System Selection and Solution Definition
New systems account for one of the largest items of expenditure for financial institutions. In making risk management technology solution decisions, it is imperative that the right choice is made and the defined architecture is the best fit solution to meet business needs. This may involve assessment of:
- Bespoke build by internal technology
- Bespoke build by an external technology vendor
- Implementation of vendor package technology
- Re-use of existing technology components within the organisation
- A best of fit combination of all of the above
Assessing these options and coming to a complete definition of the target end state technology architecture forms the Solution Definition step under the InteDelta Delivery Lifecycle.
We have a structured methodology to undertaking Solution Definition exercises, tailored to the specific needs of risk management technology initiatives.
Our structured methodology enables our clients to assess the following questions:
- To what extent are both build and buy technology options to be considered?
- What external vendor packages are available which could meet the needs of the proposed business and functional requirements?
- Of the available vendor packages, how do these compare in their ability to meet the business and functional requirements?
- Which technology components are required to comprehensively meet the Functional Component Model?
Where external vendor packages are to be assessed, this approach also encompasses:
- Initial identification of potential vendors
- Sending out and evaluating RFI responses (using our System Select models)
- Identification of shortlist vendors
- Compilation of Request for Proposal (RFP) questionnaires
- Managing logistics during RFP process
- Evaluating RFP responses (using our System Select models)
- Recommendation report
We can manage the entire RFP process or just advise on a specific aspect as required by our clients.
We are familiar with most of the major vendor products in the risk management, collateral management, trading, and quantitative finance space. We do not, however, accept commission or other inducements from vendors to recommend their products, and clients can be sure that they will receive independent advice.
In addition to our rigorous selection methodology, our deep subject matter expertise means that we understand clients’ business requirements and throughout our system selection work we continue to validate that client business and functional requirements are in line with best market practice.
The key deliverable of the Solution Definition exercise is a fully validated and costed solution recommendation with potential alternatives if appropriate. The recommended solution then forms the input into the implementation phase of the project.
