Mergers, acquisitions and divestment programmes continue to be commonplace in the Financial Services market, from Insurance consolidation, Asset Management acquisitions and Banking disposals
Businesses often choose this route as a means of growing market share or acquiring new digital business models, whether in response to UK and European regulatory authorities looking to promote competition in the market or, in certain circumstances, as part of government-led market balancing initiatives.
These complex separation and migration programmes often encounter a number of challenges:
- Tight planning and implementation schedules - often driven by contract timescales between divesting and acquiring organisations
- Maintaining business as usual (BAU) - interruptions to BAU activity or impact on contractual service levels need to be minimised
- Legacy systems - can go back generations, and may include applications that sit on both mainframe and non-mainframe platforms, and have multiple operating systems, data stores and vendor environments
- Managing source and target environments - catering for both environments to maintain integrity and continuity of all businesses involved
- Governance models created by or on behalf of the acquiring body must reflect corporate, industry scheme and regulatory requirements as well as accommodating any additional changes required to be implemented on merger
- Impact on applications and data – these may require migration, deletion, timely decommissioning or archiving, and may be subject to stringent regulatory requirements.
Sopra Steria has significant experience in helping organisations navigate these and other challenges surrounding separation and migration programmes. We are responsible for the successful delivery of some of the largest divestment and consolidation programmes in the UK Banking and Insurance market. From full scale, end-to-end, projects to the delivery of discrete components of work and enhancements, this experience has enabled us to hone the specialised skill sets and best practice required to deliver these complex programmes.
Our experience also spans strategy, target operating model design and roadmap implementation. Together with our understanding and knowledge of industry regulations, this enables us to help our clients navigate issues that may impact on their IT estate and associated programmes of work.
Sopra Steria successfully delivered a major IT separation and migration programme for the Co-operative Group, one of the world’s largest consumer co-operatives, and the Royal London, the largest mutual life, pensions and investment company in the UK.
In a recent press release about the programme Simon Bourne, Group CIO, and Andy Maher, Separation Programme Director, key stakeholders in the Cooperative Group, said: “The Jupiter Programme has been recognised within Co-operative Group as an exemplar Programme, where collaborative working and harnessing the combined strength of our key partners, has achieved a great outcome. Sopra Steria has been front and centre in the successful delivery of this Programme.”