A typical on-boarding process involves the firm receiving orders providing a rules-of-engagement document to the sender of orders. Then a series of emails, conference calls and meetings to iron out any quirks or issues, a formal testing session or sessions, production of a proof-of-outcome of testing and finally a go-live test trade.
This can be slow, and so recently I proposed a different model - "Co-located onboarding". What does this mean?
Simply put, the firm receiving orders provides deskspace, wifi and dedicated staff to sit with an onboarder from the firm sending orders using a laptop. Simply run the onboarding tests with remote access back to the core systems.
- Requires a paradigm shift away from the idea of onboarding as being ripe for offshoring
- Requires security policies to allow remote access to test trading systems
- Production of combined proof-of-outcome is much easier
- Improved communication provides better outcomes