Banks are required to comply with the FRTB regulations by 2019. In 2016, the regulations were still developing and our client had launch a simplification programme, with the FRTB project given the highest priority. Risk, as business sponsors, wanted to accelerate the pace of delivery. A new permanent Head of Strategic Projects had been hired but was due to start in three months. Following a decision to adopt an Agile methodology, a re-structuring of the project was required and given the large scope of change and tight deadlines, they needed help to co-ordinate, communicate and implement the new approach as quickly as possible.
What we did
- Took action from cross departmental, senior management planning sessions and drove initiatives forward with a clear and well understood plan
- Ran project co-ordination forums with Risk, Front Office, Finance, IT and Compliance
- Prepared re-prioritisation communication for steering committee meetings to gain endorsement for the new plan
- Kicked off the prototyping stage and planned for build and deployment stages
- Identified dependencies and risks and created action plans
- Steering committee endorsement to align priorities across Risk, Front Office and IT
- A shift in priorities for Front Office to focus on delivering a new pricing engine in 2017
- A clear plan encompassing cross functional project deliverables against milestones
- Four delivery teams working on producing prototypes
- Communication of success stories and demonstrations of capability to stakeholders
- A smooth transition for the new Head of Strategic Projects.