Starting from the Initiation phase, the business must detail all the end requirements the implemented solution aims to attain, through the Business Requirements Document (BRD), disclosing sufficient information for the QRM technical team to design and build the appropriate solution, but also provide the appropriate Success Criteria for an accurate quantification and qualification of the level of achievement.
Within the Development phase, developers are called to translate the requirements into a technical solution for QRM that must be detailed in the QRM Technical Specification Document (TSD). The QRM TSD must contain all the information associated with the basis configuration of the QRM Database, i.e. market parameters (rates, curves, currencies, etc.), assumptions, run parameters, strategies, scenarios, etc. Next, a detailed Functional Specifications Document (FSD) must be composed having as main focus what information is used and how downstream, preferably one document dedicated to each target report, to assist the sign-off process and maintenance. Last but not least, developers may perform the final build of the actual QRM Database that will be passed on to UAT, the process of which takes account the mitigation rules explained earlier on.
The Test Plan depends on the developed solutions and the level of severity in the configuration changes made in the database. In all cases, a detailed testing plan containing all the directly and indirectly affected features, must be put in place, to secure from the risk of unintended changes being deployed to Production, as explained earlier. Defects may be reverted to the development experts.
The Development as well as the Testing phase must be supported and controlled by a robust Quality Assurance process that records and advises upon the change process, while making available quality related evidence for a potential Audit on the new deployment.
At the end of the process the Deployment of the new solution to Production must follow a peer review of the precedent steps and a Consolidated Sign-off from a change management function, in order to secure confidence on the implemented change.