Enhance and Expand the Functionalities of a Medium-size Private
Bank’s Systems across Different Business Lines
Project Background
This bank wanted to take advantage of new market opportunities and update its processes relating to risk management and regulatory requirements. It therefore decided to implement a number of functional enhancements to its Avaloq Banking System. As the existing set-up was already complex, the integration of new functionalities had to be seamless.
The Client
The client is a medium-size private bank belonging to a very large international banking group that covers a large span of activities. Its private banking business is spread across several international locations.
Challenges
With Avaloq Banking System already running, Orbium took advantage of the system’s flexibility through appropriate parameterisation of the different modules. The enhancements were spread over several business streams, requiring a deep understanding of the bank’s current and new business as well as close contact with the various department heads to ensure the solution met expectations and was on target. The enhancement programme had to be carried out without disrupting daily business and Orbium also had to bear in mind that the initiative was designed to maximise the bank’s income.
Scope of Project and Orbium’s Role
The project covered specific areas where Avaloq Banking System-enhanced functionalities would make a major difference. This triggered a programme of different actions. The main ones were Anti-Money Laundering, Credit Risk Management, Trade Finance, Retrocession and Risk Monitoring across multiple jurisdictions.
Orbium had full responsibility for all enhancements, and made sure the different projects were staffed by experts who completed the full project cycle: business analysis, technical analysis, business process reengineering, building the solution, implementation and user training.
Results
All projects were delivered on time and within budget. The improvements the bank was looking for were implemented to its entire satisfaction. As a result, the bank boosted its efficiency and was able to explore new business opportunities within Avaloq Banking System.