|Project Name||Client Data Project||Project Sponsor/Customer||New Balance Bank|
|Delivery organisation||LPS Consultancy Services||Sector/Business Unit||Financial Services|
|Issue Date||To be shared as part of the unit Induction|
|Executive Summary (brief description of situation & need for project)|
|New Balance Bank (NBB) is one of North America’s largest financial institutions and provides a wide range of services to over 10,000,000 customers in over 60 different countries. NBB currently employ over 50,000 staff worldwide. NBB’s Investor Services division are seeking to improve operational efficiencies and reduce operating costs, through the rationalisation of its disparate, and in some instances outdated private client related accounting and reporting systems. These consist of a number of legacy systems that have been acquired as part of NBB’s global expansion. LPS Consultancy Services (LPS) are a subsidiary company of a very large Indian technology firm who specialise in the provision of accounting technology and project management delivery, the centre piece of which is their RaNX system. They have just been awarded a dual faceted contract by NBB to a) Provide an integrated accounting and reporting technology solution/platform b) To assume responsibility for the project management and delivery of the private Client Data systems rationalisation project.
The following NBB client and employee locations are in scope for the project: New York: The RPP legacy system which has been in operation for 10 years is in scope to be replaced by RaNX. There are approximately 100 NBB accounting staff who use the RPP legacy system today. As the head-office of NBB the local staff and management can be quite demanding and will need to be sensitively managed. London: The Pandora legacy system which has only been in operation for 3 years, is in scope to be replaced by RaNX. There are approximately 50 accounting staff who use the Pandora legacy system today. However, Pandora itself has just recently gone through an upgrade project and as a result staff may be resistant to further change. Luxembourg: The Lx Accounting system which has been in operation for 6 years in is scope to be replaced by RaNX. There are approximately 80 accounting staff who use the Lx legacy system today. The stringent nature of the Luxembourg regulatory environment adds complexity to the system configuration/accounting and reporting requirements. Sydney: The Scuba system has been in operation for 12 years in is scope to be replaced by RaNX. There are approximately 30 accounting staff who use the Scuba legacy system today. Related accounting requirements are relatively straight forward.
|Implementation of the following whilst ensuring that there is zero negative impact on service to NBB private clients: Configuration of RaNX accounting and reporting data rules in RaNX for all clients Migration of legacy data from New York, London, Luxembourg and Sydney to RaNX Formulation of RaNX/accounting operational procedures RaNX systems training for NBB accounting staff in New York, London, Luxembourg and Sydney Decommissioning of legacy systems for New York, London, Luxembourg and Sydney|
|Project Team Structure You work for LPS and are part of the Project Management team for this project. You and your team will be accountable for the successful delivery of the Project Objectives stated above. Your team is comprised of a number of ‘on the ground’ resources who will be present in NBB’s New York, London, Luxembourg and Sydney during the different phases of the rationalisation project. These resources include project managers, business analysts and technology leads. Furthermore, a number of dedicated LPS technical resources will be based in India for the duration of the project. Budget The overall budget for this project is £5 million and that needs to cover costs associated with all project objectives. It is down to the LPS project team to determine how these costs get allocated to the various project components and associated activities.|
|Proposed Time Frame The rationalisation project commences in January 2021. The Sydney location should be the first to migrate to RaNX system and needs to do so by the end of August 2021. The remaining locations will follow a phased migration to RaNX following Sydney’s move. The overall project should be completed by end of January 2022 and must include the decommissioning of the legacy systems and the operation of the RaNX system in all in-scope locations.|
|The LPS project team will need to work alongside NBB’s own project management and accounting staff and will need to adhere to NBB’s standards of project management monitoring, control and reporting. The LPS RaNX development team are based in Bangalore. The overall project must be completed no later than January 2022. Local regulatory accounting reporting requirements must be fully adhered to.|
Project Overview Communication Plan Work Breakdown Structure Network Analysis & Critical path Risk Register
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