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ANZ consolidates operational risk into ServiceNow
- ANZ Banking Group is migrating its entire non-financial risk portfolio to ServiceNow to strengthen operational resilience.
- ANZ shifted from IBM’s OpenPages to ServiceNow’s integrated risk management platform focusing on 16 key risk domains and 19 critical business operations.
- The implementation of ServiceNow’s common service data model version five allowed workflow orchestration across various modules including IRM, BCM, TPRM, and ITSM.
- ANZ mapped 43,000 supporting resources, risks, and controls against core business processes and used Kafka and API-based connectivity for data sources.
- The program was partly driven by APRA’s new prudential standard CPS 230 focusing on operational risk.
- ANZ identified 16 non-financial risk themes and aims to fully onboard 19 critical operations to ServiceNow by July 1.
- The focus extended to external partners and contractors to understand the chain of resilience, leading to adopting TPRM integrated with Orbis and SAP Ariba.
- ANZ plans to expand the use of ServiceNow for BCM and adopt generative AI tool Now Assist for automation and AI in risk and resilience management.
- The bank aims to expand its operational resilience framework for a comprehensive view of its value chain and enhance operational efficiency through AI.
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