The FirstRand Group is a financial services provider in South Africa. It is one of the largest financial institutions in South Africa and the holding company of First National Bank (FNB), a retail and commercial bank. One of the core principles of the FirstRand Group is an ownership culture in which each subsidiary is empowered to make business decisions. This ownership culture is evident in FNB, which consists of multiple complex and independent business units that are accountable for their business function lines’ enterprise. Each business function is supported by independent IT departments that are at varying levels of maturity. These varying levels of maturity, coupled with complexity, have introduced associated risk into the IT ecosystem of FNB.
To address the potential risk, the FirstRand group drafted an IT governance framework that was approved by the Governance Committee, where it obtained the support of the board of directors. Read More >>