Improve Business Resiliency with Focused Technology Transformation
Fortune 50 Financial Institution
Client sought to build workaround capabilities to reduce technology risk and improve business resiliency in the event of a technical disruption to its core payments processing systems. Reference Point focused on identifying potential technical disruption scenarios, generating business requirements for a new payment application, and supporting implementation.
- Audit findings and control assessments indicated that the Client had elevated operational risks within its payment ecosystem, particularly related to its core payments processing engine where there was limited in-house knowledge of the existing system.
- The Client did not have reliable workarounds to make critical payments in the event of a technical disruption impacting key payment systems. Current workarounds relied on manual processes, which may fail to support volumes on high-processing days.
- The Client required additional resources and subject matter expertise to assess gaps in current workaround capabilities, recommend remediations, and implement a solution to process payments in the event of a technical disruption.
- Reference Point deployed a team of consultants and experts, including the former Global Head of Program Management for Citi Enterprise Payments, to identify potential technical disruption scenarios and recommend a technology solution to mitigate operational risk.
- The team met with key business stakeholders to understand current payments processes and known workarounds. The culmination of these meetings resulted in process flows, a detailed business requirements document, wireframes, and other artifacts to drive the implementation of a new alternative payments system.
- Reference Point supported the implementation of the application into production by conducting extensive user acceptance testing and end-to-end testing; developing the operational procedures and user manual; and overseeing the business validation during deployment.
- With the support of Reference Point, the Client successfully reached go-live and implemented a new application for critical payments, which significantly reduced the Client’s exposure to technology and operational risk.
- The Client leveraged Reference Point’s business analysis methodologies and Business Requirements Document as a “gold standard” for future requirements gathering exercises.
- As the Client lacked a formal UAT testing function, Reference Point not only developed the UAT strategy and plan but also drove and participated in the UAT execution to address both knowledge and capacity gaps.