Leading Financial Institution
Overview
Leading financial institution engages PTS to create and implement a sustainable, cost-effective lifecycle strategy to reduce operational risk by addressing critical application technical debt and establishing methodologies and processes to enable the client to execute activities at pace and scale.
Location
North America, EMEA, and APAC
Completion Date
2022
Introduction
The client, a large bank, had built up significant levels of technical debt within the organization. This had been caused by multiple factors that had been left unaddressed over many years. Although there were several tactical issues such as unreliable data for components, application mapping, and no sustainable operational processes to effectively manage lifecycle; the underlying cause was the lack of a comprehensive strategy addressing lifecycle.
After addressing critical applications in a tactical program, the client needed to define a near term strategy in concert with longer term transformational strategy. The client needed to carefully manage the risk to avoid recreating the problems that caused the technical debt build up they had recently experienced as well as manage capital expenditures to be in line with longer term IT strategy.
Strategy and Advisory
An over-arching Lifecycle strategy was implemented to address the risk of technical debt accumulation. This strategy addressed the underlying causes of technical debt accrual, reduced the need for future tactical programs, and ensured lifecycle management was built into the DNA of the organization. Our strategy and advisory work lead to an overall reduction in operational risk for the client.
Transformation
Updated the client’s business critical applications to current levels of technology, ensuring reduced operational risk and reduction in costs through removing expensive extended support agreements. The result was cleansed data repositories through both the discovery process and post project quality controls, introducing governance best practices and updated processes and proceedures that meet current and future standards.
Governance
Established methodologies and processes to enable the client to execute lifecycle activities at pace and scale. By providing a robust, consistent governance methodology, PTS was able to ensure the overall program team consisting of dozens of project managers, SMEs, 3rd party vendors, client stakeholders, was able to manage over 1,000 milestones. The governance structure and quality control artefacts ensured the work completed was fully auditable.
