IMPLEMENTATION TECHNOLOGY OVERVIEW
Flexible Implementation Including Training, Consultation, and Customization
The Specialized Finance System (SFS) embodies a set of comprehensive risk and performance models in an enterprise-level application that allows hundreds of users to analyze tens of thousands of assets. The SFS is web-based and can either be used as a service across the internet running on Risk Integrated’s servers, or can be installed in-house at the financial institution, allowing users to log on across the intranet to a single centralized application.
As a full-service risk consultancy, Risk Integrated is patient in providing all required training, consultation and customization of the software. Implementation of the Specialized Finance System in-house at a large financial institution typically involves three major phases.
Phase I - Training and Familiarization
Typically, at the beginning of Phase I, the customer receives all the required models and documentation followed by formal on-site training. Early in Phase I, the institution’s pilot users and super users are given access and training to use the SFS across the web on Risk Integrated’s servers. Risk Integrated provides structured training along with exercises and then provides guidance as the users input their own deals to gain familiarity with the system.
We suggest most institutions allow their users to access the SFS in this manner for a month or so before beginning discussions about the extent to which customization of the SFS platform is desired. Typical customizations include new reports, modifications to the risk and performance models, modifications to the Graphical User Interface for data input and adapting the workflow to fit the institution’s practices.
The SFS can be installed as a standalone application, but most institutions prefer it to be fed from other live data sources to the extent that data is available electronically in these systems. Hence, another important part of Phase I is to determine the data structures of any existing live data and plan the data integration with the SFS to avoid double-typing.
The result of Phase I is a set of trained staff and a specification document for customizations to be made in Phase II.
Phase II - Customization
During Phase II, Risk Integrated makes the requested changes to the system and then allow the institution to test the customized system across the web running on Risk Integrated’s servers. Once testing is complete and the customizations are signed-off as meeting the specified requirements, the client-specific version of the system is bundled into an installation package.
Phase III - Installation
In-house installation typically only takes a matter of days, followed by the institution’s final user acceptance testing. Once the SFS has passed the user acceptance testing it is typically moved to the production environment.
After installation Risk Integrated provides ongoing support and maintenance. Typically the initial support agreement is for three to five years and includes both software support and general consulting.