The largest UK banks have had to split their investment banking and retail banking businesses into separate operations. This ‘ring-fencing’ helps protect customers against any repeat of the 2008 banking crisis.
Any bank missing the ring-fencing deadline at the end of 2018 could face fines or even be shut down. For big banks like our client, this was a two-year project for hundreds of people.
They needed to move data for around 9,000 clients like large corporates and other banks into the new investment bank, without business skipping a beat. Over nine months, our IT specialists worked alongside the client’s to assess the systems, design the right links between them and test methods for migrating the data. Meanwhile our project managers and risk specialists connected the work to the client’s overall ring-fencing operation. We also drew on our prior relevant experience of regulation.
Each of the bank’s clients had their own trading position with ‘settlement instructions’ enabling trades in different currencies, for example. Each instruction was an individual piece of data – and the bank had 250,000 to move. We found a way to cut that to 50,000 by moving only the instructions clients had used in recent years. Even so, to guarantee moving them inside the deadline, we saw that the project would need an offshore team to move each piece of data manually.
We made sure the data was ready for a ‘dress rehearsal’ two months before the bank’s deadline. And that meant the bank could move it in a single weekend without disrupting business. They also used what they’d learned for similar projects in their overseas banks.