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we effectively chose a supplier just
a few days into the weeks allocated
to vendor selection, the rest of the
time being spent validating our
decision, coming to an agreement,
and getting senior management
endorsement. Inevitably we started
with a very short list of potential
providers, and despite the frenzy of
new product launches at the time
everyone on the shortlist was al-
ready proven and established. The
vendor selected was the one who
could provide the broadest solution
set, even though we didn’t need all
they could currently offer.
Don’t get complacent
Fourth, do not underestimate the
importance of new controls and
processes and the effort it takes to
define them and train employees.
Transaction reporting, record
keeping, best execution, client
suitability, RPA’s - all are depen-
dent on systems and technology to
function, but they will not be fit for
purpose unless they are incor-
porated in an overall governance
framework with appropriate
controls. When it comes to opti-
mising resource allocation rely on
a proven external service provider
who can provide a holistic solution
for your technology needs, while at
the same time allocating your valu-
able internal resources to defining
and implementing all the new and
essential controls and processes
that will need to be used on a day-
to-day business.
Finally, don’t get too complacent
even if it all seems to work. On
go-live day in ‘97, I ceremonious-
ly skipped all our unused paper
tickets in the bin, only to be found
desperately trying to retrieve them
a few days later when the system
crashed. Ah, did I mention disaster
recovery…?”
Issue 52
TheTradeNews.com
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