The original contract, signed in January 2002, covered services such as IT security architecture design, standards development and technology security monitoring and testing.
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John Young, head of IT risk and security at HBOS, said Ernst & Young is playing a crucial role in forging the IT architecture and strategy of HBOS, which was formed last year by the merger between Bank of Scotland and Halifax.
“We’re still in the middle of that [merger] now," he said. "There’s an enormous amount of IT change and risk involved but by the end of the year we will have resolved this."
Last year, HBOS terminated two separate outsourcing contracts with IBM and Xansa to bring control of its IT back in house. The £700m IBM contract still had eight years left to run.
The IT services provided by IBM are due to be brought in house by the end of next month and those covered by Xansa by the end of the year.
Young said the relationship with Ernst & Young offers flexibility and gives HBOS access to a wider skills set.
“With the size of our organisation it isn’t feasible for us to have experts in all of our operating systems, but we can get that through Ernst & Young," he said. "There’s also a cost benefit in that."