Strategic Information System of Commonwealth Bank
Added on 2020-04-01
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Running head: STRATEGIC INFORMATION SYSTEM OF COMMONWEALTH BANKStrategic Information System of Commonwealth BankName of the StudentName of the UniversityAuthor’s note
1STRATEGIC INFORMATION SYSTEM OF COMMONWEALTH BANKTable of ContentsIntroduction..........................................................................................................................2Business Processes...............................................................................................................2Business Requirements........................................................................................................3System Requirements..........................................................................................................4Software and Vendor Selection...........................................................................................5Utilization of Technologies to Improve the Business Efficiency........................................6Efficiency Level of the Technology Implementation..........................................................7Potential Security Risks.......................................................................................................8Risk Mitigation....................................................................................................................9Conclusion...........................................................................................................................9References..........................................................................................................................11Bibliography......................................................................................................................13
2STRATEGIC INFORMATION SYSTEM OF COMMONWEALTH BANKIntroductionCommonwealth Bank is a multinational bank that is based in Australia. It was founded inthe year 1911. It conducts the general banking as well as the savings businesses across manycountries. The varieties of services that are provided by Commonwealth Bank are retail,insurance, institutional banking as well as investment services (Commbank.com.au 2017). It isconsidered to be the leader provider of financial services in Australia. Their aim is to create asustainable and long term corporate value. In this era of ICT, ERP systems are gainingimportance in the field of business operations. This system is generally used to replace theexisting legacy system in the business. ERP software is used for managing the businessprocesses in an integrated manner. This report discusses about the business processes of the Commonwealth bank and it alsomentions about the requirements of the business. This report gives a brief overview of the bank’ssystem requirements. This report focuses mainly on the software as well the vendor selectionprocess of the Commonwealth Bank. It determines three such ways by which the bank utilizesthe technologies in order to improve the business efficiency along with the efficiency levelassociated with each technological implementation. This report also examines the potential risksor data breaches that are possible. It also provides suggestions regarding overcoming ormitigating such risks. Business ProcessesBusiness processes can be considered to be a set of linked jobs that is completed toaccomplish the goals of the organization. The main business processes that are give key priorities
3STRATEGIC INFORMATION SYSTEM OF COMMONWEALTH BANKin Commonwealth Bank are the customer service, technological process, operations and businessbanking. The target of this bank is to grow in selected markets. Their strategy is to fulfill thesimple requests during the time of sales. The customer service process makes sure that they givemain priority to the needs of the customers. The business banking process aims to offer servicesto more number of retail branches. It also looks after the management of the credit approvalprocess making it sure that the process is simple and responsive. The IT team manages thetechnical as well as the operational processes. It focuses on increased efficiency as well asconsistent delivery. It leverages the expertise and capabilities of IT in order to revitalizeprocesses as well as systems. Competitive pricing and product characteristics are incorporated inthe business processes of Commonwealth Bank. The technical process focuses on depending onmultiple vendors for improving its process. The main business process is the framework of riskmanagement. This process involves five main steps like identification of the risk, analyzing therisk, evaluation of the risk, and then mitigation of the risk followed by monitoring process.Commonwealth Bank manages all the business processes in an integrated manner so that theefficiency of the bank improves.Business RequirementsIn order to start a business that is in the banking industry similar to that ofCommonwealth Bank, the initial step is to identify the business requirements of the firm. Themain aim of the firm should be to identify the structure of the business along with the sales andthe appropriate industry. Identification as well as registration is the main step in starting abusiness. The financial plan needs to be sorted out initially (Fsi.gov.au 2017). A firm must selecta business name that is unique and that is not selected by any other business. The firm must
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