About Arion Banki:
Arion Bank is a leading Icelandic bank offering universal financial services to companies, institutional investors and individuals. These services include corporate and retail banking, investment banking, capital markets services, treasury services, asset management and comprehensive wealth management for private banking clients.
How we helped Arion Banki:
The goal was to simplify the process required to edit and publish the banks manual of internal controls and procedures as well as the user interface. Doing so the bank reduced regulatory risk, as well as improve employee awareness of the regulations governing their day to day work.
What does Arion Banki have to say about it:
We at Arion Bank wanted to simplify editing and publishing the bank’s manual of Internal Controls and Procedures (ICP). The ICP manual is an important part of every employee’s daily work since it includes official legal requirements in the form of written procedures. Therefore it is important that all employees can access the ICP manual in a simple and convenient manner. Due to the rapidly changing regulatory environment in Iceland, the manual needs to be updated quite rapidly and regularly without reducing its availability or user friendliness.
We contracted Jon Gretar from Coremotif to assist us in analyzing and identifying opportunities to reduce project and running costs and increase the over all quality of the solution. Jon is familiar with financial institutions through is work as an Enterprise Architect as well as the rules and regulations governing their daily operations. It was decided to implement the ICP manual using existing applications and services, and the implementation was performed by the bank’s employees. The analysis was cost effective, detailed and easy to follow. Implementation governance and support was provided by Jon throughout the entire project which helped us reach our goals.
By redesigning the ICP project, and comparing pre-project estimates with actual effort Coremotif helped Arion Bank reach a 212% ROI, including the actual implementation costs.