The client had developed a transformation portfolio to deliver a new Client Clearing Service for CDS with ambition to be first to market in Europe under EMIR Financial Market Infrastructure rules. The portfolio of 5 programmes was experiencing cost overruns (>€20m on 4 programmes) and delays, the critical 5th programme was deemed an impossible call at this point with IT delays being reported in the British press.

This was a highly sensitive situation with the client involved in a commercial joint-venture with a consortium of investors. The consortium were also backing the client’s only competitor in Europe, consistently ahead in delivering a Clearing Service.

Reporting directly into the senior leadership team and CEO sponsor I was mandated to lead and turnaround the 5th programme, delivering a new VaR Risk engine and CDS Single Name Client Clearing default functionality. This was, given the context, deemed to be an impossible task (history of IT delays and lack of commitment/buy-in from local CIO); the leadership team had been in a stalemate position unable to resolve issues on 4 prior programmes and on programme 5 for 10 months.

Full budget ownership €16.6m / 12 months. Decision making and direction across all aspects of the programme with internal and external parties.

Establish status and progress for programme. Be clear on Risk work streams that are on track. Report into programme board.

Identify all organisation and external interfaces (Vendors – Excelian, Atoz, Sopra, RAZOR).

Validate budget and resource plans – establish gaps and capacity issues. Saved €3m on budget and communicated to JV assurance partner.

Develop overarching vision for delivery and systems integration.

Establish gameplan for addressing IT delays :

1. Raise awareness across all critical teams. Provide clear updates to leadership team. Monitor position of local CIO vs Group CIO vs CEO.
2. Influence local CIO.
3. Establish point at which crisis escalation is launched to drive discussions in leadership team. Ensure candid discussion and create supportive environment to drive resolution. Have separate discussions to gain input to strategy proposals. Act as a broker in programme board to establish LT and local CIO willingness to review and adopt proposals.

Successful intervention to adopt strategy proposals securing the launch of the Client Clearing service; these decoupled risk on local IT team delivery, addressed immediate capacity constraints and migrated key data architecture dependency from local site to group site. Programme delivered a month late but on budget; saved €3m from budget plus €500k on Capex. No additional portfolio cost overruns.

• Agile PM Practioner
• Benefits Management
• budgets
• business and it operational processes
• Business Change Management & Communication
• Business transformation
• Capital Markets
• Enterprise and Business Architecture
• Enterprise Collaboration
• Data Analysis
• Gap Analysis
• People Management
• Product and supplier selection (RFP)
• Management Information & KPI's
• Portfolio Management
• Problem Solving

• Digital Enablement
• Accelerated Solution Delivery
• Process Effectiveness & Automation