RATIONAL FOR ENGAGEMENT

Our client had programme test management capability but lacked regulatory expertise and experience in standing up a new bank

 

Dragonfly was engaged to define a comprehensive, group-wide Ringfencing test strategy and deliver business and end-to-end test management.

CLIENT PROFILE

  • A leading UK tier-I bank undertaking structural reform to comply with the UK Ringfencing legislation

  • Rollout of a new legal entity to service international customers and separate core retail banking from investment banking

  • Products covered included Money Markets, Capital Markets, Trade Finance, Commercial Deposits, Current Accounts, Lending and Payments

  • Immovable implementation date in line with the UK Ringfencing timetable

  • Complex multi-entity and multi-vendor landscape.

SOLUTION

  • Test strategy definition for the Ringfencing solution: Money Markets, Capital Markets, Trade Finance, Commercial Deposits, Current Accounts, Lending and Payments

  • Business and end-to-end test management for Investment, Commercial, Retail and International banking divisions

  • Provision of C-Level stakeholder management and programme-board representation for testing, including PRA and FCA

 

  • Provision of 6 senior testing specialists covering functional testing and defect management

  • Coordination of re-baseline planning activity over the Christmas period to deliver a realistic and workable plan

  • Introduction of transparent and rigorously controlled testing processes, working with a range of offshore and third-party providers as well as banking SMEs and business owners.

OUTCOME

  • Timely launch of a new commercial bank servicing international and commercial banking customers

  • Delivery of a comprehensive, group-wide test strategy

  • Compliance with the UK Banking Reform Act

  • Entity enablement across 200 front, middle and back office systems, 400 End User Computing applications and 100+ third-party market participant firms (FMI)

  • Migration of impacted customers and customer trades

 

  • Identification and testing of critical business processes

  • Group-wide troubleshooting to mitigate risks posed by late emerging change requests

  • Management of dependencies with other regulatory initiatives, e.g. MiFID 2

  • Delivery of platforms that were functionally correct, robust, performant and secure

  • Nomination for leading industry testing award.