PwC successfully completed developing Information Technology strategy and information security strategy for FUIB

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Kiev, 11 July 2011 - PwC completed development of Information Technology and Information Security strategy for First Ukrainian International Bank.

During the engagement, PwC Banking Technology Group conducted interviews of the board members and key functional leaders, got familiar with the bank’s new business strategy and identified business requirements to IT. PwC consultants then assessed the existing IT project portfolio, business applications, IT infrastructure and IT governance functions against the business requirements.

PwC also conducted a diagnostics of the information security risks based on ISO 27001 and performed SWOT analysis of the Information security Function.

PwC consultants assessed current maturity of the bank’s IT and information security functions and benchmarked he bank’s IT function against peers in the financial services sector.

The PwC Banking Technology team conducted market research for seven classes of dedicated banking systems and two classes of information security solutions selected by the bank. This was followed by a series of workshops aimed at communicating to the bank’s management benefits from implementation of each class of these solutions, their functionalities, pricing and implementation timeframe, success stories and target architecture options.

As a result of the engagement, PwC team defined for the bank its target IT architecture, IT and Information Security project roadmap for the next five years. Additional benefits for the bank included design of the new IT governance and organizational structure, including the IT risk management model. Project roadmap covers business applications, infrastructure and information security. PwC consultants suggested options for the structure of the key committees required to meet business, IT and information security objectives efficiently and effectively.

PwC estimated investments required for implementing the bank's strategic initiatives aimed at improving IT application architecture, IT infrastructure as well as IT governance and information security management functions.

According to Gennady Molodchinny, First Deputy Chairman of the Board, deliverables were used as a basis for IT development strategy and information security strategy of the bank, which forms an integral part of the bank's overall strategy to 2014. Business requirement visualisation methodology used by PwC provided a clear view of the benefits associated with implementing state-of-the-art IT solutions for the bank.

According to Alexey Yankovski, the leader of PwC Banking Technology Group, it is crucial, given the current economic environment, not to miss the time to create mature IT architecture and implement modern banking solutions that will support the bank in gaining momentum during a post-crisis period and strengthening its leading positions.

The engagement helped the bank’s business to gain a better understanding of the benefits associated with the modern banking technologies, while the bank's IT function improved its knowledge of the objectives set by the business. Communication of the business and IT was significantly improved. Currently, the bank started implementation of its new ambitious IT and Information Security strategies designed by the engagement team.

 

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The Banking Technology Group of PwC provides advisory services to banks in the area of architecture planning, banking systems selection and implementation, IT strategy development and IT governance processes improvement.