System Conversion for a Global Custodial and Service Provider

Background

A Global Service provider began a multi-phase implementation for a Global Investment manager to convert them onto their modern outsourced platform. The initiative aimed to enhance operational efficiency while fully supporting their clients increasingly complex global investment strategies.

The Challenge

Despite a clear strategic objective, the project quickly fell behind. During the initial rollout of the platform, the client experienced these issues:

• • Breakdowns in deliverables, missed deadlines, and unclear direction, which caused silos and misalignment.
  • Lack of experienced resources to support the move to target state performance calculation engine as part.
    of a project re-plan.
  • Need for end-to-end testing phase with actual client data.
  • Persistent issues related to timing and accuracy of internal data movement in the platform.
  • Documentation and communication issues led to rework, inconsistent priorities, and delays in sign-offs.

The lack of in-house subject-matter expertise (SME) and a fragmented delivery model made it difficult to progress confidently or consistently.

How could the client regain control of the implementation, align cross-functional teams, and deliver a scalable outsourced operating model?

Meradia’s Approach

Meradia was brought in shortly after the outset, when the initial problems began, to stabilize the program and chart a structured path forward. Leveraging deep experience in performance implementations and outsourcing projects, Meradia kicked off the engagement with a performance solution design that addressed both immediate execution issues and long-term scalability. The engagement was structured into four key phases:

Phase One: Structured Onboarding Framework

Meradia implemented a new operating model to guide client onboarding of account reference and performance data. By establishing consistent data governance, structured onboarding processes, and clear project roles, we alleviated data issues and positioned the client to take on new accounts and return types with confidence.

Phase Two: Development of Standard Product Model

Meradia implemented a new operating model to guide client onboarding of account reference and performance data. By establishing consistent data governance, structured onboarding processes, and clear project roles, we alleviated data issues and positioned the client to take on new accounts and return types with confidence.

Phase Three: New Testing Phase and More Cohesive Overall Testing Effort

To improve execution and end-to-end testing results, we advocated for the inclusion of a new project phase to verify the platform’s accuracy. We designed an updated reconciliation process to facilitate testing, enabling accelerated product testing and better alignment with delivery expectations. This new phase increased confidence in the production parallel exercise.

Phase Four: Sign-Off Structure and Production Parallel

To overcome the challenges of securing deliverable approvals, Meradia led joint review sessions with internal teams and the external client. We created standard daily processes, including data load and reconciliation, success criteria, and a daily client readout. The usage of these standards facilitated efficient parallel activities to achieve final signoff.

The Outcome

Meradia’s involvement turned a high-risk, fragmented initiative into a structured, scalable program built for success. Starting with product design and testing improvements, Meradia mitigated project risks and bolstered confidence in the project outcome. Key results included:

• • Established a standard and scalable onboarding framework for account master and performance data.
  • Structured foundational performance configuration for future client onboarding.
  • Improved stakeholder confidence and alignment via cohesive platform testing.
  • Formalized a process to identify and remediate inaccurate performance data within the ecosystem.
  • Delivered a modern reconciliation process incorporating data sharing.
  • Deployed standard daily production parallel processes to communicate status to all stakeholders.

By bridging solution design and testing with implementation execution, Meradia empowered the client to move forward with transparency, efficiency, and a strong foundation for continued growth.