IT Cost Optimisation Investment & Wealth Management Company

Client Challenge

The technology function supports the organisation’s Retail, Savings, and Investments businesses. It also provides support for Finance, HR, Risk, and other core business functions. The client had envisaged that the total cost to run its Technology Function would reduce as they migrate from their leased Data Centre to the cloud, increasing efficiencies and driving down costs globally. Prior to the migration the client needed to validate and Benchmark its IT expenditure for each of the key business areas: Heritage, Investments & Retail (Wealth) against industry standards. The run cost was broken into five areas: Applications; Resource; Shared Infrastructure and Enterprise software; End User; Security.

What we did

The project team worked with a data analytics and security partner to conduct:

Security Toolset Review

  • Security headcount verses the market benchmark indicators
  • Evaluate the current security toolsets and identify more cost effective alternatives that meet the client’s Risk Appetite

Functional Operational Model Analysis

  • Reviewed the resources compared with the TORI Functional Operations model based on benchmark headcount inputs. This highlighted functional overlaps and opportunities to rationalise
  • Benchmark and critically examine cost of Change (Project costs)
  • Delivered final report which included detailed feedback and strategic recommendations which were presented to the Board of Directors
  • Hosted specific Deep dive Workshops, post receipt of Benchmark data

Outcomes & Results

  • The opportunities identified from the Benchmarking exercise discussed and agreed with the relevant stakeholders
  • Drove down the cost to change per increment £ of revenue generated. The objective to drive the cost base to be best in class over the medium term (3 years) was achieved through a set of recommendations
  • Recommendations were segmented into key feedback, quick wins, and medium-term plan. The client was happy with the observations TORI had made and discussed the recommendations with the Board