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Centralised or Federated:
Balancing shared IT
& Operations with
business ownership
Top Ten Challenges for
Investment Banks 2015
06
CentralisedorFederated:
BalancingsharedIT&Operations
withbusinessownership
06
Centralised or Federated: Balancing shared
IT & Operations with business ownership
All major investment banks have experienced cost pressures
in recent years, leading many of them to embark on
significant simplification programmes. Attempting to
centralise Operations and IT has been a crucial part of
many such programmes. However, there continues to be
considerable debate on whether this centralised model
actually delivers for the business or whether a more
federated model offers greater flexibility and responsiveness.
There are clearly benefits to both
approaches, and finding the appropriate
balance requires consideration. The main
driver in striking this balance is where the
organisation is on its simplification journey.
Those just beginning are likely to need the
synergies that can be achieved through
greater co-ordination, whereas those who
have spent several years cutting costs are
likely to have reached a natural limit for
how much centralisation can be achieved.
A further consideration is the influence
of the functions that Operations and IT
are designed to serve in the first instance
– whether that is specific to product
divisions, risk and finance, or even HR and
procurement functions. If these functions
are driven as group-wide shared services
then it makes sense for operations and IT
to be set up in the same way. If they are
divisionally separated, a more tailored
approach is likely to be needed. Finally,
an additional challenge is evaluating the
position of the investment bank’s
shared services in the
context of the wider
banking group.
Different
investment banks
have different
needs, but the
challenge for all
is finding the
balance between driving efficiencies
without adding further complexity to
already inherently complex
organisations.
2
Centralised vs. Federated
A centralised model is designed to give
more transparency, provide opportunities
to reduce costs, simplify reporting
structures and instil consistent governance
and control on architectures. Leading
global investment banks have typically
been moving towards this type of powerful
shared service model, increasingly reliant
on third-party providers, as they progress
their simplification journeys. At its most
extreme this can be a form of integrated
business service that spans all elements
of the organisation and delivers consistent
services across the globe in a fully
integrated fashion (see Fig 1).
In direct contrast a federated model allows
for different geographies and / or lines of
business to focus their IT and operations
functions on their own specific needs.
These models are not always the product
of conscious decisions but can often result
from rapid organic (or inorganic) expansion.
This model can offer significantly more
autonomy to specific business lines by
offering a bespoke service, but comes at
greater expense and complexity.
3
This model can offer
significantly more autonomy
to specific business lines
by offering a bespoke
service, but comes at greater
expense and complexity.
Figure 1: Shared services maturity model
Source: Accenture Research
Performance
Maturity
1. Discrete Shared Services	 2. Multi Function Shared Service (MFSS)	 3. Global Business Services (GBS) 	 4. Integrated Business Services (IBS)
Service Innovation
Global Service Owners
Integrated Delivery Network
Integrated Service Management
Americas	EMEA	 APAC
IBS Lead
Commercial Services
Supplier Services
Employee Services
Financial Services
Analytic Services
Other
Global Process Owners
Global Delivery Network
Global Service Management
Americas	EMEA	 APAC
GBS Lead
Finance
HR
IT
Other
Common Service Management
Americas	EMEA	 APAC
MFSS Lead
Finance
HR
IT
Other
Finance
HR
IT
Other
4
3yrs
BTG Pactual transitioned from a Brazilian bank
into a true continental bank in less than
Striking a balance
Using some of the more successful
emerging market investment banks as case
studies offers interesting insight on the
centralised vs. federated debate. They have
been grappling with the same pressures
faced by mature markets competitors but
are often less hampered by legacy systems.
This offers the opportunity to be more
innovative as they expand.
As well as cutting costs and allowing
economies of scale, centralising also
makes it easier to enact enterprise-wide
decisions and define strategies quickly.
Latin American investment banks tend to
be centralised in hub countries with
federated IT and Operations organisations
only where a country or business unit has
a unique requirement (see Fig 2).
BTG Pactual is an example of an
organisation that has adopted an
approach that creates synergies in its
back-office, but allows branches and
front-office to choose the best-of-breed
system or structure that will bring most
benefit. This move has facilitated a very
fast time-to-market, allowing the bank to
open offices and new business units, and
has resulted in BTG Pactual transitioning
from a Brazilian bank into a true
continental bank in less than 3 years. Their
success is derived from a strong enterprise
architecture strategy which balances the
costs and opportunities of each country
model and the overall Group position.
Figure 2: Centralised vs. Federated IT Operating Model
Source: Accenure Research
Global Excellence
Business Innovation
Process Maturity
Optimization
Independent IT Services
per single countryA
Central IT Governance
with country specific
IT ServicesB
Centralized common IT
infrastructure with country
specific applicationsC Full Centralized
IT ServicesD Centralised
Federated
InfraAppsITArchITGovCountryA
InfraAppsITArchITGovCountryB
InfraAppsITArchITGovCountryZ
...
Headquarters
InfraAppsCountryA
InfraAppsCountryB
InfraAppsCountryZ
...
Headquarters
IT Gov IT Arch
AppsCountryA
AppsCountryB
AppsCountryZ
...
IT Infra
Headquarters
IT Gov IT Arch
CountryA
CountryB
CountryZ
...
IT Gov - Apps
IT Arch - IT Infra
Headquarters
ExampleStrategicdrivers
5
The limitations of centralisation
Whilst centralisation can be successful
in many instances there are limitations.
Centralisation often meets resistance when
business leads feel they have lost control to
central functions and decision makers have
become too removed from the revenue
generating front line. This requirement to
strike a balance and ensure buy-in from the
business means any investment bank with
ambitions to be multi-jurisdictional and
multi-disciplinary needs to run a mixture
between centralised and federated models.
The inflection point comes when
centralisation leads not to greater simplicity
but to greater complexity. In recent years
many investment banks have tried to push
the centralisation agenda too far and
consequentially tipped the balance.
To return to Brazil, one leading investment
bank tried to centralise their entire product
catalogue but reverted after realising the
inflexibility it would have created. Their
subsequent business-led approach was
more successful, as they centralised the
intelligence and taxonomies of their
products using market standards creating
a common language, but gave autonomy
across all markets to allow customisation.
Finally, local regulation and guidelines can
also drive bespoke solutions. When a large
European bank, who successfully runs a
very powerful and heavily centralised
model, entered the Brazilian market they
found it necessary to adopt a more
federated approach and develop local
systems and operations in order to cope
with local market regulations and
product peculiarities.
Whilst there has been a lot of momentum
behind the centralisation agenda in recent
years, it is not a panacea and many have
retreated from this absolutist approach.
Having said this, there are some common
parallels and best practices that can
be adopted. A hybrid approach between a
centralised model where industrialisation is
needed and there is limited market
differentiation, and a federated model
where respect for idiosyncrasies and
time-to-market is required, is key to
reach this goal. This means finding
the right balance, ruled by a well
understood enterprise architecture
strategy, targeted to bring value to
the business.
In recent years many
investment banks
have tried to push the
centralisation agenda too
far and consequentially
tipped the balance.
Whilst there has been a
lot of momentum behind
the centralisation agenda
in recent years, it is not
a panacea and many
have retreated from this
absolutist approach.
About Accenture
Accenture is a global management
consulting, technology services and
outsourcing company, with more
than 305,000 people serving clients in
more than 120 countries. Combining
unparalleled experience, comprehensive
capabilities across all industries and
business functions, and extensive
research on the world’s most successful
companies, Accenture collaborates
with clients to help them become
high-performance businesses and
governments. The company generated
net revenues of US$30.0 billion for the
fiscal year ended Aug. 31, 2014. Its home
page is www.accenture.com.
Accenture Experts
To discuss any of the ideas presented
in this paper please contact:
Fabio Rodacki
Managing Director
Capital Markets, San Paulo
fabio.rodacki@accenture.com
+55 11 5188 4317
Wagner Simao
Managing Director
Capital Markets, Mexico City
wagner.o.simao@accenture.com
+55 11 5188 3710
Disclaimer
This report has been prepared by and is distributed by Accenture. This document is for
information purposes. No part of this document may be reproduced in any manner
without the written permission of Accenture. While we take precautions to ensure
that the source and the information we base our judgments on is reliable, we do not
represent that this information is accurate or complete and it should not be relied upon
as such. It is provided with the understanding that Accenture is not acting in a fiduciary
capacity. Opinions expressed herein are subject to change without notice.
Copyright © 2014 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.

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Top Ten Challenges for Investment Banks 2015: Restructuring: Challenge 6

  • 1. Centralised or Federated: Balancing shared IT & Operations with business ownership Top Ten Challenges for Investment Banks 2015 06 CentralisedorFederated: BalancingsharedIT&Operations withbusinessownership
  • 2. 06 Centralised or Federated: Balancing shared IT & Operations with business ownership All major investment banks have experienced cost pressures in recent years, leading many of them to embark on significant simplification programmes. Attempting to centralise Operations and IT has been a crucial part of many such programmes. However, there continues to be considerable debate on whether this centralised model actually delivers for the business or whether a more federated model offers greater flexibility and responsiveness. There are clearly benefits to both approaches, and finding the appropriate balance requires consideration. The main driver in striking this balance is where the organisation is on its simplification journey. Those just beginning are likely to need the synergies that can be achieved through greater co-ordination, whereas those who have spent several years cutting costs are likely to have reached a natural limit for how much centralisation can be achieved. A further consideration is the influence of the functions that Operations and IT are designed to serve in the first instance – whether that is specific to product divisions, risk and finance, or even HR and procurement functions. If these functions are driven as group-wide shared services then it makes sense for operations and IT to be set up in the same way. If they are divisionally separated, a more tailored approach is likely to be needed. Finally, an additional challenge is evaluating the position of the investment bank’s shared services in the context of the wider banking group. Different investment banks have different needs, but the challenge for all is finding the balance between driving efficiencies without adding further complexity to already inherently complex organisations. 2
  • 3. Centralised vs. Federated A centralised model is designed to give more transparency, provide opportunities to reduce costs, simplify reporting structures and instil consistent governance and control on architectures. Leading global investment banks have typically been moving towards this type of powerful shared service model, increasingly reliant on third-party providers, as they progress their simplification journeys. At its most extreme this can be a form of integrated business service that spans all elements of the organisation and delivers consistent services across the globe in a fully integrated fashion (see Fig 1). In direct contrast a federated model allows for different geographies and / or lines of business to focus their IT and operations functions on their own specific needs. These models are not always the product of conscious decisions but can often result from rapid organic (or inorganic) expansion. This model can offer significantly more autonomy to specific business lines by offering a bespoke service, but comes at greater expense and complexity. 3 This model can offer significantly more autonomy to specific business lines by offering a bespoke service, but comes at greater expense and complexity. Figure 1: Shared services maturity model Source: Accenture Research Performance Maturity 1. Discrete Shared Services 2. Multi Function Shared Service (MFSS) 3. Global Business Services (GBS) 4. Integrated Business Services (IBS) Service Innovation Global Service Owners Integrated Delivery Network Integrated Service Management Americas EMEA APAC IBS Lead Commercial Services Supplier Services Employee Services Financial Services Analytic Services Other Global Process Owners Global Delivery Network Global Service Management Americas EMEA APAC GBS Lead Finance HR IT Other Common Service Management Americas EMEA APAC MFSS Lead Finance HR IT Other Finance HR IT Other
  • 4. 4 3yrs BTG Pactual transitioned from a Brazilian bank into a true continental bank in less than Striking a balance Using some of the more successful emerging market investment banks as case studies offers interesting insight on the centralised vs. federated debate. They have been grappling with the same pressures faced by mature markets competitors but are often less hampered by legacy systems. This offers the opportunity to be more innovative as they expand. As well as cutting costs and allowing economies of scale, centralising also makes it easier to enact enterprise-wide decisions and define strategies quickly. Latin American investment banks tend to be centralised in hub countries with federated IT and Operations organisations only where a country or business unit has a unique requirement (see Fig 2). BTG Pactual is an example of an organisation that has adopted an approach that creates synergies in its back-office, but allows branches and front-office to choose the best-of-breed system or structure that will bring most benefit. This move has facilitated a very fast time-to-market, allowing the bank to open offices and new business units, and has resulted in BTG Pactual transitioning from a Brazilian bank into a true continental bank in less than 3 years. Their success is derived from a strong enterprise architecture strategy which balances the costs and opportunities of each country model and the overall Group position. Figure 2: Centralised vs. Federated IT Operating Model Source: Accenure Research Global Excellence Business Innovation Process Maturity Optimization Independent IT Services per single countryA Central IT Governance with country specific IT ServicesB Centralized common IT infrastructure with country specific applicationsC Full Centralized IT ServicesD Centralised Federated InfraAppsITArchITGovCountryA InfraAppsITArchITGovCountryB InfraAppsITArchITGovCountryZ ... Headquarters InfraAppsCountryA InfraAppsCountryB InfraAppsCountryZ ... Headquarters IT Gov IT Arch AppsCountryA AppsCountryB AppsCountryZ ... IT Infra Headquarters IT Gov IT Arch CountryA CountryB CountryZ ... IT Gov - Apps IT Arch - IT Infra Headquarters ExampleStrategicdrivers
  • 5. 5 The limitations of centralisation Whilst centralisation can be successful in many instances there are limitations. Centralisation often meets resistance when business leads feel they have lost control to central functions and decision makers have become too removed from the revenue generating front line. This requirement to strike a balance and ensure buy-in from the business means any investment bank with ambitions to be multi-jurisdictional and multi-disciplinary needs to run a mixture between centralised and federated models. The inflection point comes when centralisation leads not to greater simplicity but to greater complexity. In recent years many investment banks have tried to push the centralisation agenda too far and consequentially tipped the balance. To return to Brazil, one leading investment bank tried to centralise their entire product catalogue but reverted after realising the inflexibility it would have created. Their subsequent business-led approach was more successful, as they centralised the intelligence and taxonomies of their products using market standards creating a common language, but gave autonomy across all markets to allow customisation. Finally, local regulation and guidelines can also drive bespoke solutions. When a large European bank, who successfully runs a very powerful and heavily centralised model, entered the Brazilian market they found it necessary to adopt a more federated approach and develop local systems and operations in order to cope with local market regulations and product peculiarities. Whilst there has been a lot of momentum behind the centralisation agenda in recent years, it is not a panacea and many have retreated from this absolutist approach. Having said this, there are some common parallels and best practices that can be adopted. A hybrid approach between a centralised model where industrialisation is needed and there is limited market differentiation, and a federated model where respect for idiosyncrasies and time-to-market is required, is key to reach this goal. This means finding the right balance, ruled by a well understood enterprise architecture strategy, targeted to bring value to the business. In recent years many investment banks have tried to push the centralisation agenda too far and consequentially tipped the balance. Whilst there has been a lot of momentum behind the centralisation agenda in recent years, it is not a panacea and many have retreated from this absolutist approach.
  • 6. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com. Accenture Experts To discuss any of the ideas presented in this paper please contact: Fabio Rodacki Managing Director Capital Markets, San Paulo fabio.rodacki@accenture.com +55 11 5188 4317 Wagner Simao Managing Director Capital Markets, Mexico City wagner.o.simao@accenture.com +55 11 5188 3710 Disclaimer This report has been prepared by and is distributed by Accenture. This document is for information purposes. No part of this document may be reproduced in any manner without the written permission of Accenture. While we take precautions to ensure that the source and the information we base our judgments on is reliable, we do not represent that this information is accurate or complete and it should not be relied upon as such. It is provided with the understanding that Accenture is not acting in a fiduciary capacity. Opinions expressed herein are subject to change without notice. Copyright © 2014 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.