Large industry utility.
The critical market functions performed by financial services utilities are contingent on them successfully but independently procuring the right technology solutions.
We helped a large utility define its future technology objectives, instill best practice throughout the organization, and assess the performance of third-party software.
Key services on a technological knife-edge
Industry utilities offer a range of vital, common services within financial markets globally, centralizing core functions to increase liquidity, reduce costs, and improve transparency. For a utility to execute its functions faithfully, it is crucial that it maintains clear guidelines for interaction and partnerships with third-party technology vendors. This ensures that it can effectively perform its intended market role in the long term while maintaining its independence.
Establishing protocols for procurement
Lab49 partnered with a large industry utility to create a ‘Development Factory’ framework to guide how all vendors should work with the firm. After reviewing the utility’s existing processes and potential initiatives based on current capacity, future demand, and priority, the team developed a detailed milestone plan to define the key objectives for technology procurement. We subsequently helped to ensure that these were enacted throughout the organization and measure the performance of newly deployed software.
A clear and lasting technology strategy
The delivery of the plan set the course for the development of the utility’s technology strategy over the next two years, embedding a robust set of protocols outlining how the firm should engage with all technology providers.
Lab49 has a proven track record among leading institutions in program set-up and governance, agile delivery management, and testing.
Evolving regulation continuously challenges participants in financial markets to adapt, comply, and gain a competitive edge.