Post Merger Integration Programme - UK Client
The Situation
A global specialist in the Derivatives markets was acquired by a German Bank resulting in the need to integrate a structured Tax/Project Financing Business unit into the Credit Business Area.
The Task
The initial task was to deliver a successful PoC to support a complex multi-site multi-product BU with full front to back trade capture, GL, settlement and reporting capabilities; a key aspect was to ensure that the Tax BU could co-exist on the same platform as the Emerging Markets BU. This was achieved.
Project leadership (using RUP methods) to deliver full end to end capability to support a global BU operating in London, Cayman, Delaware and Frankfurt with 450 SPVs. Primarily a Finance based PMI with cashflow modelling linking SPV and Main Entities, the key stakeholders were Business and Accounting heads.
The Action / Approach
From the initial POC the complexity and scope of the PMI (65 financial products) demanded the prioritisation of trade & ledger capture with least complex to most complex products and a focus on SPVs that could be considered as a ‘quick win’ or early delivery in this respect. For each product group there was a significant Business Analyst input to determine functional gaps.
Project leadership provided to FO and Accounting sponsors. Planning, coordination with internal stakeholders. Vendor management with Treasury System vendor – covering functional specification, test and configuration.
Planned, facilitated integration into internal Bank systems including bank wide global GL system. Defined transaction interface to bank GL for 32 different product types.
Building of control and reporting environment around E2E platform processes. Included the definition and build of REEF (Reporting Environment and External Feeds) accounting tool, providing full GL reporting for SPVs with specific business filters and month end journal entry/tracking/close capability; this tool was generic at a high level but with optionality to provide for regional accounting variation.
The Result
Successfully delivered PMI in 3 years, to plan. Business moved off Excel spreadsheets on to auditable enterprise system with control environment.
