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IFRS General Ledger System Implementation Project

Client: Japanese Bank Hong Kong Branch

Duration: Mar-12 to Feb-14 (24-months)

Position & Role Played: Application Architect

Background:

The Hong Kong Branch of a Japanese Bank commenced on the adoption of International Financial Reporting Standards (IFRS) as part of aligning with global accounting requirements. This transition was imperative as the bank had been operating under the Japanese Generally Accepted Accounting Principles (J-GAAP), which significantly differed from the IFRS standards. The implementation unfolded in a phased approach, considering the comprehensive changes mandated by IFRS, including alterations to accounting treatments for various products and adjustments to key items related to financial statement reporting and disclosures.

Recognizing the substantial gaps between J-GAAP and IFRS accounting treatments, the bank deemed it necessary to develop a new IFRS system platform. This platform, implemented in phases, was designed to integrate seamlessly with the existing accounting system, allowing for the creation of new accounting entries (general ledger) without disrupting the bank’s established operations.

Our role in this transformation encompassed the provision of comprehensive IFRS System design and implementation services, addressing key aspects such as:

  1. Server, Hardware Provisioning, and Infrastructure Design: Orchestrated the provisioning of servers, hardware, and the design and implementation of the requisite infrastructure to support the IFRS system.
  2. Middleware Software Provisioning, Installation, Design, and Configuration: Oversaw the provisioning, installation, design, and configuration of middleware software, ensuring optimal functionality and integration with the broader system.
  3. IFRS Application Architecture, System Design, Development, and Implementation: Led the overall design and implementation of the IFRS application architecture, encompassing system design, development, and the execution of the phased implementation strategy.
My Contribution:

I played the Application Architect role to help the project team with

  1. Refinement of User Requirements and Definition of IFRS Application Functionalities: Collaborated with client business user representatives to refine user requirements and define the functionalities of the IFRS application.
  2. Definition of System Non-Functional Requirements with Client Technical Lead: Partnered with the client technical lead to define system non-functional requirements, including aspects such as performance, availability, security, capacity, backup and recovery, and system and operational management.
  3. Analysis of User and Non-Functional Requirements for IFRS System Architecture: Analyzed user requirements and non-functional requirements to define the architecture of the IFRS System application.
  4. Coordination with Infrastructure Architect and Software Specialists: Coordinated with the infrastructure architect and software specialists to devise infrastructure and system designs aligned with the client’s business requirements within the client’s IT technical environment.
  5. Devising Detailed Application Design with System Analysts: Collaborated with system analysts to devise detailed application designs, ensuring alignment with established requirements.
  6. Technical Design Walkthrough with Client Technical Lead: Conducted a walkthrough of the technical design with the client technical lead, ensuring mutual understanding of the rationale behind the application design and gaining acceptance.
  7. Resolution of Technical Issues and Contribution to Project Plan: Worked with the project manager to resolve technical issues and provided inputs to the project plan related to the application design and development.
  8. Leadership and Technical Guidance for Development Team and Business Partner: Led and provided technical guidance to the development team and business partner throughout the application development process.
  9. Definition of IFRS Application Test Strategy: Defined the test strategy for the IFRS application to ensure comprehensive and effective testing.
  10. IFRS Application Performance Test Planning and Execution: Planned and executed the performance testing for the IFRS application to validate its efficiency and responsiveness.
  11. Advice on Infrastructure Design Meeting Production Environment Requirements: Advised software specialists and infrastructure specialists on devising an infrastructure design aligning with the availability and disaster recovery requirements of the production environment.
  12. Completion of Client Operation Acceptance Test and DR Drill: Oversaw the completion of the client operation acceptance test and disaster recovery drill to ensure operational readiness.
  13. Leadership and Advisory for IFRS Application Production Migration Plan: Led and provided advisory support for the development of the IFRS application production migration plan, ensuring a smooth transition to the operational phase.