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Lloyds adopt ICEFLO on their Ringfenced Banking Programme to plan and deliver business and technology cutovers 

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Customer Context

Following the financial crisis, UK legislation was passed to better protect customers and the day-to-day banking services they rely on. The new rules mean large UK banks must separate personal banking services such as current and savings accounts, from risks in other parts of the business, like investment banking. This is called “ring-fencing”. Banks are taking different approaches to how they are implementing these rules and are making changes now, to complete them by 1 January 2019.

Lloyds Banking Group, to address these new rules, ran a Ring Fenced Banking Programme and adopted ICEFLO to plan and deliver business and technology cutovers. Read about some of the highlights and successes here.

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The Problem

From 1 January 2019, the largest UK banks must separate core retail banking from investment banking. This is known as ring-fencing. Ring-fencing was the central recommendation of the Independent Commission on Banking and was introduced through the Financial Services (Banking Reform) Act 2013. Details of the regime are set in further legislation passed in 2014, 2015 and 2016, and through rules set by the Prudential Regulation Authority and Financial Conduct Authority.

The Goal

  • To mobilise a cutover team using standard operating procedures to give the business confidence
  • Globally ring fence a number of banking areas covering UK subsidiaries, US, Singapore and Jersey.
  • To provide visibility across the different business stakeholders to ensure no loss of service and mitigate risk
  • To garner confidence in the plans as they are rehearsed and delivered across both business and technology

The Challenge

The bank had 22 run books covering more than 3500 lines of activity over the weekend.

More than 400 people were involved in the migration in multiple locations. Thousands of trades and other customer products had to be migrated into the new bank alongside all of the 3rd party information. This included liaising with multiple Financial Markets Intermediaries that had to be updated and realigned.

The main challenges were to have visibility of the events planned across all stakeholders, management of complex dependencies, ensuring a smooth event that would enable senior management to make accurate decisions based on facts .

The Result

The Adoption

  • 2 large scale dress rehearsals
  • On site service assurance covering final dress rehearsal and live
  • 1 major and 4 minor live implementation event 
  • 10+ participating workstreams
  • 150+ participants trained remotely, and 90+ certified
  • Without ICEFLO, ensuring dependencies between work streams were identified and interlocked would have been a mammoth effort
Hours
Participants
Runbooks
Completed Tasks
Calm, controlled cutover execution
Time, effort and cost efficiencies achieved
Active risk and issue management
Real- time status reporting and exec assurance
“ICEFLO enabled management to have greater control of the implementation event, greater visibility of connected activities and greater confidence that the event would run successfully.”

Programme Director, Lloyds Banking Group

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