Cutover for Operational Readiness
Some of the biggest IPOs in 2019 used Cutover to orchestrate the IPO activities. The typical duration of the Cutover runbook is three days, from the day before the IPO to the day after, with the concentration of activities being on the day of the IPO.
In a recent IPO using Cutover, the runbooks were orchestrating 20 teams across different disciplines across the bank, Bankers, Technology and Stakeholders, all culminating in ensuring that everything was in place for the time when the IPO went public.
There have been a few IPOs in recent years which had to be pulled for a number of different reasons. If Cutover runbooks had been used, then potentially the state of the IPO could have been determined earlier, where course correction activities could have taken place or a more orderly exit could have been planned. This would’ve been crucial in saving the reputation of both the Investment Bank and the IPO company.
Stress tests and other ongoing regulatory activities are complex end-to-end processes that require a chain of human attestations and needs systemic support. Most organisations have built their own (very different) tools to attempt to deal with this.
One example of how Cutover has improved these processes is when we helped a major global bank meet their CCAR requirements for the first time in four years, thus enabling them to pay dividends and expand their presence in the US for the first time. Read the full story here.
Cutover has been used for market readiness activities, such as foreign exchange pre-trade checks, exchange holidays, start-of-day checks, or preparing teams for market opening or unexpected disruptions in the market.