Australian knowledge management firm Knosys has won a contract worth $NZ840,00 to implement a standalone KnowledeIQ system at ANZ Bank New Zealand, as part of the ANZ’s effort to comply with Reserve Bank of New Zealand (RBNZ) regulations.

The project is driven by Banking Standard 11 (BS11) which requires New Zealand based banking businesses to have their own service operations and technology systems which are independent of the operations of any foreign parent entity

ANZ Bank has had the Knosys KnowledgeIQ system implement for its Australian operations for over 10 years.

ANZ Bank New Zealand is already a prominent user of the KnowledgeIQ solution provided at ANZ Group level, with 6,000 licensed users in NZ. 

The contract with Knosys will migrate ANZ’s data to Knosys’ KnowledgeIQ system. The contract is expected to continue for nine months and will generate approximately NZ$840,000 in project fees for Knosys. 

“We are pleased to be able to work with ANZ Bank New Zealand directly and look forward to assisting them in establishing a local KnowledgeIQ system within their country,” says Knosys managing director John Thompson.

“Whilst they will focus on establishing the infrastructure necessary to run the knowledge management solution, Knosys will be responsible for the design of the infrastructure and support on commissioning and deployment of the system.”

The new contract with ANZ will seek to ensure a primary stipulation of the BS11 regulation – that there is ‘no possibility’ that a transaction could be permanently lost and that the switch to back-up systems must take effect within 4 – 6 hours in certain circumstances, according to New Zealand law firm Minter Ellison Rudd Watts.