Tight budget, thin staffing and ongoing audits.
We were recommended within the group and assigned to define the requirements for the implementation of an AFC solution in detail. During our initial talks, we discovered that an RFI had already been issued and a shortlist of software vendors had been compiled. Based on our understanding, we pointed out that certain requirements would require additional licenses (more costs) or could only be implemented with great effort and specific developments (even more costs).
We proposed to create a functional specification (FSD) instead of business requirements, in order to run the upcoming RFP process on time and to start the implementation before the external audit start. Since we had already carried out several similar projects, we were able to define the main requirements very precise within a few days, which led to a clear decision and best solution.
For the upcoming anti-money laundering audit, we created a milestone and task plan, based on which the implementation was launched in two phases. During the installation we finalized the requirements, defined the scenario parameters and adapted the processes. Thanks to the extensive preparatory work, we were able to complete the testing and tuning quickly, finalize all the procedures, put the „phase 1“ solution into production and present it to the auditors before the audit process ended.
The second phase was completed as scheduled, despite the limited budget and resources available at the institute. The audit was concluded significantly better than expected and rated highly positively by the management. Due to the trust placed in us, we have continued to assist the customer with further tasks.
Confusing documentation, too many tasks and poor communication after changes in management staff.
In order to close previous findings and meet the requirements of the ongoing special audit, we first had to enhance the internal teamwork and the communication between the 1st and 2nd line of defense.
Within the framework of the workshops prepared by us (we even had to organize an off-site meeting due to the tensions), we were able to define a common goal and jointly develop the relevant processes within a week. Together with the RACI matrix developed by us, we could implement changes for both projects and operations ("Change the Bank" and "Run the Bank") with high acceptance and finally launch the actual project.
Due to our central role in special audits, we also took over the audit coordination and communication with the auditors. We standardized reports, revised documents and proactively developed measures for still existing gaps (quality assurance, procedures, outsourcing contracts), thus leading to a decisive and positive impact on the audits.
Replacement of a large consulting firm, re-definition of requirements and implementation of an AFC solution.
SONABS was assigned to design and conduct the testing and tuning of a new solution that was still in the implementation phase. While trying to clarify the specifications for the testing, it turned out that the requirements defined by a large consulting company were either too unspecific or not feasible within the licensed solution.
In addition, the data requirements were not sufficiently clarified. A milestone plan was presented to management, but the project was not managed appropriately and the scheduled go-live date was no longer attainable.
We worked with the business leaders involved in order to create a realistic task plan. We presented the potential schedule and informed the management about the possible overruns of deadline and budget. When the consulting firm suggested increasing the budget to bring in even more of their own consultants, we were tasked with operational project management and overall implementation.
Based on our experience with the chosen application, we quickly captured the functional specifications, mapped the data and began implementation in close collaboration and control with the vendor. Thanks to the simultaneous work-streams and the very good cooperation with the customer’s IT department, we were able to accelerate the testing and tuning considerably.
Our solution approach and experience gained from other projects helped to achieve the goal with relatively little delay and at only a third of the cost estimated by the consulting firm. Since then, we have regularly received requests and also supported other business units.
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