Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HA2042 Accounting Information Systems Individual...
Preeta answered on May 29 2021
Title Goes Here 10
TITLE OF THE PAPER CENTERED AND IN CAPS LOCK
by Student’s Name
Code + Course Name
Below provided study gives an insight about the business and organizational process of the Commonwealth Bank of Australia. Furthermore, the study will provide information about the issues the CBA is currently facing. Besides, the article provides the ERP software needed as the solution. There is a shortlist of software provided and from there a software is chosen to efficiently help the organization.
Description of Business and its processes
Australian International Bank for businesses around New Zealand, Africa, the United States, and the UK The Commonwealth Bank of Australia is an Australian multinational corporation. It provides a range of financial services, from retail, corporate and institutional banking, management of funds, pension, and investment services. The Commonwealth Bank, with brands including the Bankwest, Colonial First State Investments, the ASB Bank (New Zealand), Commonwealth Securities (ComSec), and the Commonwealth Insurance, is the larger coded company on Australian Securities Exchange as of August 2015 (Gallimore et al., 2016). Commonwealth Bank of Australia is also one of Southern Hemisphere's largest bank.
The Commonwealth Bank was founded as one of Australia's 'big four' banks in 1996, with National Australia Bank (NAB), ANZ and Westpac in 1911 and fully privatized in 1996. In 1991, the bank was listed on the Australian Bourse.
The Commonwealth Trading Base, which was refurbished for retail and commercial purposes between 2012 and (from 1984 until 2012) was the former global headquarters of Commonwealth Bank, at the corner of Pitt Street and the Martin Place, and the Martin Place State Savings Bank, which was distributed in 2012 to Macquarie Bank. Headquartered on Sussex Street 1 in Darling Harbour, on the west side of Sydney City Centre, is relocated to Tower 1, 201, as well as two separate nine-story towers on Sega World Sydney's grounds.
Initiated by the Andrew Fisher Labor government on 22 December 1911, the Commonwealth Bank of Australia was created under the Commonwealth Bank Act in 1911, which favored bank nationalization (Nguyen et al., 2017). The bank has been conducting savings and general banking activities in an unusual step for that period. The bank has provided the first central government loan in Australia. King O'Malley was the bank's early and strenuous founder, and his first Governor, Sir Denison Miller, was a flamboyant American-Australian labor leader.
In Melbourne, on 15 July 1912, the bank started its first branch. The bank also traded through postal agencies, in an agreement with Australia Post that exists until now. It took over Tasmania's State Savings Bank in 1912 and had branches in all the six countries in 1913.
The bank moved to Sydney in 1916. The bank also expanded when the Australian army pursued New Guinea, a branch formed in Rabaul, and other departments were established.
Business Processes of the Bank
The CBA is a multinational Australian bank and a leading supplier of comprehensive financial services to Australia, protects private, corporate and investment accounts, asset administration, health liability, insurance policy, general insurance, brokerage facilities and business practices. The Commonwealth Bank, founded in 1901, is one of the largest Australian banks listed by the Australian Securities Exchange and fully privatized in 1996. It includes brands including BankWest, Colonial First State Investments, ASB Bank of New Zealand, Commonwealth Securities (CommSec), or Commonwealth Insurance. In Australia, New Zealand, and the Asia Pacific region, CBA operations are carried out primarily. These also work in many nations, such as the United States, Australia, Japan, Hong Kong, and Indonesia, Malaysia, and South Africa. These also work in many regions. CBA has a mission to protect and improve consumers, creditors, workers, and the broader community's financial well-being. CBA has four technical, environmental, efficiency, and strength strengths and strives to provide its consumers with the most excellent goods and services accessible to them (Janssen, 2017). Recognizing that business procedures are the core elements to achieve this goal, CBA attaches great importance to a paradigm for corporate process governance and supports it with a multi-level, multi-faceted BPM governance effort, which is richly described in this case study. In collaboration with scholars and clinicians, several methods have been used to perform this case study, such as record review, structured interviews, seminars, and consultations, through which the primary details are gathered between March-August 2018. CBA is continuously evolving and presenting what was happening in August 2018.
Identifying Reasons for considering ERP software
Recently, the bank encountered some severe problems. Things such as this acknowledged that in 2018 the Commonwealth had 20 million consumer accounts. From 2000 to 2016, two magnetic tapes were stored with addresses, names, bank statements and account numbers. After decommissioning a data center in 2016, the two tapes were marked for destruction by a subcontractor Fuji-Xerox. The bank has not issued a certificate of destruction of the recordings. It prompted the bank to launch a 'review' of the loss of the records. The bank agreed not to alert the client to the potential infringement of the documents. The story has spread to the BuzzFeed news media site (Gilligan,...