Readiness assessment is a measurement of the preparedness of your firm to undergo a major change or take on a significant project like ISO 20022 migration. We have developed a Readiness Assessment Framework for ISO Migration which accelerates the review process and the level of detail available to support implementation decisions and reduce the risk of programme failure.
Contributor
Michael is a versatile business technology executive with over 23 years experience covering senior management roles for banks, consultancies, and startups.
Michael Levens
Managing Director
Why a Readiness Assessment?
Key Industry Timelines are approaching: Know the ISO Migration timelines & approach
ISO Migration not only affects core payment processing: A strategic review of all internal bank information flows is strongly recommended to be prepared for meeting the challenges of future regulatory requirements.
Quick Assessment with high value add: With our defined framework it would only take weeks for an assessment but will bring significant value in the form of key deliverables.
Key Focus Areas & Dimensions
The proposed Framework covers the following six focus areas – Data, Core Payment systems, Compliance, Payment Gateway, Core Banking systems and Reporting/Analytics. Readiness Assessment Frameworks typically assess programmes on several dimensions. The proposed framework covers six such dimensions. The first 3 (Translation Impact analysis, Process Flow changes, Dependencies/Cross Impacts) are all supported by the next 3 (Testing Strategy, Communication & Governance, and ISO Resource Training)
Success Factors Ratings and Assessment Questionnaire
Success Factors will be defined for each of the Dimensions across the Key Focus areas. In the below example, the Key Focus Area chosen is “DATA” and one of the sub focus areas under data will be “Reference data”. The Six Dimensions under Reference Data break into 17 Success Factors that can be assessed on a qualitative basis via the Assessment Questionnaires. Ratings (1-4) would be assigned based on the response to the Assessment Questionnaire.
Looking to Have a Readiness Assessment Completed?
Significant and complex internal changes are on the horizon for banks because of ISO 20022 migration. Being aware of the magnitude of these changes is imperative and an ISO 20022 migration readiness assessment will be invaluable.
Our Industry SMEs have ‘been there and done it’: Delta Capita has extensive experience of strategic reviews and readiness assessments. We have carried out the readiness assessment using our framework for various Global Tier 1 & 2 banks over the last two years.
We bring together specialist consultants with years of payments and banking industry experience: Delta Capita has a knowledgeable payments team led by subject matter experts with many decades of industry experience across market infrastructures, financial institutions and technology.
We are thought leaders with practical experience in the ever-changing payment transformation space: From advising top tier banks on their current technology and commercial strategy to working with existing and new market infrastructure initiatives and their early adopter communities.
How Delta Capita can help
Delta Capita’s unique market position allows us to bring insight, skills and capacity to help solve your pain points as the payments market evolves. This is all supported by our experience working with financial market infrastructures, sell and buy side, and technology companies - and across our domains of expertise.Our vast experience and coverage mean we can craft bespoke solutions to help you maximise commercial benefits from the ongoing tumultuous changes in the banking industry.
To find out more and speak to one of our experts, contact us today.
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