- The new team would not only have to provide cost-effective support, as the existing IT infrastructure was unable to cope with the requirements of impending regulation, but it was also required to develop a future state roadmap and target operating model.
- The project had to be kept within budget to allow a larger development team to build and operate the new system without compromising on-going credit risk responsibilities.
- Another key requirement was to work with the client to define a target operating model that would safeguard regulatory compliance and improve efficiency.
We were asked to manage all aspects of the project, adopting a user-centric design approach to ensure that
- the future state model met new regulatory reporting requirements
- the solution was integrated into existing risk systems
- systems met the needs of senior management at the investment bank
The future state was planned by using a mixed team of onshore consultants and nearshore development services, maximising the capacity of the overall team.
The user-centric approach dovetailed with agile development enabling the client to remain flexible to changing requirements not just throughout the project but also during clarification of new regulatory requirements.
As a result of the overall project, there was a fundamental re-design of the client’s approach to risk reporting and on-going operations.
- The project continues to deliver excellent value and effective credit risk management. By deploying a combined onshore/nearshore development team it has been possible to supply a larger team than would otherwise have been possible, without affecting cost-effectiveness.
- The client has enjoyed a dramatic reduction in the number of manual adjustments to risk reporting data, reducing human error and ultimately improving accuracy.
- The punctual delivery of the project combined with a larger team than was previously possible allowed the client to become fully compliant in time for the approaching regulatory deadline.