Increased change and complexity are creating more risk in enterprise change. According to Deloitte, “The volume, velocity and complexity of change are presenting a significant challenge to many financial institutions, and it is during change programs that disruptions sometimes crystallize.” Regulators are responding to these risks by increasing their expectations of organizations in regulated industries.
For example, the Bank of England and the FCA released a paper last year highlighting the need for greater accountability from people and less reliance on technology to solve problems. This year, the Treasury Select Committee launched an inquiry into the increasing number of banking outages, while in the US, the OCC Semiannual Risk Review emphasized how change is contributing to increased risk.
So how can organizations reduce their amount of risk while increasing their capacity for change, and keep regulators happy in the process?
In previous blog posts, we’ve talked about how good ITSM practices and operational resilience are a good foundation to build on, but that we need to go further than ITSM to meet the needs of today. According to Deloitte, “Firms need to be able to innovate, keep the complexity of their systems manageable, and update old ones. They must do this while minimizing the likelihood of failure, and minimizing the disruption arising from those that do nevertheless happen.”
They suggest a more strategic approach to technology change, viewing it in the same way you would any other major business change. This includes executive sponsorship, making long-term goals, securing investment, planning for the worst and creating an ongoing process that will make change smoother in future.
Human and machine orchestration is a key part of this new approach and the only way to effectively take this on in a strategic manner. While regulators are keen to see innovation in this area in order to make preventing incidents and reporting to regulators easier, they also want to see more human accountability. Innovations in this area therefore need to be focused on empowering people with the tools and data they need to be successful in all areas of resilience and regulatory compliance.
Cutover supports the orchestration of humans and technology for resilience and regulation. Deloitte themselves utilize the power of Cutover on a number of their own client engagements to achieve positive outcomes. We have helped some of the biggest and most demanding organizations in the world to streamline and de-risk processes in order to successfully plan, rehearse, orchestrate and analyze change.
To find out how Cutover can help your organization's resilience and regulation activities, download our fact sheet.