"Excelling in financial software implementation and support, from order placement to trade settlement"

Software Implementation

When implementing new IT systems, or new features in existing software, it is essential to understand the needs and requirements of the business, even if not everything is clearly stated in the order.

It is also important to work closely with the IT organization to get to know its strengths and weaknesses. A common mistake made during software implementations is that the business is not sufficiently involved, neither in the preliminary studies nor the actual implementation. An unconsciously exaggerated belief in the excellence of the system itself usually results in the implementation not being as successful as initially expected.

There are a number of factors that must be considered when implementing IT systems. Based on our experience, we highlight the following elements as the key to a successful implementation:

• Ensure that key resources are involved in the implementation phase.

• Critically analyze the strengths and weaknesses of the system as well as the organization, and make sure it this is communicated.

• Analyze how the implementation affects existing IT systems, processes and organizations.

• Identify all critical features that must work after deployment.

Make sure that all known issues are handled and understood, and set up a process for handling unknown issues.

Order Management

Implementing and supporting order management systems for our clients in the financial industry has been the company’s primary focus during the last decade. The reason for this is the constant need to solve the challenges that an order management system present itself with in a large organization.

Since the system often contains many modules to cover the complete value chain; order generation, execution, matching, clearing and settlement, complex organizational structures and processes arise. Our experience in this field gives us the opportunity to optimize and monitor these, to better achieve STP.

The company’s expertise in order management systems is a direct result of working with Charles River IMS on a daily basis since 2007, when we first implemented it. Since then, many upgrades have been performed and we are now developing and supporting all parts of the system.

By working closely with portfolio managers, traders, business coordinators, compliance officers and back office teams, the company has developed a clear understanding of all modules in the value chain, and how to best link them together.

Project Management

A well-structured project management enables an organization to implement a set of goals and requirements according to the work order, but also to complete the project within the given time frame. Exceeding the cost ceiling that the project has can also be avoided when resources are planned and utilized efficiently. A project with a good project management receives a quality assured result.

The company’s methodology for project management is characterized by the high requirements for traceability and high quality that exists within the nuclear power industry. Continuous monitoring of project activities ensures that the project’s goals and budget are met. A project management manual is used to ensure that important documentation from the project can be tracked at a later stage.

Another important part of project management is to continuously analyze the risk associated with the project. In a project risk analysis, critical activities and phases are identified and subsequently risk-evaluated. Measures to reduce this risk and mitigate potential consequences can finally be taken.

There are a number of factors that are important in project management – based on our experience, we highlight the following elements as the key to a successful project:

• Identify all business actors that are relevant to complete the project.

• Identify all business actors that are affected by the project.

• Make a realistic assessment of resource utilization.

• Ensure easy access to key people on short notice.

• Identify any changes within the project in order not to drift away from the current goals and requirements.

Highlight and contribute to the idea of “freedom under responsibility” – focus on the follow-up of all decisions taken.