Back-office transformation for asset management
May 20, 2020
May 20, 2020
Asset managers who transform their back-office processes could drive sustainable benefits such as cost reduction, increased capabilities, streamlined processes and a better enabled front office.
However, if you’ve ever undertaken a back-office conversion—or considered it—you’ll know that the challenges can be numerous:To plan and execute increasingly critical back-office transformations, firms should be thinking about business requirements, project planning, governance frameworks to establish accountability and the data management experience required to see the transformation through to completion.
Changes in the service provider landscape, new regulations, emerging technologies and globalization are all causing many asset managers to re-examine their operating models and core processes. See more.
View TranscriptTo become more competitive and profitable in an era of constant disruption, asset managers should be prepared to take action. From focusing on business requirements to taking advantage of a new data management strategy, here are seven actions to bear in mind.
Clearly define your business requirements at the outset or you could pay later in the form of rework, delays and budget issues.
A development process that is too rigid could hamper efforts to address new requirements or alter existing requirements, forcing costly changes.
A poorly designed data management framework has the potential to increase operational risk and lead to end-user rework.
Underestimate the time required to execute the transformation and you could experience missed deadlines, budget overruns and change management issues.
Without adequate resources and access to key subject matter experts, the risk of project delays and poor decisions could increase significantly.
When no effective issue resolution protocols are in place; expect stakeholder disagreements, increased tension and service level gaps and delays.
Management should establish back-office transformation as a top-priority across the organization, or progress will likely be delayed.
Our deep industry knowledge, broad end-to-end capabilities, subject matter experts and proven track record can help kick off a transformation process.
We can help develop formal frameworks and methodologies for capturing business requirements, managing projects and establishing program governance. We’ve been engaged in numerous implementation projects providing program, project management and subject matter experts for a wide range of front-to-back office and data management implementation initiatives.