SkySparc’s Upgrade as-a-Service in action
When the time came for KBN to upgrade their instance of Murex, they turned to SkySparc’s agile team of experts
The challenge
Operating on outdated platforms creates risks and challenges, but so can upgrade projects
Operating a bank on outdated core platforms introduces a range of operational, compliance and even customer service risks. For example, 42% of European bank executives say that existing infrastructure is one of their three biggest internal challenges.1 However, IT and systems upgrade projects also present challenges to overcome and risks to mitigate.
Examples of IT and systems upgrade project risks
- Lack of in-house expertise and experience in:
- Project and change management
- Technical systems functionality
- Third-party resource risk
Budget Risk
- Accuracy of the business case
- Cost overruns
- Financial benefit realization post deployment
Deployment Risks
- System downtime and outages
- Testing and debugging
- Data mapping and information risk
- Change management
- Stakeholder and user communications and buy-in
- Training and adoption
Working with SkySparc on our Murex project was completely seamless. As an extension of our team, they brought not just the extra people-power we needed, but the expertise and experience to ensure a smooth upgrade was delivered.
Harald Saksvik, Head of IT, Kommunalbanken
Given the speed of transaction processing, volumes of data managed, and security and privacy requirements, bank IT upgrade projects are even more vulnerable to these risks and challenges. With caution created from these challenges, nearly 50% of banks in the U.K. don't upgrade old IT systems as soon as they should.2
Banks increasingly turn to outsourced support from industry-leading consultancies like SkySparc. Over 80% of European banks have partnered with a service provider, or will within the next year, on services such as F.X., trade finance, payments, and corporate treasury management.3
KBN calls time on their previous version of Murex
Murex is a core long-term funding and treasury platform for KBN, The Norwegian Agency for Local Governments. KBN utilizes a range of Murex functionality across the front and back offices, including risk management, accounting, advanced pricing models and collateral management modules.
Wanting to avoid the risks of running on previous platforms, KBN set about upgrading to an enhanced version of Murex, MX.3.
Once upgraded, KBN would benefit from additional security features, more accessible subsequent updates, and access to enhanced functionality within Murex MX.3's new modules for stress testing, LIBOR transitions, collateral management, and credit management.
In addition to the generic risks associated with IT upgrades, KBN identified several project risks, including capacity and capability challenges. To fully mitigate these risks, KBN turned to their long-term partner SkySparc and our team of experienced and skilled Murex consultants.
The solution
SkySparc has a dedicated, right-sized team of Murex specialists working alongside KBN’s team on application operations and system maintenance. When KBN decided to upgrade, SkySparc applied its extensive expertise and unique deployment methodology to deliver a complete end-to-end service to KBN.
Manage
- Leveraging extensive IT project management capabilities, SkySparc managed the upgrade for KBN.
- A dedicated, highly experienced, and agile team of 4 was assigned to work as an integral part of KBN’s in-house team.
- Provided the flexibility to boost resources as needed, with SkySparc rapidly deploying the fourth resource to provide cover for parental leave within KBN's existing team.
Test
- SkySparc prepared test plans and was an integral part of the extensive testing before the full deployment of the Murex upgrade.
- Management of issues tracking and resolution follow-up completed by SkySparc’s project managers.
- SkySparc used the proprietary reconciliation tool OmniFi, to increase efficiency and quality in reconciliations.
Deploy
- SkySparc’s Murex specialists not only understand the platform's capabilities and deployment dependencies but also partnered with KBN to understand their specific requirements.
- SkySparc worked closely with Murex and the local service provider in Norway to accurately deploy the right infrastructure and manage the go-live runbook.
Optimize
- SkySparc resources managed internal change management communications with KBN's leadership team and end users.
- SkySparc resources provided post-implementation support to ensure the upgrade was utterly bedded in and the new functionality fully optimized by KBN.
The result
SkySparc's partnership approach supported KBN in delivering their Murex upgrade on time and to the specifications needed.
- In-house resource and technical concerns were rapidly addressed, ensuring KBN's Murex upgrade was proficiently delivered.
- SkySparc’s deployment methodology and agile, right-sized deployment team ensured the upgrade was completed on time.
- SkySparc continues to partner with KBN on systems support and optimization as part of our development and support services.
Working with SkySparc on our Murex project was completely seamless. As an extension of our team, they brought not just the extra people-power we needed, but the expertise and experience to ensure a smooth upgrade was delivered.
Stellan Råberg, Head of Murex Practice, SkySparc
KBN is a 100% central government-owned institution, providing low-cost funding to the Norwegian local government sector. KBN’s mandate includes promoting competition in the market for municipal loans, thereby facilitating the efficient provision of public services in Norway. Established by an Act of Parliament over 90 years ago, KBN represents the closest proxy to Norwegian sovereign risk in international markets. KBN contributes to sustainable social development and long-term value creation by responsibly operating its business and paying attention to environmental, ethical, and social issues.
