Top PMO risks that could derail your Bank’s Treasury Management System
PMO teams play a significant role in successfully implementing a Bank’s treasury management system. They aid in answering key questions such as:
- Which technology has the right features of the Bank’s customer segment?
- Will the new system align with business priorities?
- Will the system be implemented within the defined time frame and cost?
- Will the system comply with and adapt to new regulations?
Having partnered with multiple Banks and assisted their PMO teams in treasury management system implementations, we have outlined a comprehensive list of risks that will help your PMO team pinpoint where things could potentially go wrong:
- Lack of right metrics to control the program
- Support and availability of integrating teams such as Operations, Host and ARP
- Less involvement from business teams right from the start
- Gaps in requirement documentation and interface requirement documentation
- Schedule slippage
- Unplanned environment downtime
- Software Configuration (and Release) Management issues
- Delay in signing off on requirements / customizations by all stakeholders
- Defect backlog
- Business continuity planning and disaster recovery issues
- Gaps in scheduling of interface development
- No thought given to knowledge management
- Lack of clear roles and responsibilities and single points of contact
- Gaps in communication and reporting protocol
- Coordination amongst various vendors and SLA management
- Poor prioritization of customizations, code drops and interface development
- Poor estimation
- Scope creep
- Absence of risk management practices
- Ineffective quality assurance and quality management
It is critical to be aware of such potential risks so as to devise the right mitigation strategies to eliminate budget and time creep. One big upside to avoiding these risks is that your Bank will be able to start realizing ROI faster from your implemented treasury management system.
Can you think of any other risks that your Bank’s PMO team may have faced during a technology implementation?
