Our client, a leading supplier of retail mortgages, engaged Parker Fitzgerald to manage the sale and subsequent transition of a key benchmark used in the bank’s capital and impairment calculations, key regulatory reporting processes, and the wider market. The bank no longer wished to administer the index, but was still required to provide data for the benchmark calculation and use the results in its financial reporting.
As regulations relating to benchmarks are increasingly stringent, and the benchmark calculation is used in key regulatory financial reports, a comprehensive and robust operating model was required by the bank to successfully manage all operational risks affiliated with both the submission of data to, and the usage of data provided by, this industry benchmark.
- Managing the sale and transition of the benchmark to a third party buyer Parker Fitzgerald provided specialist delivery consulting services to achieve the successful divestment and migration of this key industry benchmark. Expertise delivered, included detailed process architecture to write complex operating models and risk management frameworks, economic advice to ensure the benchmark retained all existing functionality and technology delivery expertise to oversee the successful implementation of all IT change (and accompanying testing activity).
- Core technology system changes relating to mainframe systems and crucial financial reporting systems, following significant changes to data consumption processes.
- Engagement with the regulator to demonstrate that the benchmark transition is compliant with all relevant policy
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