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![Page 1: FST Media Technology & Innovation – the Future of Insurance & Wealth Management Conference Four Pillars of the CIO Role Strategy, Governance, Risk and.](https://reader036.fdocuments.net/reader036/viewer/2022062504/5a4d1b197f8b9ab059992a25/html5/thumbnails/1.jpg)
FST MediaTechnology & Innovation – the Future of Insurance & Wealth Management Conference
Four Pillars of the CIO RoleStrategy, Governance, Risk and Delivery
Vivek Bhatia, Chief Information Officer
Sydney, 27 March 2008
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What changes are impacting the industry?
Change Effect
Consolidation of insurers and distributors • Scale economies driving down price
• Leveraging of distribution
• International best practice
Insurers acquiring distribution • Blurring of boundaries of traditional models
• Cost efficiencies
• Compliance and independence
Changing demographics and purchasing trends
• Workforce change
• Internet – transactions and marketing
Private Equity and Hedge Funds • Pressure on listed company managers
• Absolute focus on shareholder returns
Labour market trends • Full employment driving wage inflation
• Competition for talent
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Continuous change for us
INFORMATION
TECHNOLOGY
Changing business and technology
landscape
Thought leadership
Training & Development
Emphasis on business acumen
Exceeding customer
expectations
Partnership
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4
Objective
business-enabling strategies1
2
3
4
To provide a satisfactory return to shareholders
Key Pillars for the CIO to help achieve the objective –
strong governance framework
sound risk management
reliable delivery capability
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Key Priorities
Customer service
OperationalExcellence
Risk Management
Best team
Stra
tegy
do
ing
the
righ
t th
ings
Gov
erna
nce
doin
g th
em r
ight
Day
to
Day
Act
ions
Profitable growth
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Business enabling strategies
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strategiesResults of a CIO leadership survey conducted by IBM, Harvard & MIT -
2006 :
CIOs felt transformative power of technology was not recognised by CEOs
2007 :
Increasingly CEOs and the Board recognised technology as being central to innovation and competitive advantage and a significant driver to business value
Three main items on the agenda
• Performance improvement to external partnering, market expansion and internal efficiency
• Develop high potential IT staff to counter shortfall in talent
• Extend the level collaboration to the lines of business i.e. greater IT-Business alignment
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strategies
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Strong governance framework
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governance is critical
Measurement of performance
Financial discipline
Partnering to achieve
business case outcome
Efficiency of end-to-end
function
Critical issues / High criticality / Not desirable
Some issues / Medium criticality
No issues / Low criticality / Very desirable
Confidence
Low -
Medium -
High -
Confidence
Low -
Medium -
High -
Confidence
Low -
Medium -
High -
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Sound risk management
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risk is the name of the game
Sustainability
De-risking the organisation
Measurement of risk
Defining appetite
Controls and ownership
Information Security
Disaster Recovery Planning
Business Continuity Planning
Regulatory Compliance
Protection & promotion of brand
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risk is the name of the game
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Reliable delivery capability
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operational excellence
Drive competitor and market advantage
Best in class cost structure
Internal systems & processes
Measurement of service
Emphasis on customer service
Challenge convention
to drive change
consistently
“be patient in planning, but relentless in execution”
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operational excellence
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leaving thoughts
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Thank You