Top techies advise on investment management system selection
24 May 2012
SimCorp released a new paper today entitled “IT System Selection: Choosing the Right Solution to Meet Investment Management Goals”.
Published in the Journal of Applied IT and Investment Management, the paper features commentary from: Dirk Buggenhout, COO of ING Investment Management; Sam Dezillie, partner at FRONT; Jeremy Hurwitz, principal and founder of InvestTech Systems Consulting and Hans Otto Engkilde, vice president, implementation and account management, SimCorp Benelux.
Mr. Hurwitz notes: “It is critical that buy-side firms migrate away from a reactive, IT-driven systems selection process to a strategic business-driven approach that considers the long-term impact on the firm’s future stated goals and drivers.”
The paper outlines ten practical steps for a successful IT selection process. Among the steps are:
1. Establish an IT-business partnership model and roadmap based on upfront consensus;
2. Understand the company’s short and long-term strategic goals;
3. Develop a wide range of pre-defined business cases;
4. Establish a steering committee with involvement of relevant stakeholders to ensure buy-in based on a continuous review process;
5. Define the architectural fit of requested functionality at the beginning of the selection process;
6. Foster an organisational culture open to change.
Nick Quin, regional director of SimCorp Asia, comments: “With proper planning and selection of IT systems, technology can be a key driver for investment management enterprises. At SimCorp, we make it a point to ensure we understand our clients’ business goals, from expanding product lines to reaching new international markets. This understanding is critical in helping our clients leverage technology to align their business and IT goals.”
The full paper can be found here: http://www.simcorp.com/Home/Journal/Vol-4-No-1---Table-of-contents/IT-system-selection-process.aspx.
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