In 2018, a major London-based stock exchange embarked on a mission to migrate several hundred applications to the cloud. To make this ambitious project a reality, they sought out a partner through a Request for Proposal (RFP) process. Although our bid was ultimately unsuccessful, it became apparent that there was a significant gap in the tools available for managing complex programmes, especially those focused on benefits management. The realisation that there were plenty of project management tools but few that effectively addressed delivering business cases sparked the birth of what was to become RegDefy.
The Need for a Revolutionary Approach
The void left by traditional project management tools prompted a groundbreaking idea: the need for a program management tool rooted in the “Managing Successful Programs” methodology that not only enhanced the chances of achieving the business case but also facilitated the journey from the current state (As Is) to the desired state (To Be). Thus, ROI Optimize came into existence and found success when Bank of America used it to execute their ISO20022 program.
Defining the Organisational Language
However, as the ROI Optimize tool evolved, it became clear that in order to transform an organisation, a language was needed to describe how it delivered value to its consumers. This language would effectively model an organisation’s operating model, providing insights into its operations and how they changed over time. Several options were considered, including People, Process, Technology, and the Operating Model Canvas, but none seemed comprehensive enough to describe a wide range of change programmes. The solution was the birth of the “11 dimensions” of ROI Optimize, a framework designed to describe any change program effectively, including mergers, acquisitions, technology implementations, agile transformations, and more.
RegDefy Emerges:
The 11 dimensions approach proved to be a powerful tool, and its potential extended beyond ROI Optimize. The team behind Fnality used it for the last two years to define the Digital Twin of the Fnality Global Payments System, a permissioned Ethereum payment system that utilises central bank money for settlement. This shift in focus from programme management functionality to the descriptive power of the 11 dimensions paved the way for a new name: RegDefy.
What’s in a Name?
In the next 10 years we believe the rise of Digital Assets and Decentralised Finance will require the creation of many DeFi organisations. To achieve scale these organisations will need to be tightly regulated and prove their compliance with everything from EMIR to Operational Resilience to GDPR. RegDefy is named after the Regulated Decentralised Finance organisations required to operate these platforms.
RegDefy: A Revolutionary Tool and Methodology
However, RegDefy isn’t just a tool; it’s a methodology for constructing Regulated Decentralised Finance projects. It enables ecosystems to navigate the complexities of building a regulated DeFi project by offering a comprehensive framework for understanding and describing the organisational changes required to meet regulatory compliance while embracing the decentralised finance ecosystem.
Conclusion:
From a failed RFP bid to the creation of RegDefy, this journey exemplifies how innovation often arises from recognising the gaps in existing solutions. RegDefy’s 11 dimensions bring structure and clarity to the complex world of regulated DeFi, empowering organisations to not only achieve their business cases quicker but also navigate the ever-evolving landscape of decentralised finance while complying with regulatory standards.
