Detailed Client Case: Charles River Implementation
Client Background – Global Asset Manager
Client Challenges:
The firm faced the challenge of implementing a brand-new system, transitioning from an older CRD Version to 21R3 with IBOR functionality. The project required a high degree of customisation to support the complex needs of a global fund/asset manager. Additionally, the middle office provider was running two accounting platforms due to a recent merger, leading to operational complexities. The project encountered issues such as poor quality in deliverables, unreliable test environments, data issues, and delays in resolution.
Our Approach:
To address these challenges, we provided program management with a robust governance structure, clear accountability, and defined delivery methodology. We scoped the project, implemented change control, and developed an end-to-end plan while considering external factors such as regulatory changes and the pandemic. We managed requirements, design, development, and testing phases, overseeing the build-out of the target state platform with phased implementation. Risks and issues across internal build and third-party dependencies were effectively managed. We provided organisational oversight for testing workstreams, anchoring testing programs to target operating models and industry standards. Additionally, we offered test management oversight for QA, including system integration and end-to-end testing
Client Benefits:
The implementation of IBOR as the single source of truth for trade date-based transactions, position reconciliation, and start-of-day positions, integrated seamlessly with Charles River IMS for trading, alongside true “follow the sun” batches and operating models, delivered significant benefits. Better and more robust Portfolio Management functionality became available to end users, with automated pre-trade, post-trade, and batch compliance monitoring. The introduction of ‘As of’ compliance enabled the analysis of historical data and supported advanced compliance reporting, enhancing the firm’s operational efficiency and regulatory compliance capabilities.