Migration of Fortis systems to BNPP systems

Initial situation (6 consultants in different departments – Business analysts – Project Manager and Program Manager)

  • Following the takeover of Fortis by BNPP, it was necessary for Fortis to migrate to the BNPP systems for Front Office, P&L, Back Office and Risk
  • Representations of Fortis deals which had been migrated to BNPP systems required validation

Tasks

  • Implementing new systems while keeping on running the business
  • Switching traders to BNPP risk tools.
  • Validation of BNPP representation of trades migrated from Fortis systems

Actions

  • As-is / To-be analysis, Gap analysis in a framework of market risk management, P&L of the dealing room, Front / Back office applications, finance and accounting applications
  • Analysis and implementation of BGAAP and IFRS rules in BNPP finance systems (IAS 39 – amortized cost methodology)
  • Validation of BNPP VaR methodology vs Fortis VaR methodology for local regulator
  • Defining migration strategies for bonds, ABS, IRD, certificates, FX products depending on IFRS classifications (HTM, Trading, AFS,…)
  • Projects follow-up and reporting to Management of the bank
  • Methodology devised & implemented to validate deals based on PV matching
  • Team management of 6 BA/developers to customise BNPP risk viewers for Fortis traders

Result

  • Positions are all migrated in BNPP systems
  • BNPP systems are running now in BNPP Fortis environment
  • BNPP risk methodologies and financial reporting are compliant with local regulator rules
  • Traders using 100% BNPP tools
  • Fortis Front Office tools are now decommissioned