deltek
Costpoint will provide the Commonwealth Bank better management of the financial information
along with better security and the mechanism for the detection of the fraud.
Reason for choosing the accounting information system:
The bank provides the technologically advanced services to the consumers and for the
internal workings of the banking system, the bank uses advanced technology for the
communication with the consumers3. However, the bank does not use any advanced and
exclusive software for the accounting purpose4. Some of the problems that can be faced by the
Commonwealth Bank for not using the exclusive software for the accounting purpose:
 Loss of the relevant financial information.
 Human error can happen in the calculation of the data.
2 Goel, Sunita, Margaret Garnsey, Qi Liu, and Ingrid Fisher. "A PERSPECTIVE ON THE
EVOLUTION OF INFORMATION SYSTEM SECURITY AUDITS: CHALLENGES AND
IMPLICATIONS." Journal of Information System Security 12, no. 1 (2016).
3 Zer, Ilknur. "Information disclosures, default risk, and bank value." (2015).
4 Bui, Christina, Harald Scheule, and Eliza Wu. "The value of bank capital buffers in maintaining
financial system resilience." Journal of Financial Stability 33 (2017): 23-40.

3
IMPLEMENTATION OF THE NEW SYSTEM
 Certain types of fraud can happen that can let the bank to face a great loss.
In order to prevent these drawbacks, the deployment of the accounting software can be done.
Specification of the system:
Some of the systems like Xero works online5. These system needs the upgraded version
of the Google Chrome or Microsoft Edge. However, maintaining the security of these kinds of
system is challenging.
In general , the accounting software needs the following specifications:
Software specification:
 Microsoft Internal Information Server.
 Microsoft SQL server Edition
 Microsoft SQL Server Reporting Service.
 Microsoft Azure Active Directory.
 Software manager of the specific accounting information software service.
 Operating system: All 32 bit or 64 bit variants of the following Windows
operating system
1. Windows 7
2. Windows 10
5 Henningsson, Stefan, and William J. Kettinger. "Understanding information systems integration
deficiencies in mergers and acquisitions: A configurational perspective." Journal of Management
Information Systems 33, no. 4 (2016): 942-977.

4
IMPLEMENTATION OF THE NEW SYSTEM
Hardware specification:
Processor: 2GHz processor or higher, dual core is preferred.
Memory(RAM): 2GB RAM for Windows 32 bit
4GB RAM for Windows 64 bit
Hard Disk Space: 500 GB of free disk space (internal).
Display: 1024*768 resolution
Internet connectivity: The high speed internet connectivity is required during the
installation of the software.
The above mentioned specification is the minimum required specification for installing
the accounting software6. The specification may vary with variation of way for the using of
software such as multi-user use of the software.
Cost analysis:
Hardware Total number Price(in Dollar)
Processor 6 1800
RAM( 2 GB) 3 210
RAM(4 GB) 3 300
Hard disk 6 2820
Display Monitor 6 1810
Total 6940
6 Rösch, Daniel, and Harald Scheule. "The role of loan portfolio losses and bank capital for
Asian financial system resilience." Pacific-Basin finance journal 40 (2016): 289-305.

5
IMPLEMENTATION OF THE NEW SYSTEM
Software Total Number Price (in Dollar)
Windows 10 (32 bit) 3 109
Windows 10 (64 bit) 3 125
Microsoft SQL Server 6 3438
Microsoft Azure 6 4638
Accounting system
software
6 1000
Total 9310
Conclusion
It can be concluded from the above discussion that the modification and the
improvisation of the current accounting system will help the Commonwealth Bank to get the
more advanced way of managing the financial data. The effective decision making can also be
done from the use of the accounting information system. The requirement specification and for
implementation of such software has been mentioned in this paper . The cost for each of the
requirement has been mentioned.

6
IMPLEMENTATION OF THE NEW SYSTEM
References
Buckby, Sherrena, Gerry Gallery, and Jiacheng Ma. "An analysis of risk management
disclosures: Australian evidence." Managerial Auditing Journal 30, no. 8/9 (2015): 812-869.
Bui, Christina, Harald Scheule, and Eliza Wu. "The value of bank capital buffers in maintaining
financial system resilience." Journal of Financial Stability 33 (2017): 23-40.
Goel, Sunita, Margaret Garnsey, Qi Liu, and Ingrid Fisher. "A PERSPECTIVE ON THE
EVOLUTION OF INFORMATION SYSTEM SECURITY AUDITS: CHALLENGES AND
IMPLICATIONS." Journal of Information System Security 12, no. 1 (2016).
Henningsson, Stefan, and William J. Kettinger. "Understanding information systems integration
deficiencies in mergers and acquisitions: A configurational perspective." Journal of Management
Information Systems 33, no. 4 (2016): 942-977.
Rösch, Daniel, and Harald Scheule. "The role of loan portfolio losses and bank capital for Asian
financial system resilience." Pacific-Basin finance journal 40 (2016): 289-305.
Zer, Ilknur. "Information disclosures, default risk, and bank value." (2015).

7
IMPLEMENTATION OF THE NEW SYSTEM