When it comes to implementing a new treasury management system, banks can be like deer caught in the headlights. There are several unknowns that come into play - Which technology should be used? Will the system align with business priorities? Will the system be implemented within the defined timeline and costs? Will it be able to keep up with new competitors and adapt to new regulations? PMO teams play a significant role in addressing these questions and are pivotal to the success of treasury management system implementations. Although, completely failed implementations are rare, majority of them do encounter cost overruns and substantial delays. Post implementation, most banks also realize that there is a gap between the intrinsic value of the treasury technology they chose and their ability to reap benefits by getting it to work effectively.
Over the years of helping banks and their PMO teams implement treasury management systems, we have realized that project management has significant influence on how an implementation project shapes up. We have outlined a comprehensive list of PMO risks that will help PMO teams pinpoint where their treasury management system implementation may go wrong:
Lack of right metrics to control the program
Support and availability of integrating teams such as Operations, Host and ARP
Less involvement from business teams right from the start
Gaps in requirement documentation and interface requirement documentation
Unplanned environment downtime
Software Configuration (and Release) Management issues
Delay in signing off on requirements / customizations by all stakeholders
Business continuity planning and disaster recovery issues
Gaps in scheduling of interface development
No thought given to knowledge management
Lack of clear roles and responsibilities and single points of contact
Gaps in communication and reporting protocol
Coordination amongst various vendors and SLA management
Poor prioritization of customizations, code drops and interface development
Absence of risk management practices
Ineffective quality assurance and quality management
An experienced PMO team needs to be aware of such PMO risks and should be able to devise mitigation strategies before budget and time creep threatens to derail the project. Product Management and IT teams need to support PMO teams in this. There is a tremendous upside to avoiding these risks. Not only will you be able to ensure that the implementation project meets time and cost goals, you will also be able to rapidly start realizing ROI from the treasury management system. Can you think of any other PMO risks that you may have faced during an implementation?
If you are looking for someone who can help you accelerate your time to market on product releases look no further. Get in touch with us today to explore our scientific and analytical reports derived from our proprietary technology!