Digital Turnaround Restores Risk and Regulatory Credibility of World’s Largest Commercial Bank​

Financial Services

Value Highlights

Following deep regulatory scrutiny, a large UK financial services firm required a new group risk and regulatory reporting platform. The programme scope was to deliver a single consolidated platform for regulatory and risk reporting, management information reporting and other external stakeholders reporting across risk and finance functions. After three years, and at huge cost, the programme had failed to deliver anything tangible in spite of using three of the largest management consultancies and a number of large systems integration firms. Critical regulatory deadlines were looming and frustration was running high amongst the numerous business and technology teams involved.

Panamoure consultants, both onshore and offshore, were able to navigate the complex legacy systems, data landscape and regulatory business requirements. The entire Oracle platform and reporting solution was delivered in just under 12 months, following an Agile development and delivery process. Requirements, design and programme management were performed onshore (c. 20% of resource), whilst development, configuration and testing were performed offshore (c. 80% of resource).

What Were the Challenges?

  • The Programme was experiencing repeated scheduled delays and constantly shifting target dates
  • Programme costs were massively escalating, with no delivery clearly visible
  • Lack of knowledge sharing across multiple ‘Big 4′ consultancies, global systems integrators and the vendor was contributing to significant tensions across the business
  • Unclear accountability and “finger-pointing” was contributing to low morale and reducing levels of cooperation

So, What Did we Do?

  • Panamoure consultants delivered the platform through the establishment of an onshore (20%) / offshore (80%) delivery team that provided the client significantly reduced costs and delivery value
  • The end-to-end solution comprised a single platform for all reporting, multiple data sources and extract, transform, load (ETL) layers, a customised Oracle data model, data warehouse and multiple data marts​​

Results

  • The entire reporting process was rationalised, thereby reducing over 400 reports to just 110
  • The platform and delivery allowed the firm to commence rebuilding stakeholders’ confidence and ultimately secured the Regulator’s operating license

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Graham Burchell

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