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Middle Office Client Challenges

List of Challenges Our Clients Face in the Middle Office

Benchmark Management Tool Design

The client faced a number of challenges surrounding the management of index & benchmark data within the middle and front office. With multiple internal and external sources of data it was difficult for the client to manage costs and relationships across its overseas offices. The client also required an index management solution with a customised benchmark engine, which would build and maintain benchmarks for teams across the organisation.

ISC organised workshops with the teams to understand the size and scope of the client's challenge and create a framework to capture their requirements. From these workshops and detailed scoping meetings with the data management team, we were able to identify and document the high level requirements for the benchmark engine and the governance structure for index and benchmark data across the organisation. ISC was also able to deliver business analysis and project management to implement the development of the benchmark management solution and design the new governance structure.

For the client the benefits were apparent and immediate. They were able to reduce costs by eliminating duplicated supply of data while centralising the governance. Consistency could be applied to the manufacture of benchmark data for front and middle office needs. The project was accomplished to budget and within time frames.

Performance Measurement

The client's challenge was that the investment performance measurement solution in place was manual, prone to error and an operational risk. A new solution was required to manage data and calculate performance down to instrument level on a daily basis. The solution required additional controls and audit functions to ensure the operational risk hotspot would be cooled down.

ISC engaged with client stakeholders and subject matter experts to document the RFP, ultimately selecting vendors down to the finalists. ISC initiated and managed a final beauty parade of vendors, with the winner engaging in a proof of concept. We managed the implementation and provided expert analysis of the requirements. We provided consulting at all stages of the project, leveraging our expertise in performance measurement and project management.

The client was able to decommission legacy performance solutions, reduce BAU cost and reduce risk to the organisation, systematising a manual process and reducing key man dependencies within the organisation.

RFP project

The client, a large multi-national asset manager, maintained a semi-manual process to manage and monitor the request for proposal response solution. The lack of controls and the inability to evaluate whether responses were up-to-date slowed the process and impacted the ability of the client to increase its win rate. A new approach was required.

ISC provided project management and analysis from inception to go live and post project support. Vendor selection was initiated with project stakeholders. A proof of concept was set up with the shortlisted provider. ISC managed the due diligence at company and technology levels. Training was organised across Europe and the Far East with a strategy of in-house product champions to help spread the knowledge of the product throughout the client organisation.

ISC helped to de-risk the RFP response process and contributed to the creation of an environment to increase the win rate. The team could spend time fine-tuning content and responses, reducing the average cost per response. Moral improved. Traceability and audit improved allowing the production of verifiable MI. Part of the developmental and operational risk was outsourced to the vendor, improving the operational risk profile of the team within the organisation.

ISC Middle Office Capabilities