Effective risk management methodologies for digital transformation banking projects. A case study for the digital transformation programme in a major bank in Cyprus.

Abstract

The main purpose of this research is to provide a closer insight to the understanding, application and utility of Risk Management Methodologies for the Digital Transformation projects in the Banking sector and more especially in the case of a major bank in Cyprus. In other words, it will examine how Project Management assesses and analyses risks through these methodologies in terms of the risk management processes in the Bank’s project. The first step to define the Project Risk Management process and practices is to understand the whole process with their proper techniques and tools with prime scope to mitigate and eliminate risks in general. This analysis could help in understanding of the idea and the attributes considered in the assessment of the project risk management. Apart from this, this dissertation aims to define the existing knowledge and literature review and present some of the most important Information Technology Project Risk Management methodologies in order to complete this kind of project. Project Risk Management methodologies are discussed by presenting their structure and characteristics. There is an analysis of what is the process and significance in each step for the whole implementation of the Digital Transformation and specific key roles each methodology has. The objective is to recommend a Project Risk Management plan to be developed in the specific or further Digital transformation projects in the banking sector. The collection of the data was made through specially formed questionnaires and interviews respectively to literature review. The IBM Project Executive has also provided some general information and presentations in terms of the general targets of the programme and specific goals of each project. That information is provided to the Bank’s case subchapter. Data Analysis and visual presentation show how the specific project analyses and faces risks within the project methodologies used. The analysis of the results chapter has been divided into four categories (1) Benefits, (2) Risk Management and Risk Management Approaches, (3) Challenges, (4) Suggestions. Those categories are extracted from the qualitative analysis tool Atlas.Ti and will be analysed in Chapter 4 separately. The questionnaire results were directly statistically displayed through Google Forms The Risk management plan proposal for the specific project will be presented in the subchapter of the Chapter 4 Results. The specific plan has strong evidence based on the data which has been collected from interviews, questionnaires and researcher observatory.