A German Landesbank embarked on the implementation of IFRS 9, and LKPU assumed responsibility for effective program management. Our role encompassed overseeing internal project staff as well as managing approximately 40 consultants from the Big Four who were involved in the project, specifically related to software selection and integration for impairment.

• Established a program mandate, defining program governance, role responsibilities, and staffing requirements to ensure clarity and alignment throughout the implementation.
• Defined the business and IT architecture necessary for the IFRS 9 implementation.
• Ensured proper implementation and control of the defined architecture throughout the program.
• Conducted tender processes to select consulting companies and software solutions specifically related to impairment.
• Oversaw the evaluation and selection process, ensuring the chosen vendors aligned with program requirements.
• Developed a comprehensive program plan, considering timelines, deliverables, and resource allocation.
• Managed the program budget, ensuring proper financial planning and resource utilization.
• Established program control mechanisms and implemented a project management office (PMO) to monitor progress, mitigate risks, and ensure adherence to established project standards.
• Provided regular management reporting on program status, risks, and milestones.
• Coordinated committee meetings to review program progress and address critical issues.
• Managed internal and external audit activities accompanying the program implementation, ensuring compliance and addressing any audit findings.
• Conducted an impact analysis of IFRS 9 implementation on compliance with the European Banking Authority (EBA) guidelines.
• Defined program requirements, including functional and technical specifications, and managed the testing and release processes to ensure a successful implementation.

Through effective program management, LKPU supported the German Landesbank in implementing IFRS 9. Our coordination of internal project staff and engagement of consultants from the Big Four ensured smooth software integration related to impairment. The program’s success was achieved through well-defined program governance, rigorous control mechanisms, and proactive management of resources, risks, and audits.