Middle East Financial Institution IT Modernization

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CIS5308
Management of IT Services
Report 2
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Executive Summary
Virtually all Middle East financial service companies' products and services are technology
enabled and tech is becoming even more crucial due to rapid evolution of financial
institution processes and digitization of processing. Though, tech is old and out of date in
most of the financial institutions. This study is based on a Middle East Financial Institution
case study. Throughout this report, one of the top financial institutions throughout the Middle
East is studied as an organisation. This organization wants to strengthen the actual market
status and also aims to remain competitive with others internationally. This particular report,
describes several key modernization techniques and also how organizations may select the
best approach for the particular needs, will serves as a good research study about how this
crucial challenge could be dealt with. Ageing technology is becoming a major concern in the
financial services industry and institution in the Middle East.
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Table of Contents
Executive Summary...................................................................................................................2
Introduction................................................................................................................................4
Section 1.....................................................................................................................................5
Section 2.....................................................................................................................................7
Conclusion..................................................................................................................................9
References................................................................................................................................10
Appendix 1...............................................................................................................................11
Answer a).............................................................................................................................11
Answer b).............................................................................................................................12
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Introduction
This report is based on the case study “Middle East Financial Institution”. In this report, an
organisation is considered which is among the top financial institutions in the whole Middle
East. This organisation has a desire to make the current position strong in the market and also
aspires to compete globally with others. The process is followed in a two steps method. The
first step was to execute all the processes and practices which were totally aligned with the
ISO/IEC 20000. The second step was to achieve the certification which was considered as the
best mechanism to achieve all the business goals. As there is an advancement in technology
in the financial market situated in the Middle East and also worldwide. This organisation
desires to display that it’s a financially integrated organisation which is now raised for the
diverse capital market development and advancement. This organisation wants to share it
now only with the country it is in now, but also to the global market as well. In this report,
various steps towards the ISO 20000 certification are taken for the Middle East Financial
Institution with that of the help of the Fox IT. The major objective of this organisation is to
improve the way the business flows, which includes the change in the vision and its purpose
which will improve the overall Information Technology service delivery and also getting
certified with the ISO/IEC 20000. For the past thirty years, Fox IT has been the leading ITSM
and management company. They offer a variety of effective and efficient advisory strategies
to build flexible, proactive and communicative IT organizations that offer great IT facilities
in line with our customers ' objectives in order to promote and encourage business innovation
on a regular basis. They do this by enabling finest-practice training, trying to develop and
enforcing the correct methods and using correctly installed and incorporated tools to reshape
IT services. The main record of assisting an organization to achieve ISO / IEC 20000
certification is also provable and has an established framework to help them move. A detailed
business plan of training, such as ISO / IEC 2008, is endorsed by ISO as well as Practitioner
and other Auditors.
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Section 1
The discussed organisation is amongst the top financial institutions in the Middle East. This
organisation was driven towards the Fox IT due to the excellent Information Technology
service management i.e. ITSM which improves the overall current process and also develops
new processes which are according to the ISO/IEC 20000 requirements. The overall audit
certification process is ensured for readiness by Fox IT. As there are various markets related
to the financial markets are present in the Middle East. These are also present all around the
world. It had to be shown that the overall organisation was a financially integrated
organisation which indeed wasn’t able to compete not only in its own country but also in the
global markets to encourage the overall capital market development. Also, an additional
desire was there which was to increase the overall confidence of the present customers in the
organisation working as the service providers. Also, to improve the service quality which was
delivered to the service providers. It was then handheld by the capacity to support the
diversification of the product and also the quick response to the changing demands of the
business and also its requirements. It was recognised by the organisation that to improve the
overall aim and vision of the business there is a need to improve the Information Technology
delivery of service and also there should be a certification of ISO/IEC 20000 which will be
one of the important elements in achieving the business goals. There are a total of 4 ITSM
processes present which are already implemented by the customer at several different
maturity levels. The very first task which was undertaken was actually to start performing an
evaluation of all the process and also the other different areas which are required by the
ISO/IEC 20000. The overall evaluation included around thirteen interviews with the key
process stakeholders, which also included operation staff and senior management people
which was completed to assess the current standard requirements. The overall findings helped
in identifying the overall ratings related to the maturity for all the existing processes and
these were documented in the report of the evaluation. These helped the same as that of the
baseline serving for future progress measuring which is required for achieving the
requirements of the ISO/IEC 20000.
The report not only provided remarks onto the evidence examined but also gave an in-
depth recommendations to address detected inconsistencies discovered against all the
standards. The report includes key results for all sections. The report of evaluation also
received information from the workshops that actually described the ISO/IEC 20000
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certification scale statement as well as the stakeholders’ map outlining delivered services as
well as the clients of the services & the external & the internal support teams for the
management & delivery services. Last, 15 process training courses, process paperwork as
well as execution as well as improvement of the new/current processes were also to
be produced in a precise development plan as well as an eighteen month map.
The later phase of the project which was a collection of process workshops that might
ultimately cover all the processes which include both the new ones and the existing ones.
This project was then commenced by Fox IT. As for the existing process, these were all
aligned & enhanced with the ISO/IEC 20000 requirements and demands and as for the new
processes are considered, these were the ones which were designed for fitting the
organisation needs and also the standard needs. Documents such as a level of the service
contract, vendor list, list of services investigating and other initiatives and plans, as needed
under the ISO / IEC 20000, including various plans which have been developed in the
process execution phase.
To develop supporting documents the agreement & development of every process was
followed which included related policies which were required by the ISO/IEC 20000 and also
various different templates & documents of the process that might reinforce the overall
process operations, for example, RACI metrics. After this, each & every process was sent
into the execution phase where all the people were given training & finally, all the process
were put into the trial phase. The operations were examined and thus enhanced as needed
until formal ' live ' operations were undertaken. It also helped in assisting the customers in
producing marketing associated material which will publicise the project & its aims and
objectives. It would include display posters in the corridors of the company, brochures on
each customer's desk, as well as wall charts outlining managed services & other system
components. The transactions were investigated and improved, if necessary until formal
operations were carried out. It also helped customers produce marketing-related materials,
publishing projects and their goals. Through the course of eighteen months engagement by
the Fox IT actually supported out the interim evaluation that was enabled by the company for
the overall progress tracking of every process with the increasing maturity with time. Fox IT
has also created a schedule of internal inspections to keep system managers as well as process
managers looking at specific process demands following the completion of Fox-IT's
operation commitment. A professional training program was also initiated to enhance the
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stated operation activities. This included the IT, ISO / IEC 2000 and Project Management
programs offered by Fox IT.
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Section 2
FoxPRISM, an interactive cloud-based information process collection of data that supports
the development, execution and strategic planning of managed service processes. It offers a
complete set of 32 procedures and allows Fox IT consultancy employees and the customers to
speed things up and thereby achieve advantages much more quickly.
 Compliance
The clients know what they might expect from your execution of an ISO standard i.e.
straightforward criteria for assessment. Consequently, ISO 20000 ensures that legal
norms or other regulatory requirements and their criteria are taken into account.
 Credibility & Competence
Enforcing ISO 20000 enhances the public image of the company and its strategic
advantage, as an ISO Certificate usually enhance how partners / supplying companies and
clients see the company and as a result, it enhances the view and legitimacy of the
company with far greater organized rivals.
 Satisfaction of Clients
With the implementation of ISO 20000 facilitates the monitoring and satisfaction of IT
quality of service processes. This increases the productivity of the service and institution
management team – which makes the institution happy.
 Efficiency
With the agility comes from ISO 20000. While large enterprises have extensive IT
services managerial experience, smaller enterprises need an "immediate" solution–they
don't really have resources and time to start either. Furthermore, it should not be difficult
to manage (and maximize) costs by keeping the people and processes under control.
 Improvement
ISO 20000 is a well-known IT managed services standard. It can be compared that the
structure, procedures and facilities of your business with those of other institutions by
implementing them (especially those who have already met the benchmark). Just like all
other ISO standards, continuous improvement is a foundation in execution and makes
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sure the continuous monitoring, measurement and monitoring of your Service
Management System (SMS) and the IT services it offers.
Benefits of the ISO 20000 in the implementation of the project:
a) Process
a. The execution of the new & advanced process which were never used earlier.
These types of new processes are capacity management & service level
management.
b. The data with all the existing processes were continuously undergoing
documentation which was available to every person with the help of the
FoxPRISM which was available on the internet of the organisation.
c. The people who were there in the project were getting to know the correct role
which they will be following with the help of the newly improved culture of
process orientation.
d. For the assistant for each process in the ongoing present control & management, a
collection of important performance indicators is used.
e. Customer can continue to monitor and add up to process maturation ratings for 18
months and therefore monitoring continuous improvements
b) Service
a. To get every upcoming requirement and all the capabilities related to the delivery,
service level agreements should be produced.
b. The creation of the list of services that must make sure that all the stakeholders
understand the full description of the service as well as what actually the service
comprises of.
c. More reports of services which are more focused on the business than the
information technology sector.
c) Business
a. An overall increase in the communication with full improvement within the
business sector which includes the regular service introduction of review meetings
with the consistency of service level gathering of requirements. Enhancement in
the mechanism of reporting and also with the use of targeted marketing.
b. Improvement in the overall integration, as well as the interfaces among all the
different processes which consists of all the business units, owned information
technology process.
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c. Understanding the information technology delivery cost in a better way.
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Conclusion
In this report, we discussed various aspects of the ISO 20000 certification. We discussed
steps which were executed by the Financial Institutions of the Middle East with the help of
the Fox IT. We discussed various values and benefits which the ISO certification helps to
provide to an organisation. We critically analysed the benefits into three different parts. First
is the process, second being the service and lastly, the overall business. This report considers
an organization that is one of the Middle East's top financial institutions. The organization
wants to reinforce the current market position and aims to contend with other global market
financial institutes. A two-phase method follows the process. The first phase was to perform
all the ISO / IEC 20000 fully aligned procedures and practices. The second phase was the
certification, the best mechanism for achieving all business objectives. It is a financially
integrated organization which is now established for the various development and
advancement of the capital market. This organization wishes to share this with the country in
which it currently operates, but also with the world market. This also developed an internal
inspection schedule to retain system executives and also process managers for the particular
process requirements after satisfying the operational interaction of Fox IT. A training
programme, which improves the operating activities specified, was also initiated. The IT, ISO
/ IEC 2000 and Fox IT project management programs were included. The Financial
institution in the Middle East, supported by Fox IT, undertakes several steps towards ISO
20000 certification in this report. The customer's FoxPRISM, a Fox IT enforcing accelerator,
integrated all of the known deliverables. Not only has this method made the production of
accepted processes, measures as well as other related documents easier has also been the
main process in the flow of information throughout the entire organization and in the analysis
of processes to accountants, which has identified a complete collection of SMS processes
with interdependencies & interfaces.
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References
Disterer, G., 2009. Iso 20000 for IT. Business & Information Systems Engineering, 1(6),
p.463, viewed 12 May 2019, <https://link.springer.com/article/10.1007/s12599-009-0076-x>.
Van Bon, J. and Clifford, D., 2008. Implementing ISO/IEC 20000 Certification: The
Roadmap. Van Haren, viewed 12 May 2019,
<https://www.vanharen.net/Samplefiles/9789087530822_implementing-iso-iec-20000-
certification-the-roadmap.pdf>
Cots, S., Casadesús, M. and Marimon, F., 2016. Benefits of ISO 20000 IT service
management certification. Information Systems and e-Business Management, 14(1), pp.1-18,
viewed 12 May 2019, <
http://www.academia.edu/download/42373660/Cots__Casadesus__Marimon_-_2016_-
_Benefits_of_ISO_20000_IT_service_management_certification.pdf>
Kneller, M., 2010. Executive briefing: the benefits of ITIL®. The Stationery Office, UK,
viewed 12 May 2019, <
https://www.itsmfbooks.nl/Player/eKnowledge/executive_briefing_the_benefits_of_itil_.pdf>
Cots, S. and Casadesús, M., 2015. Exploring the service management standard ISO 20000.
Total Quality Management & Business Excellence, 26(5-6), pp.515-533, viewed 12 May
2019,
https://www.researchgate.net/profile/Santi_Cots/publication/258820302_Exploring_the_Serv
ice_Management_Standard_ISO_20000/links/55523ba408ae980ca606abf8/Exploring-the-
Service-Management-Standard-ISO-20000.pdf>
Mahy, Y., Ouzzif, M. and Bouragba, K., 2016, November. Supporting ITIL processes
implementation using business process management systems. In 2016 Third International
Conference on Systems of Collaboration (SysCo) (pp. 1-4). IEEE, viewed 12 May 2019,
<https://ieeexplore.ieee.org/abstract/document/7831338/>
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