Our client needed to update its credit risk IT systems but did not have the resources to carry out the project in the UK.

The new team would have to provide cost-effective support for the existing IT infrastructure which was inadequate for coping with the requirements of impending regulations. Simultaneously, the experts would develop a future state roadmap and target operating model.

  • 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.

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