EY ifb Transformation services for financial organizations

Increasing regulatory requirements present banks and insurers with tremendous challenges. They need viable short-term and sustainable solutions in service areas with customer touchpoints as well as in analytical and back-office functions. EY ifb is highly experienced in the design, development and implementation of these solutions, using their methodical framework, REFRAMETM

What EY can do for you

We develop a comprehensive transformation strategy for you based on an in-depth understanding of your industry, needs and goals. This strategy covers all the layers of your enterprise architecture, taking into account the complex interdependencies across accounting, controlling, financial and risk management, compliance, governance and reporting.

As part of this process, we streamline structures and achieve measurable increases in process performance throughout the enterprise. In this way, we design an integrated data and application infrastructure, which provides consistent meaningful data, indicators and reports that are readily accessible at all times.

  • Environmental, social & governance (ESG)

    The EY ifb Sustainability Transformation Framework integrates all relevant sustainability aspects into your business models and management systems. It aims to overcome volatility by understanding and measuring ESG risks and opportunities. The framework incorporates best practices and standardized procedures to support you in meeting the relevant regulatory requirements. We follow a holistic consulting approach, from basic strategic considerations and analyses to reporting and the IT-related implementation of measures.

  • Strategy

    Each transformation project starts with developing a strategy that defines your key challenges and goals. We examine your enterprise architecture and corporate culture to identify vulnerabilities and potential for optimization. This involves realizing cost efficiency using business cases and aligning the organization with new trends including digitalization, automation and robotics.

    We define objectives and future scenarios for your company with you, using fit-gap analyses to match your current situation with the best-practice models, developed over 25 years of successful project work. In this way, we formulate a roadmap for the practical, stringent implementation of your vision.

  • Enterprise architecture

    Optimizing financial and risk management within an organization’s overall architecture is one of our core competencies. As well as our specific enterprise architecture metamodel we use standardized analysis to form an overview of your business’s capabilities, linked to your business processes and data models. Using this 360-degree view, we can redesign your architecture as a whole or in specific areas, considering all interfaces and interdependencies between methods, business processes, data, applications and the organizational structure, as well as the associated risks and controls. This feedback is integrated in individual functions and the underlying application landscape. We can therefore create a foundation for overall corporate management with continuous improvement processes, agility and sustainability.

  • Data architecture

    We develop solutions to disentangle often barely manageable networks consisting of diverse data silos and transform them into a uniform, centrally manageable data layer. In this process, we simplify the system architecture and data consolidation, thereby realizing significant cost savings. We achieve this by taking a comprehensive view of the business processes, data flows and data models of your company's departments including the associated IT systems. By replacing or minimizing expensive manual data processing procedures and error-prone consolidation steps, we boost data quality and business process efficiency.

  • Organization and governance

    We design new team structures and reporting lines, replace functional or silo-oriented structures and ways of working with flexible, process-oriented procedures, and introduce adequate software solutions. Implementing these measures demands a great deal from your employees; we support you with effective change management that includes targeted communication among management, employees and project teams, as well as training materials. All of which helps gain your employees' commitment during and after the transformation.

  • Process and governance

    At the beginning of a transformation project, we review your processes, regulations and governance. We identify processes that may need to be changed, whether existing applications can be integrated, or new software solutions with specific features have to be implemented. We can also map existing risks to establish optimally adapted control mechanisms. Based on these analyses and findings, we develop a design to optimize your business processes, which generally includes more effective process management with complete process documentation, as well as new policies and revised roles and responsibilities.

  • Program & project management

    We apply the highest standards of process compliance, cost controlling and quality assurance throughout the entire project life cycle. Quantitative and qualitative reports, as well as your own personal contact at EY ifb, provide you with the fullest information and transparency on the status of implementation and achievement of milestones in your transformation project. We use the entire spectrum of conventional and agile project management approaches as needed in each case, finding the right balance between proven standards and your own individual requirement.

  • Quality assurance & test management

    We have high-quality standards for the transformation process and monitor compliance with these standards on an ongoing basis. We check the functionality of our procedural models and the implementation of defined requirements in measurable results. We work with you to formalize the control mechanisms between individual project phases, using quality assurance reports to ensure quality goals are met. As part of our REFRAMETM methodology, we monitor the new business processes and systems for performance and practicality using specific test strategies as part of commissioning, evaluation and validation of the target state solution. 

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