Improve Resiliency with Comprehensive Business Requirements and Proven UAT


Client

Fortune 50 Financial Services Institution

Project Overview

Client sought to build workaround capabilities to reduce technology risk and improve business resiliency in the event of a technical disruption to its core payments processing systems. Reference Point focused on identifying potential technical disruption scenarios, generating business requirements for a new payment application and supporting implementation.

Challenge

  • Audit findings and control assessments indicated that the Client had elevated operational risks within its payment ecosystem, particularly related to its core payments processing engine where there was limited in-house knowledge of the existing system.
  • The Client did not have reliable workarounds to make critical payments in the event of a technical disruption impacting key payment systems. Current workarounds relied on manual processes, which may fail to support volumes on high-processing days.
  • The Client required additional resources and subject matter expertise to assess gaps in current workaround capabilities, recommend remediations and implement a solution to process payments in the event of a technical disruption. 

Solution

  • Reference Point deployed a team of consultants and experts, including the former Global Head of Program Management for Citi Enterprise Payments, to identify potential technical disruption scenarios and recommend a technology solution to mitigate operational risk.
  • The team met with key business stakeholders to understand current payments processes and known workarounds. The culmination of these meetings resulted in process flows, a detailed business requirements document, wireframes and other artifacts to drive the implementation of a new alternative payments system.
  • Reference Point supported the implementation of the application into production by conducting extensive user acceptance testing and end-to-end testing; developing the operational procedures and user manual; and overseeing the business validation during deployment.

Impact

  • With the support of Reference Point, the Client successfully reached go-live and implemented a new application for critical payments, which significantly reduced the Client’s exposure to technology and operational risk.
  • The Client leveraged Reference Point’s business analysis methodologies and Business Requirements Document as a “gold standard” for future requirements gathering exercises.
  • As the Client lacked a formal UAT testing function, Reference Point not only developed the UAT strategy and plan but also drove and participated in the UAT execution to address both knowledge and capacity gaps.

End-to-End Services, Working Together.

Strategy. Risk. Data. Technology. Reference Point evaluates critical elements all together to build cohesive, lasting value for financial services clients.

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