AUK Bank was managing a large portfolio of disparate programs and projects.
- A UK Bank was managing a large portfolio of disparate programmes and projects.
- The Transformation budget for 2017 was over-subscribed with increased demands for further change or scope-creep.
- There was limited understanding of benefit realisation at various stages in the portfolio.
- Strategic objectives for the client were clear, but there was no ‘true’ alignment involving the portfolio of change.
HOW WE HELPED
- Establish over-arching governance arrangements to ensure ‘value-added’ change is being monitored.
- Confirmation of strategic objectives and criteria to assess ‘critical’ programmes and projects – ‘does the change support both strategic and business objectives with the right outcomes ?’
- Development of a high-level business ‘blueprint’ with measurable outcomes for external (e.g. customers) and internal (e.g. staff) priorities.
- Recut the overall portfolio roadmap into delivery ‘themes’ and recut plan into manageable tranches driving business benefit (e.g. collection of project phases producing benefits together at key stages).
- Determine business change that is ‘critical now’ for this year and those that can be ‘deferred’ to next year.
- Analysis of the forecast budgets for each project within the programme, linking back to benefits, and categorising costs.
- Linking agreed spend back to change capability ,i.e. IT development and delivery capacity, to understand ability to deliver in line with project timelines.
- Identify critical priorities and dependencies.
- Provide challenge to projects with clear scope or requirements.
- Set up ongoing monitoring and reporting.
- 300+ projects considered and realigned against business objectives.
- All ‘critical’ change priorities accommodated with additional change being ‘deferred’ to next year.
- £50m budget remained the same, but with more projects being delivered.
- Business has better grasp on assessing projects and deciding their value for customers and business alike.
MiFID II business requirements for a Global Investment Bank
MiFID II aims to improve financial market’s efficiency by enhancing the current MiFID I. Investment firms face major challenges across the organisation. Axis Corporate was requested to lead the Product Reference Data MiFID II compliance work stream.