Two European banks have merged. Both firms had several market data repositories. Bank A made an internal analysis and replaced Asset Control with Pacemetrics (PVS), which was meant to be the new data repository feeding applications such as Sophis, Murex and 4Sight.
The implementation of the new market and reference data repository initially did not go very well. As an example, PVS has FX and MM information only. At some point it was decided to make use of Bank B’s repository system GIDS (Global Instrument Database System) to feed applications with static data, corporate actions and pricing data.
The project got stuck. Over time a myriad of applications and sub-applications were fed by “old hat” system GIDS. At that point the bank was missing the complete overview of:
- Business requirements
- Subscribers (end users)
As multiple systems became dependent on GIDS it became increasingly difficult to manage the processes from start to end and more and more dependencies were created.
An outsourcing IT firm stepped in was unable to get GIDS in production for the different subscribers. Main issues were with insufficient and incomplete business analysis work and the translation of the requirements into work packages for development.
Screen Consultants – Involvement this year
Screen Consultants was asked to take over and manage the business analysis process.
Main tasks were to:
- Bring in market and reference data knowledge
- Streamline processes
- Conduct business analysis
- Document business requirements
- Create “use cases” for development input
- Test the new data management solution and its interfaces
- Stop the “bad press” and bring the project “up to speed” again
During the following 8 months applications such as Sophis, Murex, MDM and 4Sight were brought into production.
Main achievements include:
- All main subscribers are brought to production
- The project team has been scaled back to a few members only
- Screen consultants business analysts could step back
Project is completed successfully.