The Global CTO Council, a steering committee of senior IT executives within the financial services industry, have launched an initiative to develop standardised processes for mastering planning and decision making in Business IT Management. This initiative, co-managed by alfabet, the leading software provider for strategic IT planning and Business IT Management solutions, is an industry effort to share best practices and provide an open forum for discussing processes used by financial services firms to manage business relationships, IT planning, and enterprise architecture.
The goal is to enable the financial services sector to better meet regulatory and modernisation needs. Founding members of the Council include: Bank of America, BNY Mellon, Credit Suisse, JPMorgan Chase, Morgan Stanley Smith Barney, The Hartford and Wells Fargo.
“The CTO Council marks the first representation of financial services institutions in the world to collaboratively address the issues surrounding compliance and IT modernisation to spearhead industry IT standardisation, helping organisations save costs and be more efficient, without the need to forfeit competitive differentiators,” said Rene Hermes, Vice President Marketing at alfabet. “We are pleased with the trust we have earned with these organisations and are committed to bringing our best people and expertise into the discussion to be a valuable partner to the executive leadership of the FSI world.”
As part of the warm-up phase, the Council has developed a set of processes for application portfolio management and target architecture design and will focus on other critical business IT management capabilities moving forward. Through the developmen of these processes, the Council will ensure that a rich library of best practice knowledge is available for members to access when establishing such processes inside their own organisations.
“Most organisations in the banking and financial services industry face similar challenges originating from the need for regulatory compliance and the desire to optimally manage their application and infrastructure portfolios,” said Steve Santini, Bank of America Managing Director and CTO Council Member. “The CTO Council will provide an opportunity for us to discuss industry drivers, changes, and challenges, as well as exchange best practices. There is no need for every company to reinvent this particular wheel."
The CTO Council discussions, facilitated by alfabet, will discuss and decide on a common language and define processes for business relationship management, IT planning and enterprise architecture management.
Specifically, the Council’s charter is to:
- Exchange best practices and increase expertise in Business IT Management in the financial services industry;
- Develop a common language to describe and define the processes by which the financial services industry manages and plans the advancement of business IT;
- Develop role descriptions and information needs for key stakeholders in the business IT management processes.
The CTO Council discussions and exchange of best practices will also shape the further development of alfabet’s planningIT. alfabet is committed to translate the processes developed by the Council into automated solutions, that continue to meet the needs of the financial services industry – in particular lowering the risks and costs in performing these processes – and address its challenges going forward.