A leading high street bank needed to set-up a challenger bank. Retonomy was brought in to establish critical supplier functions and consult internally.
The financial crisis had a profound and lasting effect on the UK’s economy – particularly for the banking sector.
With Government intervention at its heaviest for a generation, one leading high street bank was asked to reinvigorate the retail sector by using its own assets to create, then sell off, a challenger bank.
Retonomy was asked to apply its outsourcing expertise, and its specialist knowledge of establishing and managing supplier relationships to help create a new, wholly outsourced, IT function for the challenger bank.
New supplier function, significant risk
Without specialist knowledge or experience of outsourcing IT in the new organisation, the parent company needed to ensure that it realised true value from its agreements. Significant risk existed. It needed an experienced gatekeeper to ensure its partner organisations met their obligations and to guarantee each agreement was implemented and delivered to the expectations of the newly established bank.
With up to a hundred IT suppliers allocated to the challenger bank by the parent company, contracts were passed to Retonomy for it to establish and manage the process by which the new bank assumed control of these agreements, then suppliers were brought on-board to begin implementation.
Retonomy took ownership for contract management, creating the performance management process, the supplier relationship management process, while also acting as the single point of contact for all supplier queries during the set-up process.
Using just a small team, Retonomy maintained control and created a seamless process for delivery of critical IT management systems.
Troubleshooting the supply chain
The process of ensuring that governance of the supplier pipeline was correct relied heavily on close collaboration with the client organisation and the outsourcing partners. The responsibility for oversight, added to a general outsourcing expertise, gave Retonomy an intimate and innate understanding of the project.
This unique understanding of outsourcing meant Retonomy’s role developed from straightforward delivery to a hybrid delivery/consultative role, providing outsourcing and vendor relationship management advice across the new organisation.
Dependable and repeatable processes
Such a high number of suppliers, inevitably, meant a great many agreements; the processes were overseen by the team of the Chief Information Officer at the new bank.
With so many contracts to oversee, the potential for the new bank to become swamped by detail and the administration of varying methodologies became real.
Using its experience of establishing large outsourcing programmes, Retonomy was able to alleviate this potential threat – and to make life simpler for the client – by ensuring the various processes it established were free of extraneous method, straightforward, similar in approach, and easily replicable for the future.