Our client, one of the largest Global Asset Managers, had a requirement to deliver numerous regulatory reports within a tight deadline. Not only were the report outputs key, but both internal and external audit teams were instructed to analyse the process that created the output to ensure it was ‘fit for purpose’, specifically to ensure the process was robust, scalable, and that the outputs were proven to be accurate.
Each of the reports shared similar challenges:
- The data for the reports were outputs from trading systems that could not be changed or edited in any way at source, meaning any manipulation or editing of the data would have to be done downstream.
- User interaction with the data could only be to load or move data. User execution of process logic was not allowed as this would violate one of the key audit requirement of the process build.
This presented us with significant challenges. We adopted the following 5 step approach to this project:
We conducted a ‘deep-dive’ analysis into each input in order to fully understand the content, format, limitations and nuances of the data.
We analysed the operational infrastructure of our client to understand what tools and systems could be leveraged to complete the process.
The process flow was mapped out ensuring all deliverables were accounted for.
We built prototype solutions that programmatically applied the process business logic creating our report output.
After prod-parallel testing tools were released into production and signed off by internal audit.
We transformed a process that previously took an entire day into one that took less than 10 minutes to run, whilst increasing data quality, accuracy, and process fidelity.
- Process heavily reliant on user?
- Simple BAU process?
- Scalable BAU process?
- Embedded data validation?
- Embedded reconciliation checks?
- Business logic applied programmatically?
- Consistent data output?
- Previous Process
- Redesigned EDI Process