142  Blockchain

This question will allow a company to understand how many jour-

neys of end-to-end customers are in existence. It will also provide an

opportunity to reduce the number of touchpoints as well as consoli-

date the reusable journeys and touchpoints across multiple customer

journeys, wherever possible.

• Do you have repetitive processes across multiple business processes?

As part of the questionnaire, the value add would be to recognise

the repetitive activities within a single or multiple business processes.

This will provide an opportunity for a company to consolidate the

processes to reduce the customer journey touchpoints. This will also

provide cost savings and improve the customer experience from the

services offered.

• Do you use the standardised process that can be reusable across

multiple business processes? As part of digitalisation journeys, a

lot of innovative technologies have been recognised to simplify the

product development as well as standardisation of the existing busi-

ness processes. Technologies and concepts like agile development,

microservices and APIs (application programming interfaces) are

some of the concepts that can really simplify the products, provide

cost savings and benefit from quick to market. In order to flourish

the reusability of processes and underpinning information technol-

ogy (IT) components, the very first steps are to know end-to-end

touchpoints of all business processes for a service and then find

opportunities to standardise the process to gain advantages of reus-

able components.

• Do you have a robust adoption of the risk and control framework?

Many organisations have some sort of risk and control framework or

adoption of industry wide standards for risk and controls. This is an

essential question to assess the maturity of a company’s appetite for

risk and what controls are in place to mitigate a variety of risks. Every

company under a regulated industry must comply and showcase their

risk appetite and what standards/controls are in place to mitigate the

risks. One of the industry standards on risk management is as follows:

⚬

⚬ISO 31000 Risk Management: https://www.iso.org/iso-31000-

risk-management.html

• Are you regulated by local and global regulators? Usually most of

the businesses are regulated; however, depending on their size and

territory, businesses can be under different kinds of regulations.

For instance, a small challenger bank like Monzo or Sterling Bank

will be regulated by the UK regulator, that is, FCA and PRA. A

global bank like HSBC will be regulated by various local regula-

tors due to their presence in various markets around the globe. It

is important to know about business footprint globally in order

to assess and review their strategy for legal and compliance. It is