Client Problem

A financial services company required expert project management services to ensure the smooth and efficient implementation of a new, improved risk management system.

The financial service company’s risk management was undertaking an adventurous project to upgrade the systems and processes involved in effectively reporting credit risk and proprietary traded market risk information. Based on its reputation for providing project management excellence, SMS was engaged to manage the entire software implementation process. 
 

SMS Approach

SMS worked within existing corporate projects division (CPD) frameworks to undertake a two-year plan for successful implementation.

Although the client’s projects division adhered to a strict framework of implementation, SMS applied their own project management expertise to develop a detailed process for successful project completion. Relevant data was sourced from similar systems provided by the chosen software vendor and compared to the specific requirements of the current project to ensure relevance of the proposed new software.

Recommendation

SMS managed contract negotiations and implemented vendor management processes.

SMS drew upon more than 20 years’ project management experience to:

• develop a detailed project management schedule
• undertake comprehensive contract negotiations with the chosen vendor on behalf of the financial services company
• implement a strict process of vendor management to ensure key project deliverables were met

Outcome

The expert project management skills and experience supplied by SMS enabled the successful ‘on budget’ implementation of the client’s new system.

Tight vendor cost control, beneficial contract negotiations and expert project management from SMS provided the company with a workable platform for successful implementation. Through strict vendor management, SMS was able to deliver the satisfactory integration of the financial services company’s chosen risk management system - meeting all initial requirements without exceeding the initial project budget.