Case Study

A world leader of post trade services seeking replacement of a credit risk assessment system

Transformation | Banks & Fintech | London

The Background

  • A global Financial Market Infrastructure (FMI) services provider needed to replace its credit assessment system with a platform that enabled its own scorecards to perform faster and produce more accurate credit decisions

  • NextWave was engaged by the Head of Commercial, Lending Strategy Europe and Head of Professional services of a fintech to translate the client’s scorecards into technical requirements and create a design document for the new platform

The Challenge

  • Foundational IRB approach meant scorecards were third-party provided

  • Limited change management capability on client side with BAU pressure

  • A lack of common approach when it came to system and process implementation

  • Assumption that information from vendor was accurate despite the discovery of discrepancies

The Approach

  • A detailed design document accompanied by a visual story of how the new platform will be used in the the business process

  • Curating new requirements to improve the user experience balancing between off the shelf vs customised change

  • Design sessions to include voices on the table and weekly meetings with stakeholders to reduce different view points

  • Clear definition of roles and responsibilities for the implementation between the vendor and the client’s technical team

The Impact

  •  Brought clarity on the planned changes

  • The client performed due diligence on existing scorecards to prevent errors from creeping into the new system

  • Engagement extended from an initial period of 3 months to 11 months of design phase through agile delivery

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