Technology Management in Financial Services (Finance and Capital Markets Series)

Technology is now, and will remain, at the forefront of innovation in the financial services sector, driving new products and services. It is seen as the only way for many firms to remain in business at all. Many will fail to innovate or invest enough. Already the separation of the larger financial institutions from the smaller firms is polarizing the community. The advent of new disruptive technologies is about to hit the financial services markets in the same way the internet did a few years ago. It is vital that those who develop and manage technology in the financial services sector have a clear picture of the role of technology in this fast moving environment. Those who do not embrace this new approach will increasingly be left with obsolete systems. Over $5 Trillion Will Be Spent On Technology In The Financial Services Sector In The Next Three Years. While There Are Many Books Covering Purely Technical Issues, This Is One Of The Very Few That Deals With The Challenge Of How To Manage Financial Services Technology In An Area That Under-pins Almost Every Part Of Our Modern Global Civilization. In Four Parts, The Book Covers The Role Of Technology In Today's Financial Services World, Both Retail And Wholesale. It Addresses Issues Of Technology Acquisition As Well As How To Deliver And Maximize Value From Expenditure. Finally In An Ever More Regulated World, The Book Reviews The Impact Of Regulatory Effects And Methods To Benchmark Management Success. Where Failure Is Not An Option For Business Or Technical Managers, This Book Explains The Key Management Issues That Will Make The Difference Between Success And Failure For Many. Part 1: The Role Of Technology In Financial Services -- Morphology -- Environment -- Technology Management Issues -- Technology Strategy- Best Practice -- Front, Middle And Back Office Explained -- Communications, Standards And Messaging -- Open Source In Financial Services -- Part 2: Technology Acquisition And Management -- Build -- Buy -- Bureau -- Outsource -- Part :3 Delivering Value From Technology -- Disruptive Innovation- Threat Or Opportunity -- Documentation -- Testing And Quality Control -- Benchmarking Value -- Part 4: Regulation And Compliance -- The Role Of Regulation And Global Regulatory Impact -- It Governance In Financial Services -- Conclusion -- Bibliography -- Appendices -- Appendix 1: Template Request For Proposal -- Appendix 2: Typical Business Continuity Policy Statement -- Appendix 3: List Of Abbreviations -- Index. Ross Mcgill. Includes Bibliographical References And Index. Cover......Page 1 Contents......Page 8 List of Tables......Page 10 List of Figures......Page 11 List of Case Studies......Page 12 List of Abbreviations......Page 13 Preface......Page 16 Acknowledgements......Page 18 About the Author......Page 19 Introduction......Page 22 PART I: THE ROLE OF TECHNOLOGY IN FINANCIAL SERVICES......Page 24 1 Morphology......Page 26 2 Environment......Page 34 3 Technology Management Issues......Page 42 4 Technology Strategy – Best Practice......Page 47 5 Front, Middle and Back Office Explained......Page 53 6 Communications, Standards and Messaging......Page 64 7 Open Source in Financial Services......Page 77 PART II: TECHNOLOGY ACQUISITION AND MANAGEMENT......Page 94 8 Build......Page 98 9 Buy......Page 112 10 Bureau......Page 117 11 Outsource......Page 121 PART III: DELIVERING VALUE FROM TECHNOLOGY......Page 128 12 Disruptive Innovation – Threat or Opportunity......Page 130 13 Documentation......Page 149 14 Testing and Quality Control......Page 174 15 Benchmarking Value......Page 203 PART IV: REGULATION AND COMPLIANCE......Page 216 16 The Role of Regulation and Global Regulatory Impact......Page 218 17 IT Governance in Financial Services......Page 222 18 Conclusion......Page 242 Appendix 1 Template Request for Proposal......Page 243 Appendix 2 Typical Business Continuity Policy Statement......Page 251 Further Reading......Page 255 B......Page 258 E......Page 259 I......Page 260 O......Page 261 S......Page 262 U......Page 263 Z......Page 264 Over $5 trillion will be spent on technology in the financial services sector in the next three years. While there are many books covering purely technical issues, this is one of the very few that look at the challenge of how to manage financial services technology in an area that under-pins almost every part of our global civilisation. Over $5 trillion will be spent on technology in the financial services sector in the next three years. While there are many books covering purely technical issues, this is one of the very few that deals with the challenge of how to manage financial services technology in an area that under-pins almost every part of our modern global civilization. In four parts, the book covers the role of technology in today's financial services world, both retail and wholesale. It addresses issues of technology acquisition as well as how to deliver and maximize value from expenditure. Finally in an ever more regulated world, the book reviews the impact of regulatory effects and methods to benchmark management success. Where failure is not an option for business or technical managers, this book explains the key management issues that will make the difference between success and failure for many