The Arizona Department of Financial Institutions (AZDFI), formerly known as the Arizona State Banking Department, was originally codified in 1922 and enacted into law in 1973.
AZDFI is statutorily charged with the licensing, supervision and regulation of state-chartered financial institutions and enterprises ensuring the safety and soundness of the financial services industry in Arizona. The Department also investigates complaints that are filed by consumers against licensed entities and directs appropriate remedial action if the violations are substantiated.
The Arizona Department of Financial Institutions (AZDFI)
State Agency responsible for licensing, supervising and regulating state-chartered financial institutions and enterprises
AZDFI wished to transfer their legacy system into a faster, more efficient digital one. This meant hiring an implementer who would work towards their paperless objective. However, the decommissioning and implementation process faced some delays causing the project to stall. As a result, AZDFI needed to ensure the original business requirements still matched their current needs and objectives. At that point, MSS was engaged to assess the project and determine how achieve a successful digital transformation to get the Agency back on track.
AZDFI requested MSS Business Transformation Advisory (MSSBTA) to organize the original project. So, we established a clear project status reporting structure, verified the project’s goals and objectives, and finalized the project work plan. Then, AZDFI requested documentation of Current State project performance, including:
- Staffing, and
- Project recovery plans
MSSBTA immediately conducted a high-level objectives assessment that reflected AZDFI’s Current State. MSS assessed the project by evaluating program structure, IT risks, governance, adoption and deployment strategy, communications, training plans and readiness risks. We examined if the business requirements of the original project plan aligned with AZDFI’s current needs. Additionally, we considered if the vendor was capable of supporting the implementation with limited liability. Through these deep-dive audits, we helped the agency determine if their current path and structure would help them be successful, or if they needed to re-evaluate their course of action.
Current State Analysis
The Resulting Successful Digital Transformation
MSSBTA analyzed the existing system and compared the Current and Future State requirements. The existing parameters of the implementation project did not cover all of the parts and pieces needed to support the agency’s Future State vision. MSSBTA consultants recommended investing time to explore other implementation options.
Informed by MSSBTA’s high-level assessment, AZDFI was confident to move forward toward a fully executed and successful digital transformation.
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