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How adopting an agile approach helped Finance & Risk group deliver a regulatory initiative

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Talk on adopting agile approaches within Finance & Risk groups at Toronto Agile Conference 2019

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How adopting an agile approach helped Finance & Risk group deliver a regulatory initiative

  1. 1. How adopting an agile approach helped Finance & Risk group deliver a regulatory initiative Toronto Agile Conference 2019 Nov 5th, 2019 Sriram (Sri) Natesan
  2. 2. 2 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Aboutme Sriram (Sri) Natesan linkedin.com/in/sriramnatesan @sriramnatesan snatesan@deloitte.ca Senior Manager, Deloitte
  3. 3. 3 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 WhatWe AreGoingtoTalkAbout Agility in Finance & Risk Groups 1. Summary 3.2. Case Study
  4. 4. 4 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Technology & Operations Across the BusinessExtending to Other Areas Agilityacrossthebusiness Agile has been pervasive and proven to be successful in Technology and Operations for more than two decades Adoption of agile principles and approaches outside of Technology and Operations to other areas such as BAU activities in HR, Finance, Marketing, Risk, Analytics, and Fraud as well as Strategic Initiatives Businesses align themselves closely with the customers to achieve better business outcomes. It will just be how we work, the language around agile will evolve and become the norm
  5. 5. 5 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CalltoAction Regulatory Compliance Increased regulatory demands are placing greater demands on data and reporting resulting in higher cost for compliance Growth Challenges Changing demographics necessitating the need for innovation and newer products with greater service while optimizing operations in an omni-channel model Internal Pressures Finance is under scrutiny as a source for cost savings Compressed Margins Net investment income and yield on invested assets are under pressure
  6. 6. 6 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Examplesof whatagilitymeansforthiscohort Adopting newer and better ways of working to enable responsiveness to greater service needs and newer regulatory requirements Building scalable and adaptable systems to incorporate new markets, products and legal entities, while accommodating the increasing data Adopting emerging technologies to enable savings and efficiencies Using data to generate actionable customer and market insights for business leaders
  7. 7. 7 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 FewBenefitsof Agility Technology enablement that brings creative ideas and insights to life and scales them faster Governance, Risk and Compliance that enables scale and speed A learning organization that experiments, reflects and pivots faster to stay ahead of competition Improved customer satisfaction and personalized service and product offering Business and Technology groups become partners and co-creators driving business strategy Purpose driven workforce with higher degrees of engagement
  8. 8. 8 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Things Got Real CaseStudy 1 How it started 2 3 4 Sell the Dream 5 6 Organize & Operate Differently Changing the Lens 7 8 Business Outcomes The Road Ahead 9 Challenges Early Warnings
  9. 9. 9 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 1 How it started In mid 2016, a large European Financial Institution.. • Had to implement a regulatory initiative by Dec 31, 2017 • Failure to comply by that date was a risk to reputation and operations • Program was driven by Finance & Risk groups, enabled by Technology • Finance group wanted to implement an automated accounting hub • The Technology group wanted to tack the build of an enterprise data warehouse part of this regulatory effort timelines
  10. 10. 10 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 2 Early Indicators There were some early indicators.. • The interpretation of regulation and articulation of business requirements were evolving • The accounting hub was a new concept to the Finance team. There was no clear vision on if and how this would work • Technology had extremely aggressive timelines to build, map and source data from the numerous systems into warehouse
  11. 11. 11 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 3 Challenges By fall 2016, they had an inflection point.. • BUFD, planning and traditional reporting was not giving confidence to Finance & Risk groups • Lack of alignment between Business & Technology groups; the organization and its partners • Functional siloes accentuated the impediments to flow of work • By this time, the forecasted plan was beyond schedule or over cost
  12. 12. 12 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 4 Sell the Dream In Oct 2016, agile approach was conceived.. • Dedicated cross functional teams with the necessary skills to solve the problem • Take an iterative and incremental approach to delivery • Kanban for visibility and transparency on flow of work
  13. 13. 13 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 5 Changing the Lens In January 2017, there was a pivot on the approach.. • Level set expectations that acquisition and access of data from data warehouse for all systems will not be feasible by the timeline • 17 different source systems in total scope • 5 source systems covered ~75% of the book size • Value Stream Mapping (VSM) of activities for completing one system • Plan MVPs using estimated Lead Time for each system • 4 MVPs to deliver the entire scope
  14. 14. 14 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 6 Organize & Operate Differently Training and a lot of coaching support for the teams and leadership on Flow based execution.. • Use of Kanban to visualize progress, bottlenecks in the Value Stream • Capture metrics for each source, and use empirical data to refresh the MVP release plan Adoption of Practices and Tools: • Kanban Board – policies, WIP limits • Daily Scrum & Scrum of Scrum • Risk, Issues, Blockers (RIB) • Reviews & Retrospectives • Reporting (CFD and Business Value)
  15. 15. 15 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 7 Things Got Real Coaching on habits, mindset and behaviors.. • Use empirical data to drive future decisions • Cross functional collaboration • Stop starting, start finishing • Continuous Improvement • Make release a non event The 1st MVP was delivered early May 2017
  16. 16. 16 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy 8 Business Outcomes A compliant organization.. • They completed the initiative on time avoiding reputational and operational implications • A data warehouse that helps the Finance group to gain insights and make business decisions • An automated accounting hub that has helped Finance & Risk groups achieve cost & operational efficiencies • Strong cross functional relationship between the different groups • Agile mindset to pivot based on learnings and feedback
  17. 17. 17 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 CaseStudy The Road Ahead 9 Since then.. • Agile has since been the ways of working for the Finance & Risk groups • Adoption of iterative and incremental approach for majority of their projects and programs delivery
  18. 18. 18 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Summary Adopting newer and better ways of working to enable responsiveness to greater service needs and newer regulatory requirements Building scalable and adaptable systems to incorporate new markets, products and legal entities, while accommodating the increasing data Adopting emerging technologies to enable savings and efficiencies Using data to generate actionable customer and market insights for business leaders
  19. 19. 19 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Agile is not something you do. It’s something you become. •
  20. 20. 20 | Copyright © 2018 Deloitte Development LLC. All rights reserved. @sriramnatesan #TOAgile2019 Getintouch! We would love to hear your stories linkedin.com/in/sriramnatesan @sriramnatesan Sriram (Sri) Natesan snatesan@deloitte.ca We’re changing the world, one company at a time, to empower people to tackle their biggest problems, through an approach that is both consistent and sustainable
  21. 21. This publication contains general information only, and none of the member firms of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collective, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte USA LLP, Deloitte LLP and their respective subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2018 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited Thank You! DOCWOHOLIEST Visit our booth (Booth #5) with the below code to be entered into a raffle for latest Apple Airpods!

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