I wanted to share a quick update with you.
A New Enterprise Process Standard
Augment has recently been engaged to lead the finalization of a new Enterprise Process Standard for a top 50 bank; this responsibility has been handed over to Augment away from a Big 4.
In this capacity, we are engaging and socializing with stakeholders across 1st line and 2nd line organizations, making necessary updates to the draft, and pushing the standard for committee approval before the end of Q3. The expectation is that once the standard is in place, all processes across the enterprise must meet the requirements of the new standard.
Where the Work Leads
We already see multiple needs within the 2nd line for resources to help manage the program of coordinating the expectation-setting across the enterprise, answering questions and working with business lines as they try to adapt the process documentation, tracking progress of the initiative, and building the 2nd line’s own oversight capabilities as required by the new standard while making enhancements to its own processes. In conversations with some 2nd line leaders, they agree with our assessment.
The larger level of effort will lie within the business lines who need to enhance their process documentation, metrics, and data collection. The 2nd line has informed us that the 1st line does not have the resources needed for this effort and that the limited number of available resources are too junior. They assess that the activities will run into and through 2024. I am meeting with the leader of the initiative from the 1st line next week and have already been in touch with the president of the bank explaining our capabilities. I believe they will need a broad combination of risk management, process engineering, data analytics, technology, and program/project management resources.
I feel optimistic that Augment will be given the opportunity to support both organizations over the next 18-24 months of activity.
What’s Next
In addition to this specific, larger opportunity, we are in conversations with a number of clients about potential engagement opportunities and will be launching outreach to target clients in the first half of July. We are also engaging with several consultancies who we can provide augmented support to when they land large initiatives that require more resources than the consultancy can directly source.
I’ll keep you posted as these opportunities progress.
