The Challenge
The bank’s Foreign Exchange traders in Sydney and London required an automated deal pricing engine to alleviate manual processing in order to speed up the time taken to process trades. EQuest Consulting were asked to manage the project to deliver the solution. The time frames for the project were very aggressive as the system would provide a competitive advantage for the bank and opened up new trading possibilities in London.
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How EQuest Consulting Met the Challenge
With the project initiated and negotiations with vendors completed, EQuest Consulting conducted detailed planning for the project. This included establishing a schedule with tasks, estimates, resourcing and dependencies, a detailed project budget with time phased costs and risk management, communications and quality plans. The initial schedule did not meet all of the sponsor’s deadlines so it was reworked into a phased approach that would deliver the most important components ahead of others.
Having staffed the project with internal and contract resources, we put in place effective control mechanisms to track the schedule, budget, risks and the quality of outputs. With these mechanisms we were able to quickly take corrective actions when necessary, which kept the project on track. Effective communication kept stakeholders informed and allowed quick escalation of issues requiring senior management input.
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The Benefits
The phased delivery approach and close tracking of the project allowed the major components to be delivered ahead of time, in preparation for the training of new dealers in Sydney and London. The bank was therefore able to quickly realise the competitive advantages that the new system enabled.
A professional approach to project management meant that subsequent phases of the project also met time and budget objectives, plus quality objectives were achieved with the system meeting all of its user requirements.
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