Bank of America: Improving Operational Resilience with Virtual On-Watch
Model Risk Manager 2023 Award for Operational Resilience
Bank of America's Operational Intelligence team developed Virtual On-Watch to automate incident response workflows. The tool improves operational resilience by reducing downtime of BofA systems. It automates and orchestrates communication and collaboration of the response team as well as provides them with near real-time intelligence to enable accurate decisions during triages. The adoption of VOW has brought triage initiation time down to 2 mins from 15‐17.