Case Study
Payments Resiliency Program Stand-up & Application Development
Risk Technology
Client
Fortune 50 Financial Services Institution
Services
Business Resilience, Digital Transformation
Project Overview
To improve business resiliency and reduce operational and IT risks across the enterprise, the Client needed to define, build, and implement new and enhanced workaround capabilities to support mission critical processes in the event of technical disruptions. Specifically, audit findings and control assessments indicated elevated risk within the Client’s payment ecosystem, and current workarounds relied on manual processes which may fail to support volumes on high processing days. To address this risk, the Client sought to stand-up a program which focused on integrating resiliency into the overall end-to-end payments process, which was mission critical to firm operations. Reference Point (RP) supported the Client in identifying potential technical disruption scenarios, assessing gaps in current workaround capabilities, defining remediation strategies, and implementing solutions, including a new application, to process payments in the event of a technical disruption.
Solution
- Reference Point deployed a team, led by the former Global Head of Program Management for Citi Enterprise Payments, to support the client with the stand-up, roll-out, and day-to-day management of the payments resiliency program.
- The team met with key business stakeholders to understand current payments processes and known workarounds as well as design and plan for the desired target state based on potential technical disruption scenarios. The culmination of these meetings resulted in process flows, a detailed business requirements document, and wireframes and other artifacts to drive the implementation of a new alternative payments system.
- Reference Point also supported the implementation of the application into production by conducting extensive user acceptance and end-to-end testing; developing the operational procedures and user manual; and overseeing the business validation during deployment.
Impact
- With the support of Reference Point, the Client successfully reached go-live and implemented a new resiliency 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 – including other digital transformation efforts related to end-to-end payments across the firm.
- 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.
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