Client Challenges:

The client faced several challenges in their journey to become a data-driven organisation. They grappled with an excess of overlapping and conflicting sources of data, while their processes lacked client-centricity and cohesion. The continued internal software development without commercial advantage further hindered progress, alongside regional operations that were neither aligned nor effective.

Our Approach:

To address these challenges, we conducted a thorough analysis of existing requirements to identify gaps across and between workstreams. We provided organisational and advisory oversight for the testing workstream, including system, integration, end-to-end, and user acceptance testing. Our approach anchored the revised testing program to updated target operating models, applying industry-leading testing standards and providing test management oversight for system integration and end-to-end testing.

Client Benefits:

Our strategic approach resulted in the development of a robust operating platform centred around golden sources of data. A revised catalogue of value-added bespoke services was built on a standardised technology framework, promoting efficiency and consistency across the organisation. By implementing one simplified, global model, the client achieved enhanced operational efficiency and scalability. Additionally, the adoption of a scalable data cloud enabled the capture of comprehensive data from both internal and external sources, further strengthening their data-driven capabilities.

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.