Interim Head of Global Credit Risk IT
Having managed its' trading limits on a regional basis, Rabobank International decided than in order to utilise these limits more efficiently it needed to introduce a new model for credit risk to be done on a global basis. This resulted in the creation of a new business unit - Global Credit Risk - and a plan to introduce the global credit risk model to the business within an 18 month timeframe.
In support of this, the interim role of Head of Global Credit RIsk IT was created in order to focus on establishing the new team and delivering the required solutions, with some key objectives being:
- To establish a new Global Credit Risk IT function in support of the business
- Develop and implement an IT strategy to support global credit risk management across 6 trading centres, supporting 450 traders
- Deliver the programme of work within 18 months and for a budget of £25m
What we achieved
The scope of work was to provide global credit risk systems to 450 traders based in London, Utrecht, New York, Singapore, Hong Kong and Sydney. Trading covered products such as Fixed Income and Derivatives, Global Equity and Foreign Exchange.
Having agreed the scope of solutions needed, and the business requirements, a formal RFI/RFP process was run which resulted in a programme of work including packaged solutions, component based development with a partner, and some bespoke development.
All contract negitiations were handled on behalf of the client, and in conjunction with the internal legal team, ensuring detailed milestones, penalty clauses for late delivery and Service Level Agreements (SLA's) for ongoing support.
Over a period of 18 months we delivered the required functionality to the business in a phased approach, providing specific functionality for certain products, and then expanding the coverage once the pilot had been successfully proven. The systems were implemented, and a team setup internally to provide the capability to maintain and support the systems moving forward.
This was all achieved for 20% below the original budget, with the final spend being £20m.