Engagement Summary
Since 2015, Monticello Consulting Group (MCG) has partnered with a Tier 1 global financial institution to separate the existing broker-dealer business that provided coverage for its Retail clients and Institutional business. MCG’s regulatory and project management expertise helped distinguish the team from the competition, and that has given the customer the confidence to engage MCG across the life of the program to lead pivotal roles across major workstreams.
The existence of institutional and retail broker-dealer business activities within the same legal entity gave rise to risk that, in the event of a liquidity shortage in the institutional business, the retail business would be adversely impacted. Further, in the event of a regulatory proceeding, retail client assets could be frozen for a significant period of time. As a result, this could cause client hardship and a systemic risk of a run on the retail banking business as a whole.
The MCG team served as a primary point of liaison across workstreams and the Executive and Technical PMOs. MCG project managers and business analysts were able to draw on their experience and expertise and work with stakeholders from all functional areas throughout the project lifecycle leveraging proven MCG methodologies and toolsets while also developing custom solutions required for this program’s success. MCG financial services SMEs provided further guidance to support regulatory and business requirements. To minimize the risk associated with such a large program, the transition was split into multiple releases beginning in 2017 and running through 2019.
Project Background
The client aimed to separate the business into two legal entities to provide optionality of resolution strategies. As a result, the institutional business was migrated into a newly formed broker-dealer while the retail business remained in the existing broker-dealer. Project benefits included the reduction of the company’s systemic risk profile, increased resolvability, and optimized technology and operations infrastructure for the target entity.
Engagement Objectives
Project Management:
Served as primary point of contact with Executive PMO and Technical PMO for covered workstreams
Managed PMO risk reporting and tracking
Prepared regularly scheduled formal briefings including structured decks and metrics
Developed executive briefings
Liaised and coordinated collaborative activities with other workstreams
Designed and implemented project management tools for reporting and metrics
Developed Resource Plans and maintained project life-cycle for business and technology teams
Business Analysis:
Developed Business Requirement Documents with traceability matrices for covered products
Created test cases for covered products
Testing Governance:
Developed test plan definition and execution management for multiple products for migration and future state end-to-end transaction flows and booking models
Service Introduction:
Built and tested (Dress-Rehearsals) of Go-Live Run Book for covered work stream
Managed Control Room during event execution of Dress Rehearsals and Go-Live
Business Value
Based on MCG’s long-standing and highly successful relationship, the client entrusted MCG with many key aspects of the program from start to finish. Given MCG’s ability to provide leadership, communications, project management, and proactive support, the partnership continues to flourish through execution and MCG has taken on additional roles and responsibilities to support program expansion. Today, the team continues to deliver exceptional results and the program is on track for a successful go-live in Q2 2019.
