Finance - cash

ERP System Rescue and Managed Services

Background:

A financial institution regulated by the Financial Services Authority (FSA).

The company used an old version of the Oracle JD Edwards ERP system across a number of functions. Following two key appointments at Board level in October/November 2006 the finance department took immediate responsibility for systems from IT and considered outsourcing to India.

The Challenge:

It soon became apparent that the company was in a critical situation as there was a real concern over system security issues and opportunity for fraud. The management board wanted a risk assessment of how systems were implemented and recommendations on the secure implementation of back office systems and ongoing service management.

InsightMSC was commissioned to carry out the risk review and provide recommendations to the Board.

The Review:

InsightMSC brought in their team of experts to carry out a comprehensive risk review across the following key areas:

  • Applications
  • Financial
  • Technical
  • Service management

The review identified critical risks in all the above areas with 25 immediate risks to be mitigated.
As the client was considering outsourcing its systems InsightMSC reviewed the options available to the organisation including the original option of setting up a team in India as well as a review of third party provision.

The Solution:

InsightMSC worked with the client to create an action plan to achieve remedial actions within aggressive timescales.

Our plan included mitigating the immediate risks, stabilising the applications, transitioning to managed services and establishing strategic management.

The high risk profile of key areas in the business meant that InsightMSC had to work against extremely tight deadlines. We used our established methodology to assure delivery within the timescales. To ensure that accounts would be produced and validated before Year End (30 June), InsightMSC ‘parachuted in’ a team to take operational control and implemented a transition to a managed service within two months of the review findings and subsequently stabilised the applications.

As of August 2007 all Priority 1 risks have been mitigated and the system is running on a fully managed service underpinned by ITIL.

The Outcome:

InsightMSC worked successfully with the client team to quickly assess the key risks to the organisation and set up a recovery plan to mitigate them before year end.

Key outcomes of phase one include:

  • Year end accounts were signed off
  • Recovery plan agreed with auditors
  • Professional Service Desk operational
  • System developments captured & prioritised
  • Governance in place
  • Increased security through system lock down

We are now entering the second phase of the programme which includes upgrading the client’s system to the latest version of the Oracle software.

General Enquires