CFTC ASIC Remediation
Between 2018 and 2019, global investment banks operating across all regions had multiple concurrent transaction reporting upgrades to manage (e.g. EMIR, MiFID II, CFTC). A global investment bank required additional agile squads to increase its capability and capacity to meet difficult transaction reporting deadlines and respond to transaction reporting development backlogs. The client needed experienced squads that combined business analysis skills with mature developers that required a fast start, little client oversight and high productivity & integration into existing teams. Furthermore, they wanted teams that could mentor their own, more junior, resources.
Synechron provided two agile squads – one for North America and one for Hong Kong. The teams were comprised of a pair of business analysts and a pair of developers. The developers had previous experience within global financial institutions. The business analysts had local knowledge of the region and the assets classes necessary to the specific transaction reporting backlog that needed to be addressed.
Both teams were led by a senior Synechron Associate Partner with oversight from a Synechron Partner that had a long history with the client. This was key in enabling the learning curve to be shortened through sharing knowledge with the client’s development environments and development practices as well has having a ready-made internal network of SMEs for the teams to tap into in order to close specific client knowledge gaps rapidly.
Our two teams cut across organizational boundaries and worked with compliance, legal and other development silos to progress transaction reporting backlog items; some of which had previously failed under internal agile squads. Our experienced teams, with maturity and insight gained from street-wide knowledge, unblocked previous barriers to progress.
Internal client teams quickly understood the value of bringing in an experienced team and started to leverage off their knowledge and experienced into their own work. This included performing code reviews for other agile squads; sharing development tips and tricks; and writing more robust code. On the business analysis side, we were able to use our experience to demonstrate some requirements could be met through no-code deliveries, albeit still requiring testing.
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