Programme rescued using expert knowledge and expertise testing to prove system of choice
The Situation
A couple of weeks after starting on a Transaction Monitoring Initiative at a Global client, I was asked to set up and lead a Sanctions Screening programme being executed by one of the bug five consultancy firms (PwC). – I had no previous experience in Sanctions.
A decision had been made by the client before I started to move from the Norkom to FircoSoft with SBS screening tool.
After a couple of months on the programme, the Global head of AFC (Sponsor and supporter of FircoSoft) left the bank and a new head came in with a new Global Sanctions MD. The new MD took a different view on the Sanctions system of choice and started to push back on the implementation of FircoSoft.
In the absence of an RFP process and evidence, I has the task to prove to the new sponsor that the new system choice was the right path for the Bank working closely with the PwC.
The Task
In the absence of an RFP process and evidence, I has the task to prove to the new sponsor that the new system choice was the right path for the Bank.
The Action / Approach
I immersed myself in the Sanctions topic and FircoSoft system using the PwC consultants & the Bank’s technology colleagues to educate me on the technical side of the sanctions screening whilst I managed the continuation of the Programme.
The new Sanctions head was very much into the detail of both the system, algorithms and configuration. To secure his comfort of the new system, I realised I had to ensure he got to know and trust the new system inside out. I asked PwC to create several presentations for Q &A sessions with the Sanctions head that went into algorithm detail where possible.
Although this got me some way, it did not provide the proof the technology was working and we agreed to use a third party test team (SWIFT) to run scripts through the system to check the algorithms.
The Result
The third testing exposed a number of anomalies which proved that the reservation from the new Sanctions head were correct but also allowed us to get fixes/changes to make the new system fit for purpose. The Programme was given the green light to continue implementation.
