Msitm Capstone Topic Approval Form 498 Task 1 PDF

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Summary

In this task, you will organize ideas for your capstone project so that you can create your project more efficiently. In order to start your work on the capstone project, you must discuss your ideas for the project with a course instructor. After you reach an agreement on the topic, you must fill ou...

Description

MS Information Technology Management Capstone Topic Approval Form STUDENT NAME and ID: Student name: 000860228 Student ID: Chandra Chandrabose INFORM INSTRUCTOR: Potential use of proprietary company information: N

ANALYSIS: 1. Project topic AND description: The Third-Party Vendor Management application will be used to record and store all the risk assessments done on vendors that do business with the bank. The application will be part of the bank's overall Vendor Risk Management program that ensures the bank complies with regulatory guidelines relating to risk and contract tracking and monitoring. This new application allows the bank to monitor vendor risk

2. Project purpose AND goals: In order to apply the increased rigor being imposed in third-party management, new technology is needed to support the consistent management of the Bank’s third-party portfolio. The overall Project Goal for Third Party Vendor Management System (TPMS) is to create a System that supports the third-party management business process throughout all the phases of the vendor lifecycle (Planning, Due Diligence, Contract, Transition Execution, Ongoing Monitoring, Termination).

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SSM3: Capstone Topic Approval and Release Form

MSITM Capstone Topic Approval Form

DESIGN and DEVELOPMENT: 1. Explain why the problem and technological solution you have proposed are worthy of study: The Office of the Comptroller of the Currency (OCC) Bulletin 2013-29 defines a thirdparty relationship as any business arrangement between the bank and another entity, by contract or otherwise. The Vendor Assessment Framework is designed to identify, assess, monitor and, where necessary, mitigate or accept risks to the Entities’ current or anticipated earnings or capital resulting (i.e., all of the identified risks ultimately give rise to financial risk) from the following categories: Operational Risk: inadequate or failed processes, people or systems and, with respect to Outsourcing, arises when a Third Party exposes the Entities to such losses. Compliance Risk: violations of, or non-conformance with laws, regulations, prescribed practices, internal policies and procedures, or ethical standards and, with respect to Outsourcing, arises when the services, products, or activities of a Third Party fail to comply with the same. Reputational Risk: overall loss of trust in the Entities’ ability to meet expectations of our stakeholders (clients/customers, employees, shareholder(s), regulators and Third Parties) and, with respect to Outsourcing, arises when actions or poor performance of a Third Party causes our stakeholders to form a negative opinion about the Entities. Legal Risk: with respect to Outsourcing, arises when a Third Party exposes the Entities to legal expenses and possible lawsuits. Concentration Risk: Outsourced Activities are provided by a limited number of Third Parties, or an individual Third Party performs or supports a significant number of Activities, or one or more Third Parties perform or support a significant number of Activities concentrated in limited geographic locations If a third party is not effectively managed the company • Lead to Reputational Risk • Customer losing confidence in the financial institution in event of data breach • require significant investment in resources and incur regulatory fines • Business continuity issues for operation and critical projects • Disruption in service provided to customers • Loss of Revenue.

Projected outcomes and deliverables:

A collaborative and interactive user interface application which provides below features.

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SSM3: Capstone Topic Approval and Release Form

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MSITM Capstone Topic Approval Form

Initiate Vendor selection Data interchange between Financial Institution and vendor to respond to questionnaires and request for evidence for assessments. Run RFP, RFE, EFI activities and assessment of vendors from risk stripes to select a vendor to provide requested service Streamline oversight of vendor relationships Facilitate key assessment activities necessary to fulfill regulatory obligations and efficient enrolled for vetted third party contracts Metric based monitoring of third-party vendor and their engagements Consolidated documentation inventory of contracts and assessment records Fully document relevant information about the products and services you receive from Produce Management Reports which highlights consolidates Risk Portfolio, Risk Thresholds and Risk Tolerance reports for third party Risk Management.

2. Estimated number of hours for the following:

i. ii. iii. iv.

Planning and design: 350 Hours Development: 650 Hours Documentation: 200 Hours Total: 1200 Hours

3. Projected completion date: April 2021

IMPLEMENTATION and EVALUATION: 1. Describe how you will approach the implementation of your project:

The approach of the project will be Hybrid approach of Waterfall and Agile Iterative Methodology. The initial Phases of the project will be in Waterfall whereas the build and testing will be performed in Agile so customers can provide feedback as quickly on the system and its functionality In the Waterfall Phases below activities will be performed ➢ Stakeholder Engagement Meeting ➢ Shared Services Engagement Meeting ➢ Requirement Gathering and Prioritization ➢ Development of Functional Design ➢ Development of Detail Design ➢ Development of Unit Test Plan ➢ Work Breakdown Structure ➢ Solution Architecture ➢ System Workflow Design

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SSM3: Capstone Topic Approval and Release Form

MSITM Capstone Topic Approval Form

In the Agile Iterative Phases below activities will be performed ➢ Development of Prioritized Requirements ➢ Developer and Integrations testing ➢ User Acceptance Testing ➢ Incremental Documentation ➢ Incremental Deployment to Production of features based on business usage.  This project does not involve human subjects research and is exempt from WGU IRB review. STUDENT NAME: Chandra Guptan Chandrabose

__________________________________ By submitting this form, you acknowledge all information provided is accurate and that any changes to the topic, proposal, or goals must be discussed with your assigned course instructor prior to continuing.

COURSE INSTRUCTOR NAME: _________________________________________________________________ _ COURSE INSTRUCTOR SIGNATURE: _________________________________________________________________ _ COURSE INSTRUCTOR APPROVAL DATE: _________________________________________________________________ _

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