ZEDA, a specialist in IT applications for the financial services industry, has launched a dedicated testing and risk assessment service to help banks manage the systems changes and integration challenges required to comply with the forthcoming Markets in Financial Instruments Directive (MiFID).
ZEDA's service is four fold. The test audit process determines the overall testing capability of the bank and examines its capacity to highlight areas of concern. ZEDA follows this with a detailed list of recommendations to be implemented before MiFID modifications begin. The test process improvement programme identifies enhancements that need to be made internally to testing procedures to meet the directive's deadline. ZEDA's knowledge capture process ensures important systems information is captured and documented for use on other testing projects. This mitigates the risk associated with key employees and contractors leaving the business. Finally, its resource risk assessment identifies gaps in manpower and skills, advising banks where additional strength is required.
ZEDA's testing services are based on 30 year's experience and will help banks and other FS companies to ensure that the quality, reliability and performance of their IT systems are not put at risk when vital upgrades are carried out. The integration of the four service streams in one tailored MiFID offering enables ZEDA to not only manage its clients' compliance related risks but also continually add value to the organisation beyond the initial investment.
Steve Tomlinson, Services Manager at ZEDA, comments: "Many companies do not realise how much time and money needs to be budgeted for systems and software testing. Banks can expect to spend as much as 25% of their MiFID compliance budget on testing, and the November 2007 deadline leaves us just over a year to get systems in place to allow for a 4-5 month testing period - the clock is ticking."
"Companies need to make provisions for software testing now," Tomlinson continues. "Otherwise, they will risk limiting their resource options and paying over the odds for services when demand for testing peaks. What's more, by partnering with a knowledge capture specialist early on, banks will minimise the risks associated with the widely anticipated skills poaching in the industry."