May 4, 2021
A recent Cross-Financial Service change management review by the FCA looked at how financial firms manage technology change, the impact of change failures and the practices utilised within the industry to help reduce the impact of incidents resulting from change management. Key amongst other things, the report revealed that in general, change was managed effectively by the industry with only 1.6% of technology changes resulting in an incident.
However, due to the volume of change implemented by sample firms, this resulted in significant disruption amounting to 13,767 incidents in 2019 of which 14% (1,900 incidents) had a customer-facing impact. It’s difficult to put a price on such incidents. If we equate them to an IT outage, then according to a Gartner report, a single hour of downtime is likely to cost over $100,000.
So what does best practice look like?
According to FCA’s study - “stronger governance, day-to-day risk management, increased automation and more robust testing and planning can contribute to successful change activity and less disruption".
Overall, the FCA found that organisations that used microservices, automation and deployed changes more frequently had higher change success rates.
Read the full-length article to learn about Form3's unique approach to tackling technology change with banks and why microservices, end to end automation and a DevSecOps model ensures a smooth operation from start to finish.
Read the full-length article here