A Trust Company was undertaking significant business and technical enhancements to their existing custody offering. The purpose of this initiative was to solidify their position in the Global marketplace. While they had clearly demonstrated their ability to support (global) 40 and non-40 Act business through their superb client relationship management skills and a robust partnership network, they were considered to be more of a “domestic provider” of these services. Going forward, they were interested in improving their Global Custody market position by efficiently enhancing their current Global Custody processing and operational capabilities. The new offering or future state would then be conveyed to the market place through a focused rebranding, marketing and communications plan.
- Define policies, standards, processes and procedures for a PMO solution.
- Provide an organization and structure to manage and implement the multi-currency product.
- Develop consistent program summary reporting for senior management.
- Implement tools and project artifacts to support reporting activities.
- Establish program communication and review forums.
- Develop a detailed project plan to encompass all the required tasks, identifying critical paths, dependencies and resources necessary for a successful implementation.
- Support their existing project team with qualified product experts knowledgeable in the global custody industry.
Extend the bandwidth of the current management team by functioning as the Global Custody Program Office. Mitigate the risks associated with deploying new applications to an existing large trusting user community:
- Unify Client’s business and technology development program tracks.
- Deliver the product within schedule, cost, and quality dimensions.
Enterprise Iron focused particular attention to: Managing the new prouct integration and roll out:
- Global turnaround Netik hub
- SunGard Asset Management Systems
- Formulating new business and operational workflows:
- Account opening process and account documentation. Foreign Exchange.
- Tax; Legal; Risk; Compliance.
- Formulating a new e-delivery strategy and portal re-design.
- Network management/oversight of sub-custodians.
- Direct Euroclear clearing for eligible equities and fixed income securities.
- Expand SWIFT capability for US and cross-border.
- Luxembourg banking license/better client International integration.
- Improved communications throughout IT and business.
- Established consistent framework and approach to reporting program progress.
- Summary and detail review procedures that identify problem areas and provide drill down processes to closely monitor those areas.
- Improved delivery of project information through consistent and standardized data gathering processes and analysis.
- Acceptance, corporate-wide, of value of the PMO organization.
