Enhancing decision-making and transforming IT service management
See how Bank of Cyprus partnered with Adaptavist to implement a unified Service Management and CMDB governance platform using Jira Service Management and Atlassian Assets, enhancing asset visibility, operational efficiency, and regulatory compliance.
Overview
One of Southern Europe’s most established financial institutions, Bank of Cyprus plays a pivotal role in the region’s banking landscape. Operating in a highly regulated environment, the bank provides a comprehensive range of services, from personal banking to sophisticated corporate finance solutions, supported by approximately 2,700 employees across 56 branches.
For more than five years, Bank of Cyprus and Adaptavist have collaborated on the evolution of the bank’s IT Service Management and Configuration Management Database (CMDB) capabilities using Jira-based technologies. Over time, this partnership has established a strong operational and governance foundation supporting IT service management, asset visibility, and regulatory alignment across the organisation.
As the Atlassian ecosystem continues to evolve, Bank of Cyprus is now exploring the expanded capabilities available through Jira Cloud, Atlassian Assets, and Rovo AI to further enhance data correctness and completeness, strengthen operational efficiency, and introduce additional intelligence and risk controls into the service management lifecycle.
Area: Financial services
Number of employees: 2500+
Solution: Jira Service Management powered CMDB platform
Evolving the service management and governance platform
A mature CMDB foundation
Over the course of the collaboration, a robust CMDB capability has been established as a central component of the governance model, supporting the management of more than 80,000 configuration items and 80 critical applications.
The data model has been tailored to financial services requirements, incorporating attributes such as materiality, regulatory classification, PCI scope, ownership, and accountability. Governance processes including asset recertification, ownership validation, and controlled update workflows continue to support data quality, operational consistency, and audit readiness.
Integrated ITSM and operational workflows
Bank of Cyprus, working closely with Adaptavist, has progressively aligned service management processes with ITIL best practices using Jira Service Management and Atlassian Assets.
This operating model enables CMDB-driven workflows with automated ticket enrichment, intelligent routing, and end-to-end traceability across applications, infrastructure, and associated services. The platform also integrates with infrastructure discovery tooling, enterprise data platforms, and secure access management systems to provide enriched and near real-time asset intelligence.
These integrations continue to strengthen operational visibility while supporting governance, resilience, and informed decision-making across the organisation.
Exploring AI-enabled service management capabilities
Building on the established CMDB and ITSM foundation, Bank of Cyprus and Adaptavist are now exploring how Jira Cloud and Atlassian Rovo AI capabilities can further enhance service management operations and governance outcomes.
The objective is to further improve the quality, consistency, and usability of operational data while enabling teams to work more efficiently and with greater contextual awareness.
Importantly, all AI-related initiatives are being explored within the context of applicable regulatory and governance frameworks, including alignment with the EU AI Act and broader operational resilience requirements.
Areas of focus include:
AI-assisted configuration item onboarding and enrichment
Enhanced support for incident categorisation, prioritisation, and root cause analysis using CMDB relationship intelligence
Improved data validation and completeness controls across operational processes
Predictive insights supporting change impact assessment and identification of higher-risk assets or services
Operational efficiencies through intelligent automation and contextual knowledge assistance
Regulatory alignment and operational resilience
The platform continues to support key regulatory and governance objectives, including:
- DORA alignment through comprehensive ICT asset registers and incident traceability
- Alignment with ISO/IEC 20000 service management practices and operational standards
By combining CMDB governance, operational workflows, and evolving AI capabilities, Bank of Cyprus continues to strengthen its ability to manage technology services in a controlled, transparent, and resilient manner.
Outcomes and continuing evolution
The long-term collaboration between Bank of Cyprus and Adaptavist has established a scalable and governance-focused service management capability that continues to evolve alongside business and regulatory needs.
Key outcomes include:
Improved operational efficiency through streamlined ITSM and asset management workflows
Enhanced visibility and traceability across applications, infrastructure, and service dependencies
Strong governance and audit readiness supported by structured ownership and lifecycle controls
Improved strategic decision-making and risk management by gaining deeper visibility into service dependencies, enabling better prioritisation of incidents, and increasing change success rates with risk-informed insights.
A future-focused AI-driven value stream is underway, which is anticipated to reduce Mean Time to Resolution (MTTR), improve incident classification accuracy, and proactively identify service issues.
Looking ahead
With a mature governance and service management foundation already in place, Bank of Cyprus and Adaptavist continue to explore opportunities to leverage Jira Cloud, automation, and Rovo AI capabilities to further strengthen operational excellence, resilience, and risk-aware decision-making.
This ongoing collaboration reflects a continuous improvement approach focused on evolving capabilities, improving data confidence, and enabling more intelligent service operations across the organisation.