This second paper has been developed by the Working Group to provide sixteen recommendations to support financial institutions and platform providers who are actively considering, or in the process of, developing an industry utility.
The recommendations address many of the complexities identified in the first paper. They are intended to be applicable to all of the stakeholders involved in utilities projects, and cover the various solutions, and common utility operating models, being developed.
In summary, the recommendations highlight the importance of:
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Ensuring that a utility is the right solution to meet existing needs and that upfront and active commitment from sponsors is secured for the duration of the project;
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Prioritising requirements for the interoperability of the proposed utility solution and placing importance on the use, or creation, of industry minimum standards;
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Defining and implementing a consistent governance model for the project that can beused and adapted once the utility is operational;
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Delivering timely ‘minimal viable outcomes’ that can quickly demonstrate and build confidence in the project and long-term utility solution; and
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Dedicating sufficient project investment, time and resources, to integration and the cultural change activities that will be required.
Whilst not exhaustive, the recommendations intend to test assumptions, build awareness and increase the success of utilities projects in capital markets.
Full paper
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