The BCS Operational Control Architectureâ¢ is a continuous control monitoring (CCM) technology framework consisting of eight modules designed to address specific issues and automate processes to maintain daily operational control. Abbey Financial Markets embarked on a radical programme of improvements to its internal operational control infrastructure in January 2005 with the adoption of the BCS Operational Control Architectureâ¢. The eight modules: BCS Libraryâ¢; BCS Certificationâ¢; BCS Auditâ¢; BCS Integrityâ¢; BCS Incidentsâ¢; BCS Regulationsâ¢; BCS SOXâ¢; and BCS Metricsâ¢ are being delivered not only across Abbey Financial Marketsâ London activities, but elements are being used by its US operations and in Abbeyâs Asset Management business.
The core functionality of the BCS Operational Control Architectureâ¢ includes a central repository for internal control information, the control of balance sheet integrity, audit point tracking, incident reporting and specific views of regulatory compliance (e.g. with FSA regulation, Sarbanes Oxley and other legislation).
Nathan Bostock, CFO and Financial Markets Director at Abbey says: "The work that we have done with Business Control Solutions over the last year has made a significant impact on daily activity within Abbey Financial Markets. The implementation of BCS Operational Control Architecture means I can now see from my desk-top the overall operational control status at that moment, across the business. And I am just a few clicks away from the lowest level of detail if I need to investigate further."
Martin Preen, COO and Marketing Director at BCS Group says: "From the outset Abbey Financial Markets wanted to place operational risk and control monitoring at the core of their business. One of the primary objectives was to remove multiple systems supporting multiple projects utilising the same data and in having a centralised framework, not only will Abbey Financial Markets have increased transparency over the organisation, they will also save costs in the future as new regulatory obligations arise and the business changes."