Nedcor Bank`s Technology and Operations` Application Services (AS) unit has been awarded Capability Maturity Model (CMM) level three accreditation. The bank says this makes Nedcor Bank the first South African financial services organisation - and one of seven financial institutions internationally - to receive this accolade.
"This achievement places the organisation in the top 1% of software development companies in the world and clearly proves that SA is capable of delivering world-class solutions," says a report from the bank.
The CMM is a worldwide standard that measures the capability and maturity of a software organisation`s processes. It was originally developed by the Carnegie Melon University`s Software Engineering Institute for the US Department of Defence to help determine whether software development vendors were capable of completing their projects on time and within budget.
Andre Meyer, GM of IT at Nedcor Bank Technology and Operations, says the accreditation is a critical component of its commercialisation strategy.
"Part of that strategy involves winning international business. The CMM level three accreditation is a legitimate stamp of approval which provides clients with a guarantee of our world-class capabilities," he says.
As a result of its re-engineering efforts in order to qualify for the accreditation, Nedcor says AS is now able to guarantee cost and effort within 10%, not more than one defect per 100 function points, full compliance with process, and no more than 10% variance from the agreed schedule.
To date, only 320 companies worldwide have been certified to level three and above.
Software Futures, a member of the MGX group, worked with Nedcor to reach certification levels. The accreditation was also achieved in less than two years and Nedcor points out that the industry norm is usually four-and-a-half years.
"We aim to perform among the top 25% of software companies globally. The progress we have made with institutionalising processes in our application development group positions us very well for achieving this goal," concludes Meyer.
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