Potential design, implementation, change and benefit realisation risks
Deploying a loan origination solution like Moroku’s Lending platform involves various risks across design, implementation, change management, and benefit realisation phases.
Amongst the potential risks for clients to consider are:
1. Design Risks
Inadequate Requirements Gathering
Failing to capture all user and business requirements can lead to a solution that doesn’t meet needs.
Poor User Experience (UX) Design
A complicated or unintuitive interface can hinder user adoption.
Technical Debt Accrual: Quick fixes during design can lead to long-term maintenance issues and increased costs.
2. Implementation Risks
Project Timelines
Delays in the project schedule can arise from unforeseen technical challenges or resource availability.
Resource Allocation
Insufficient allocation of skilled personnel can lead to project bottlenecks.
Technology Integration
Challenges in integrating with existing systems (e.g., CRM, ERP) can disrupt workflows.
Testing Deficiencies
Inadequate testing can result in undetected bugs, leading to operational issues post-launch.
3. Change Management Risks
User Adoption
Resistance from users to adopt the new system can undermine its effectiveness. This often stems from a lack of training or communication.
Stakeholder Engagement
Failure to involve key stakeholders throughout the process can lead to misalignment and lack of support.
Cultural Resistance
Organisational culture may resist changes, especially if the new system alters established workflows.
4. Benefit Realisation Risks
Unclear Benefit Metrics
Without clear metrics for success, it can be difficult to measure the effectiveness of the new system.
Overpromising Outcomes
Setting unrealistic expectations about the benefits can lead to disappointment and loss of trust.
Lack of Follow-Up
Failing to monitor and evaluate the benefits post-implementation can result in missed opportunities for optimisation.
5. General Risks
Regulatory Compliance
Non-compliance with financial regulations can lead to legal issues and penalties.
Data Security
Risks associated with data breaches or loss of sensitive customer information can have severe repercussions.
Vendor Reliability
Dependence on third-party vendors for support or integration can introduce risks if they fail to deliver.
Mitigation Strategies
Thorough Planning
Invest time in detailed planning and stakeholder engagement to identify and address risks early.
Phased Implementation
Consider a phased rollout to manage complexity and allow for adjustments based on feedback.
Training and Support
Provide comprehensive training and ongoing support to facilitate user adoption and minimise resistance.
By proactively identifying and addressing these risks, we can collectively enhance the likelihood of a successful deployment of the Moroku Lending solution
