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Counterparty credit risk

Client challenge

Counterparty Credit Risk had Margin Reform deadlines during 2017. In late 2016, the project was underway but at risk. The business sponsor needed a strong project manager to get the project back on track. There was a need to co-ordinate the business and IT resources and align them through a clear plan. The regulations required new work flows and software changes were to be delivered using an Agile approach over two system upgrades. Co-ordination, development and testing strategies were needed, as well as the management of the external vendor.

What we did

  • Through workshops, a plan was agreed with business ready functionality delivered through iterative release cycles
  • Set up cross functional teams to work on sprints and deliver against the broader project milestones
  • Implemented a communication strategy including daily stand ups, project co-ordination forums, external stakeholder forums and programme reporting
  • Managed external vendor, co-ordinated IT releases and business testing

The result

  • The project delivered operational readiness for Variation Margin on 1st March, and Initial Margin on 1st September, 2017
  • The client realised capital benefit from regulatory compliance
  • The project was delivered on time, with high quality and in line with budget
  • Automated testing and new release proceedures were introduced, resulting in decreased cost and faster implementation of change
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