Executive summary
The product risk rating for all the investment products of the company is essential on annual basis. It is essential for the company to get the knowledge of the product risk to perform the annual review. The main purpose of the underlying paper is to resolve the sustainability concerns faced by the company. The use of the quantitative and qualitative data is essential in order to make the analysis. The sustainability control of the underlying company is not up to the standards of the industry.
Requirements
Rating of the products
The company must consider the qualitative and quantitative factors in order to evaluate the product risk rating. The product risk rating scale consist of the range between 1 to 5 however 1 represents the lower risk and 5 represent the higher risk. The company must develop the rule in order to calculate the rating of risk at the time of creation of the product called as product risk rating calculating engine (Cascade and Stephenson, 2008).
In-efficient risk prevention
It is essential for the company to evaluate the customer risk tolerance which has a greater impact on the regulatory breach. The company must evaluate all the historical mismatch transactions and identify all the unrealized and realized loss arises due to the client letter regeneration. The daily regeneration of the client letter for the product risk rating helps to increase the client personal holding with the banks (Bell, 2008).
Report monitoring
A report is monitored along with the risk rating of the product must be recalculated at the end of each day. Control and monitoring of reports is essential in order to evaluate the change in the risk rating.
Knowledge of the staff
The knowledge of the staff is crucial for the company which want to maintain the professional service standard. The company can get the staff knowledge by providing them training and career development.
Approach
In order to successfully achieve the objectives, the company has to develop some methods which are as follows:
Planning of the project
The company must make the high level of project plan which includes the resource plan of high level, project charter and the estimation of the project budget however the company also defines the business requirements. The company must develop the strategic plan in order to fulfill the requirements of the company.
Requirements
The company has to certify and confirm the requirements of the business. It is crucial for the company to develop a plan that how these all requirements can be easily fulfilled. The company should take strategic actions for all of these requirements. Knowledge and skills about the business is very crucial for the company. The management will be responsible for this phase and the requirements are presented to the management of the company (Molnar, Gibson and Eichel, 2009).
Design
It includes all the specifications of the product design. The company should make a model that is essential to evaluate the needs which are essential to be achieved. The company makes a test plan and the deployment plan. The company should design the work process in the manner that provides the feeling of satisfaction. Designing of modernized training and education system is necessary for the company. The new design helps the employees to become more productive in the workplace (Mano et al., 2012).
Build
In the underlying phase, the actual development takes place in support of the project software. The quick development in the company has a positive impact on the performance of the company. It is crucial for the company to make its career development. The development of high technology also helps the company in providing the innovative services however the development of the high technology and infrastructure of the company needs a huge amount of money. In order to compete against the foreign companies, it is essential for the underlying company that under the regulation of the government develops partnership.
Testing
It is the more crucial phase and it requires the testing of the products with the business users of the company and within the department of the underlying company. The testing phase includes the security, technical and volume testing. It is the duty of the business users to provide the signal to the business that in the testing phase, the underlying project will achieved all the desired results. Every product is different on the basis of structure. The testing of the product having the different features is different (COHEN, 2005).
Deployment
When the underlying project will reach the last date for its implementation, it will be the essential for the company to develop the checklist and after that use it. The power users of the company will attend the training classes and the company distributes the trainings according to the user community. The team of the company will also maintain the service level agreement with the users of the company however the team will make the support plan. The management of the underlying company will be responsible for the progress of the project. Time plan
Phase 1: Implementation of the framework
1. Product classification master
It is essential for the company to improve the knowledge of the employees and the internal product classification.
2. The calculation engine for product risk rating
The company used the internal risk rating method in order for the product risk rating however the company considers the quantitative and qualitative factors for the product risk rating. According to the calculation engine, the risk rate of the product is analyzed on the scale ranges from 1 to 5. 1 stands for lower risk and 5 stands for higher risk.
3. Maintain the product risk rating
Different products have different risks so it is the duty of the company to maintain the risk rating of the product. In order to maintain the risk, the company must group the risk and must develop their knowledge about the risk of the product. The staff of the company must be creative in order to highlight the risk and helps the company to maintain the risk. The company must adopt the specific measures in order to manage the risk (Chao, 2007).
Phase 2: Remediation
The client comments on the risk rating of the product are extracted from the change in the risk rating of the product.
The investment product risk exempts the audit trials.
The historical review of the product and the compensation of client.
Key personnel
The project steering committee includes the project manager, sponsor of the project, business and IT manager and the stakeholders of the project.
The project working group includes IT and project manager, operations and business officer, 4 IT developers and a test manager.
Costing
Estimation of 2016
Estimation of 2017
Bibliography
Bell, J. (2008). Massage therapy helps to increase range of motion, decrease pain and assist in healing a client with low back pain and sciatica symptoms. Journal of Bodywork and Movement Therapies, 12(3), pp.281-289.
Cascade, E. and Stephenson, H. (2008). PHP10 CREATION OF A RISK RATING SYSTEMTO COMMUNICATE DRUG SAFETY INFORMATIONTO CONSUMERS. Value in Health, 11(3), pp.A31-A32.
Chao, L. (2007). The Spectrum of Risk Management in a Technology Company. ITJ, 11(02).
Mano, Y., Iddrisu, A., Yoshino, Y. and Sonobe, T. (2012). How Can Micro and Small Enterprises in Sub-Saharan Africa Become More Productive? The Impacts of Experimental Basic Managerial Training. World Development, 40(3), pp.458-468.COHEN, M. (2005). “Same” product, different formulations. Nursing, 35(1), p.15.
Molnar, D., Gibson, D. and Eichel, C. (2009). The Continuous Improvement Team: Applying Best Management Practices through Employee Ownership. Proceedings of the Water Environment Federation, 2009(2), pp.450-456.
