Automation and lower costs part 3: Develop, implement and roll out
This is the third and final part of our how-to guide for depositary banks on how to achieve AIFMD compliance, automation of processes and lower costs with a depositary IT platform. We have helped multiple Asset Managers and Depositaries with various IT solutions and would like to share some best practices in automating processes and integrating various systems. A typical project involves three steps:
- Assessing the case & developing a plan
- Choosing the right partners
- Developing, implementing and rolling out processes
In the previous two posts “Part 1 of Achieving compliance depositary banking – automation and lower costs: Assess the case & develop a plan“ and “Part 2 of Achieving compliance in depositary banking – automation and lower costs: Choosing the right partner” we introduced the first and second steps. Finally, after all this homework, all you have to do is:
Step 3. Develop, implement and roll out the processes
1. Project set-up
Most successful projects are set up similarly – business has a lead and determines the goals, IT supports and determines the speed of change. With business and IT together behind the table, the project will deliver value quickly and efficiently.
2. Incremental delivery instead of a one-time big bang release
Historically, systems have been developed in the form of long “waterfall” projects with a big bang release at the end. This is a suitable approach, if the users know exactly what they want, they will not change their mind, and the technology and regulations will not change. This, however, is highly unlikely nowadays.
We recommend you roll out the most valuable processes, with end-to-end functionality in small increments, as soon as possible. A good rule of thumb is to renew functionalities biweekly or monthly. The smaller the change, the easier to implement and lower the risks.
Unless you have a platform with an existing data loading and validation engine, you will have to balance multiple priorities simultaneously. Development of the core solution, integrations, and individual process require different skill-sets and are difficult to do in parallel.
3. Find the right process to roll out first
Based on our experience, cash flow monitoring is one of the best candidates for a first release. Without an existing IT system in use, it is usually a slow and costly activity, that fortunately can be automated quickly.
4. Plan for project steering and user support
Steering involves anticipating and dealing with user needs, and different organizational issues that arise from adapting to change. Some users may need more support than others. Preparing for it in advance will increase the speed and ease of adoption.
In our experience, going through these 3 detailed steps (described in 3 posts) will enable a painless transition from your old processes to new and improved ones through business digitization.
- Depowise helps depositary banks standardize, automate and support their full range of operations. Depowise is a modular end-to-end IT platform, with system integrations and consulting.
- Depowise platform uses moderately priced standard technologies that will not limit your options for future integrations. Currently, it is the only built-for-purpose product available.
- Depowise team has vast experience in systems integrations and has helped organizations achieve business growth in the financial services industry for more than 10 years.
- Contact us today, to talk about building a Proof-of-Concept and see how your data can run on our platform. We guarantee a fully functional Proof-of-Concept in two weeks. If you like what you see, you can purchase the rights to begin using it in a live environment immediately.