Top 100 Investment Bank Case Study - Compliance and Reporting

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Case Study

QUICK FACTS

Client:

Leading financial institution

Project:

Implementing updated systems for compliance and reporting purposes

Issues:

  •     Lack of  internal expertise or bandwidth
  •     A one time, stand-alone project
  •     Needed aggressive cost management
  •     Needed specific technology and financial services industry expertise
  •     Needed a collaborative partner with scalability

Whitridge Solution

  • Reviewed the requirements of the project and the associated timelines
  • Agreed on resources needed and timeframe
  • Team compromised of a five (5) person team with a project/program manager, architecture and development resources as well as business intelligence
  • Identified team with the specific background needed
  • Critical team leader identified
  • Team was required to work autonomously, spearheading the effort

Key Benefits

  • Huge cost savings realized from working with Whitridge as opposed to professional services resources of the chosen application vendor
  • Project was able to begin in under 30 days
  • Minimal-to-no business intrusion
  • Monthly and Quarterly updates were provided to client management and reviews were conducted to ensure on scope, on budget and on time delivery
  • Cross trained client for intellectual capital knowledge transfer
  • Resource addition on demand rather than excess
  • Able to expand and contract team to satisfy  increased project scope 47.2% cost savings attained

Client Situation

Our client, a leading financial institution, was required to implement updated systems for compliance and reporting purposes. The system was unique to the banking and finance industry and required technology expertise with both the software package and the industry. The client considered doing the project internally and found that they neither had the internal expertise nor the bandwidth of staff to scale due to existing projects. The client investigated engaging the professional services of the software vendor and discovered the prohibitively high costs associated with this avenue. They needed a partner that could take a stand alone project, collaborate as needed with internal personnel, possessed a deep understanding of the specific software package as well as the banking and finance industry.

 

Issues

  •     Lack of  internal expertise or bandwidth
  •     A one time, stand-alone project
  •     Needed aggressive cost management
  •     Needed specific technology and financial services  industry expertise
  •     Needed a collaborative partner with  scalability

 

Whitridge Solution

Working with the client, we reviewed the requirements of the project and the associated timelines. We came to agreement on the resources needed and the specific timeframe involved. Collaboratively, it was decided that the team would need to be compromised of a five (5) person team with a project/program manager, architecture and development resources as well as business intelligence.

From our broad network of banking and finance technology professionals, we identified people with the specific background with the client’s vendor application whom all possessed a successful track record of implementation. We turned to our external sources to attract additional technical professionals to complete the team. A critical leader of the team was located due to their reputation and specialized ability and track record.

The team was required to work autonomously, spearheading the effort and bringing their knowledge of how this application should be implemented. They worked in collaboration with the client, keeping them engaged throughout the project. Our project manager built out the implementation plan and reached consensus with the client prior to launch. 

Due to the ongoing regulatory changes by Congress and the Securities Exchange Commission, minor scope changes and some delays were encountered. Expectations were managed with the client and yet we were able to deliver the project slightly past original timelines. Based on the overall success of the project, the scope was increased to include an expanded implementation to other business units.


Key Benefits

  • Huge cost savings realized from working with Whitridge as opposed to professional services resources of the chosen application vendor
  • Project was able to begin in under 30 days
  • Minimal-to-no business intrusion
  • Monthly and Quarterly updates were provided to client management and reviews were conducted to ensure on scope, on budget and on time delivery
  • Cross trained client for intellectual capital knowledge transfer
  • Resource addition on demand rather than excess
  • Able to expand and contract team to satisfy  increased project scope 47.2% cost savings attained

 

About Whitridge Associates

Whitridge Associates provides expert talent to a diverse group of financial services companies, technology companies, defense contractors, and healthcare providers throughout the country. With a history of over 22 years of unparalleled service to both our clients and consultants, Whitridge is one of the most highly regarded talent acquisition firms in Greater Boston.

 

Think Whitridge. Think Success.

  • Date Published: 04/30/2014
  • Categories: Investment Firm
  • Client: Top 100 Investment Bank

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