Technology Strategy and Development
Strategic sourcing, contracts and
|Portfolio Accounting Technology and Operational
Challenge: Ultra high net worth unit of a global
brokerage had an unprofitable client mix, too many small accounts
and a higher cost structure than standard industry metrics. The
technology and operational infrastructure only supported the
existing low-end services business model. The internal IT staff did
not have the skills and business knowledge to support enhanced
systems and comply with the strict regulatory environment.
Solution: Planned and led technology and operational
outsourcing to increase margins and client service quality, while
maintaining key business and technical integration links to the rest
of the firm. Managed team of over 150 across trust administration,
IT, operations, and compliance functions. Led all stages of vendor
relationships from business case analysis to final cutover and
ongoing support Implemented enterprise portal, sales and workflow
applications to fully integrate operations nationwide.
Benefits: Reduced costs by outsourcing
mission-critical software, portions of an IP network and statement
printing, and by renegotiating data feeds charges. Initiatives
improved divisional cost structure by over 45% while complying with
SEC and OCC regulations. Provided capability to deliver premium
services to more profitable high-end client segments.
| Client Statement Outsourcing|
Challenge: Monthly statements for a bank’s wealth
management business unit were continually shipped late due to
in-house printing delays. Statement quality was below competitive
standards, with no graphical elements.
Solution: Outsourced statement operations to a premier
printing supplier. Developed business requirements document, sent
RFP to multiple vendors, and evaluated responses. Built application
links between internal accounting and external printing systems.
Created electronic notification process for pulling erroneous
statements from production until final mailing.
Benefits: Expedited client statement printing cycle
from 3 weeks to 3 days. Reduced costs 50% via duplex printing and
advanced softproofing. Introduced graphics, flexible inserts, secure
online portfolio reports and other value-added services. Enhanced
compliance by automating CD archival of historical statements.
Systems regulatory compliance (SEC,
OCC, OTS, FFIEC)
|SEC GRAS (Global Research Analyst Settlement)|
Challenge: SEC ruling required brokerage firm to
disclose independent and internal analyst ratings for equity
holdings in client statements. Business was required under more
stringent regulatory requirements to report historical data. Trust
accounting systems and statement printing were outsourced, which
complicated regulatory responses and data interfaces.
Solution: Worked with legal and compliance groups to
define compliance requirements and appropriate business responses.
Integrated Reuters and internal data feeds to create historical data
warehouse from daily and monthly corporate data. Led work with
accounting system and printing vendors to modify applications and
develop software to dynamically apply business rules and generate
disclosures at run time.
Benefits: Cost-effective solution provided flexibility
for evolving regulatory, operational, and technical requirements.
Seamlessly combined research, portfolio management, and printing
from client viewpoint.
|Compliance and Regulatory Audits
Challenge: Business unit did not have dedicated IT and
operational professionals that understood its core business and
could represent it in internal and external regulatory audits. The
highly-regulated unit outsourced most of its IT processing and
operational infrastructure to corporate resources and external
vendors. No single person had comprehensive view of all systems.
Solution: Assumed acting role of IT business
compliance liaison and vendor representative. Evaluated business and
operational impact of regulatory changes, corporate strategies, and
vendor product releases. Coordinated team of legal, compliance, IT
specialists and outsourced services providers to respond to
directives. Established reporting structure and implemented new
systems and processes. Led internal and vendor disaster recovery
Benefits: Successfully led IT section of 15 corporate,
SEC, OCC, OTS, FFIEC audits and raised divisional ratings. Trained a
permanent IT business compliance team.
Complex project management and implementation
| Stock Option Data Warehouse and Reporting |
Challenge: Fortune 500 company employees and financial managers
required timely access to personal stock option data and related SEC
plan information stored in several locations. Information was
distributed via Email and printed reports.
Solution: Integrated employee stock option tracking
software package with corporate Intranet and legacy systems.
Developed complementary data warehouse allowing subsidiaries to
manage multi-currency data remotely and generate financial reports
on demand. System allowed personalized access control by individual
Benefits: Reduced costs and processing errors by
allowing employees to view data and request option exercises and
transfers online. Financial managers reduced processing time and
increased accuracy of SEC reporting.
| Global B2B Sales and Marketing Portal |
Challenge: International product growth at foreign
manufacturer stalled due to
rising operational costs in a commodity business.
Solution: Developed B2B sales and marketing portal
enabling worldwide customers to place orders and research product
features at global industrial supplier.
Benefits: Increased global sales by 45% and reduced
operational costs. Decreased order errors and turnaround time.
Integration of software, hardware and data feeds systems
| Bank Consolidation |
Challenge: The trust division of a global brokerage firm was running two separate banks: one state chartered and one federally chartered. This dual-bank structure duplicated business processes and regulatory burdens.
Solution: Obtained legal and regulatory approval for a single federally-chartered bank. Integrated business, technical, and operational strategies. Coordinated internal operations and external vendor systems to eliminate redundant programs.
Benefits: Increased margins by streamlining operations, reduced costs for ongoing systems enhancements, and decreased regulatory reporting requirements.
| Cash Sweep Program Implementation|
Challenge: New higher margin brokerage cash sweep vehicle could not be rolled-out until eligible accounts were identified and portfolio systems were modified. Accounting system run at outsourced data center did not support complex account tiering required by the new product. Lack of consistency among business units caused confusion in consolidated client statements.
Solution: Analyzed financial, legal and compliance requirements with corporate specialists. Coordinated program team of 500 vendor and internal resources to define business requirements, redesign vendor application architecture and modify internal infrastructure to support new product.
Benefits: New cash sweep program added millions to bottom line in increased margins. Attained consistent client statement presentation across business units.
Product strategy and development
|Launch New Product Lines with Enhanced Reporting and
Challenge: Fast growing financial and data services
firm needed infrastructure to support current and future growth.
Solution: Developed Intranet/Extranet applications to
improve reporting and analysis capabilities. Internet infrastructure
built to support planned geographical expansion in the US and
Benefits: Systems enabled analysts to process
externally generated data and launch additional product lines.
Reduced processing time by over 85% and allowed
company to offer customized reporting and expand client base.
Flexible design accelerated operational integration on acquisition
by a larger firm.
| Customized CRM Product Strategy for Executive Recruiting
Designed technology and operational plan to improve productivity and
customer relationship management for an executive recruiting firm.
Plan included Intranet and Extranet infrastructure to support
national expansion and expedite candidate processing. Integrated
best-of-breed enterprise software packages with customized
|Financial Product Strategy
Designed Internet-based financial analysis product used by investment banks and corporations to identify potential joint venture partners based on industry metrics and financial performance.