In order to face these challenges, the regulatory requirements must be translated for one's own institution as a first step. This can be done, for instance, through a precise description of the requirements and the resulting needed changes to existing processes. It may be necessary to develop and implement completely new processes. In this connection, it is important to ensure in time that new processes are also anchored organizationally. The final result is a new / adjusted target process landscape which also brings a large number of changes to the IT systems. The thus determined requirements / necessary regulatory adjustments should be bundled and prioritized at the process and system level during the analysis and design. This can help ensure that every process and every system does not have to be changed multiple times for no reason.
In complex, regulatory projects which need to implement new requirements under tight deadlines and great uncertainty, agile methods can help structure comprehensive changes and increase the productivity of the team. Agility focuses on close, continuous communication / cooperation of all parties involved. Only this can actually ensure that changed framework conditions can still be implemented during the implementation of the project. Agile process models thus lay the foundation for flexibility, the ability to react, and speed during big regulatory projects.
The simultaneous change of different processes and systems, partly under very tight deadlines, poses a great challenge for test planning, test implementation, and transition. Since the preparation and implementation of the tests often also requires deep understanding of the technical connections, it is important to involve test and transition managers in the project already during analysis and design. This can ensure that all important aspect for the tests and the product roll-out are considered during the bundling and prioritization of changes to the system landscape.
syracom helps financial services providers implement regulatory requirements. We analyse the effects of new legislative initiatives on processes, systems, organization, and architecture and develop specific implementation proposals. Our service spectrum in big regulatory projects lies along the interface between business and IT:
Current regulatory topics of focus:
Regulatory service spectrum: