June 13, 2019
The challenge
Our client wanted to upgrade its existing legacy front-to-back systems, using Broadridge systems (Impact / ICI) as their target solution. Our brief was to migrate them from their proprietary suite of systems for fixed income and equities, across all securities products including repos, stock lending and margining. Achieving automated front-to-back feeds, interfacing effectively with external platforms and infrastructure providers as well as internal stakeholders was absolutely critical.
Our approach
As a first step, we undertook a full gap assessment covering:
- a documented managed service state
- the identification of core processes in legacy & target environments
- an understanding of process gaps
- documented proprietary coding in legacy system
- a clear understanding of the required interfaces
We then defined the target operating model and wrote the specifications. This stage included
- defining the reconciliations needed
- addressing any gaps with Broadridge or industry solutions
- developing requirements for non-Broadridge activities
- Identifying controls for non Broadridge solutions
- coordinating with Broadridge to develop functionality to address gaps
- generating business requirements documents (BRDs) for each of the required interfaces and reconciliations
Our impact
We delivered a detailed implementation plan with phasing and cost estimates.While driven by the need to evolve onto the most up-to-date systems platforms, some important business benefits were also generated, through better through-put, enhanced automation of the processes, as well as a greater confidence in the controls.
