Risk management saves business case

A Client Case Study

Back in the early days of the consumer internet, in 2000, a major Australian financial institution was considering offering an externally-run cloud-based service to its customers. The service would allow customers to store login credentials from the financial institution and other sites, thereby allowing customers access multiple web-based services with a single login.

The cost of the outsourced service to the financial institution was relatively small, less than 10% of what would be considered a major project at that organisation. However, the proposal was considered extremely risky by the senior management team and was summarily rejected. The proponent of the service, an innovative change leader, approached Stephanie Owen for assistance.

Stephanie worked with the proposing manager to identify and assess the strategic, operational and project risks associated with the proposal. Topping the list was the potential reputational damage to the financial institution, in the event of security breaches on the part of the outsourced provider.  Stephanie facilitated workshops with key stakeholders to develop a contingency action plan in the event of a security breach. On the basis of the agreed detailed contingency plan, Stephanie and the manager obtained approval for the project to go ahead.

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© 2014 Strategy2Life. This is a genuine client case study. Due to client confidentiality, certain identifying details of the case may have been disguised or omitted.
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