As we learned in the initial announcement, Barclays will continue to operate POINT for 18 months after the deal completes to help clients transition to other providers. This leaves a bit of lead-time prior to the deal completion plus 18 months to take the proper steps to ensure the right planning, budget and resources are in place. Focusing on the known entities can help you to prepare and persevere.
Once you’ve established a project roadmap based on your firm’s current state, the first three prep items that you can start to work on today include the following:
1. Identify your firm’s specific requirements and pain points in order to conduct a thorough system search and selection. IMP's System Selection Methodology, a project roadmap and toolkit focused on implementing an abbreviated use case centric RFP and system selection process, identifies the key components of requirements analysis. Key points from the requirements and workflow analysis piece of the methodology include:
- Collect any previous documentation such as requirements, Visio documents, etc., review and take notes
- Create the roster of all the stakeholders and constituents you are going to work with for the analysis (Example: front-office, compliance, technology, etc.)
- Plan out the review sessions and interviews on the project calendar
- Develop and use a Workflow Interview template as a guide when speaking with stakeholders and constituents
2. Plan for the setup of a POC environment and provide solid foundation for implementation. Firms who understand the value in dedicating the proper resources up front, but don't have the time to do it will typically outsource this function. The key is to identify resources with specific experience in performance and analytics. Which leads to the final prep item in this article:
3. Develop a heat map of the skills required to ensure the conversion is a success. The winning equation is simple, and consists of: Mapping skill sets + industry knowledge + experience.
Sample requirements for project team members and project advisers for this specific conversion include:
- Deep knowledge of data required to support equities, fixed income, and some derivatives asset classes in performance and attribution system(s)
- Understanding and experience with data importing, reconciliation, and reporting
- Deep technical knowledge for data sourcing and mapping for all instrument types handled within the performance and attribution system(s)
The next article in this series will focus on getting started on this 18-month journey and provide tips on how you can customize the project roadmap to fit a realistic conversion plan for your firm.