Engagement Summary
In 2019, the structured notes technology organization of a leading investment bank engaged Monticello Consulting Group (MCG) to advise on their existing program management structure, define the tangible target program outcomes, create a tighter link between technology and business, and provide ongoing governance for managing projects. The client’s ultimate goal was to leverage technology to enable the business to expand its trade capture and risk management capabilities.
The MCG team analyzed the program’s current processes and defined a program governance structure to enhance how the technology organization engages with the business to provide more viable solutions for trading efficiencies. In addition, MCG supported senior leadership teams and program sponsors by providing ongoing management communications including managing the technology application roadmap and product and release management reporting. The major challenge for the client was the need for stronger processes to enable large scale business growth while maintaining predictability and transparency between the business and technology teams. Year to date, the structured notes team has achieved many of their desired business and technology goals and have gained significant market share since 2018.
Project Background
The structured notes issuance and risk management organization has begun to expand its business beyond the wholesale industry and into the retail and secondary markets. As competition to sell structured notes has grown significantly throughout the banking industry, our client looked to improve its operations to better position itself for continued growth. Our client made significant technological and operational advances to better support the expansion of more complex business needs. Improved leadership communications and coordination between the front office business and technology organizations were paramount. Additionally, the critical balance between technology and business requires effective program/project management to eradicate redundancy and scope creep impacting delivery. This strategic engagement with Monticello was initiated as a result of the business’ desires to remain competitive in the structured notes market as they looked for a trusted advisor to support their business-critical change initiative.
Engagement Activities
Program Management:
Analyzed the program’s current processes and how the technology organization engages with the business. MCG advised on the design of an independent PMO to ensure all changes to the client’s systems and processes were delivered as required by the business. Designed standardized templates and test cases for the development team to use and share with the business who would perform UAT testing. Leveraged industry-leading program management methodologies to create and quantify value for the technology team as well as the front office.
Business Value
Monticello’s Change Management team, through a continuous partnership with global markets technology and operations teams, helped position our client for success in developing the capability to expand structured notes issuance in new markets. Our rigorous program management governance methodology, end-to-end process understanding, and timely execution supported business transparency into technology work which allowed the business more opportunities to leverage technological capabilities. The new governance structure also allowed senior leadership to better understand and implement strategy, focus on tangible business outcomes, and engage in more business opportunities in the wholesale and retail trading of structured notes.
