Client Background
A premier bank in Dubai faced significant challenges with its treasury operations due to an outdated treasury system. This legacy system, characterized by limited functionality, inadequate integration capabilities, and performance issues, hindered the bank’s ability to efficiently manage cash flow, liquidity, and risk. Recognizing the need for a robust and scalable solution, the bank’s management decided to upgrade their system to enhance operational efficiency, improve decision-making, and support its growth strategy.
Cedar’s Comprehensive Approach
Cedar employed a structured approach using its proprietary Diagnostic Framework across People, Process, and Technology. The initial phase included a comprehensive study to evaluate the limitations of the existing system, incorporating stakeholder interviews across eight departments to identify inefficiencies and challenges. Based on these insights, Cedar developed a forward-looking roadmap and secured approval from the bank’s CEO to proceed. In the second phase, Cedar defined detailed requirements for a new platform , conducted market research, and leveraged the extensive Cedar-IBSi Galaxy™ knowledge base to shortlist potential solutions. Utilizing its proprietary “FTV Evaluation” framework, objectively assessing parameters across ‘Functional, Technical, and Vendor’ capabilities, providing breadth and depth in assessment, eliminating subjective biasness. Cedar evaluated vendors and recommended the best-fit treasury system.
Strategic Outcome and Benefits
Cedar developed the detailed transformation plan for the implementation of the new treasury system, setting the stage for a smooth transition from the outdated legacy system to a state-of-the-art solution. This initiative significantly enhanced the bank’s capabilities in managing cash forecasts, liquidity, and risk mitigation, while achieving regulatory compliance. The successful outcome of the project was lauded by the bank’s CEO, who praised Cedar’s comprehensive approach and the strategic value it brought to the organization.