Transformation Solutions

Finance Control Transformation for an APAC Banking Group

Challenge

An APAC-based banking group had recently failed internal and regulatory audits due to non-permitted trading activity within certain business lines. The lapses exposed weaknesses in finance control governance, operational risk monitoring, and assurance frameworks across multiple business units.

The CFO required the establishment of a central oversight function to manage and monitor the bank’s operational risk profile across the Finance Division, ensuring alignment with group-wide risk frameworks and remediation of audit findings.

The challenge involved not only designing new governance and control structures but also embedding them within a diverse, siloed finance ecosystem — spanning treasury, tax, and corporate affairs — under time pressure from regulators and auditors.

Solution

Harmonic Strategy designed and implemented a Finance Business Operational Risk Management (BORM) transformation framework, integrating control assurance, governance uplift, and digital risk monitoring into a unified operating model.

1. Strategic Alignment & Design Blueprint

• Partnered with the CFO and Head of Financial Management Group (FMG) to define the vision and mission of the new BORM function.

• Ensured alignment with regulatory compliance, audit remediation, and the Group’s overarching risk appetite.

• Developed a Finance Operational Risk Target Operating Model (TOM) — outlining structure, governance tiers, accountability maps, and performance measures.

• Defined key principles of risk culture, accountability, and transparency, ensuring a consistent tone-from-the-top across Finance.

2. Framework Development & Control Standardisation

• Reviewed and harmonised existing control frameworks across Finance, Tax, Treasury, and Corporate Affairs to create a consistent Finance Control Operating Standard (FCOS).

• Designed control libraries and standardized templates for incident management, risk assessment, and remediation tracking.

• Built a Control Assurance Framework incorporating quarterly testing of high-risk areas and automated reporting via Power BI dashboards.

• Developed tools and processes to monitor Finance’s compliance with control standards and drive continuous improvement.

3. Digital Enablement & Automation

• Introduced user-developed applications (UDAs) using Power BI and Alteryx to enable real-time visibility into operational risk trends and audit remediation progress.

• Automated recurring risk reporting workflows and dashboard visualizations for CFO and SteerCo review.

• Integrated control test results and incident data into a central risk data mart, supporting analytics-driven decision-making.

4. Change Management & Capability Uplift

• Delivered comprehensive training and awareness sessions for finance staff across business units to embed understanding of operational risk principles and control standards.

• Developed a BORM Knowledge Hub, housing playbooks, templates, and FAQs on risk management best practices.

• Facilitated cross-functional workshops to address cultural resistance and reinforce ownership of risk and control processes.

• Created a CFO Assurance Pack summarizing significant control matters, progress, and residual risks for monthly executive reporting.

5. Governance & Continuous Improvement

• Implemented a tiered governance structure with clear escalation protocols:

  • Level 1: Business Unit Control Owners

  • Level 2: BORM Function (2nd line support)

  • Level 3: CFO and Executive Risk Committee oversight

• Established a recurring Control Review Cycle for ongoing risk assessment and validation.

• Designed a feedback loop to refine control standards in response to evolving accounting standards and business model changes.

Key Deliverables

• Finance Business Operational Risk Management (BORM) Framework

• Finance Control Operating Standards (FCOS) and Assurance Playbook

• Digital Risk Dashboards (Power BI / Alteryx-enabled)

• Finance Risk Data Mart for audit and compliance reporting

• Change Management & Capability Uplift Program

• CFO Assurance Reporting Pack

Client Benefits

• Achieved audit remediation across high-risk finance functions and restored regulatory confidence.

• Enabled real-time monitoring of finance operational risk through digital dashboards.

• Enhanced cross-functional collaboration between Finance, Tax, Treasury, and Corporate Affairs.

• Reduced manual risk reporting time by 35%, freeing staff for higher-value analysis.

• Embedded a culture of risk awareness, accountability, and continuous improvement across Finance.