What is the Business Risk of 'Business Requirements missing/ incompletely covered in Functional Specifications'?
Banking and financial services organizations often ask this question, as they face the risk of missing or incompletely covered Business Requirements (BR) in Functional Specifications Documents (FSDs). This risk arises as business users may not always articulate their basic requirements under the misconception that development vendors know them already. However, that is not often the case because technology focused developers do not understand the nuances of banking like a domain specialist can.
Inconsistencies between Business Requirements and Functional Specifications result in critical requirement gaps later in the product life cycle. This often proves very costly for the client and the vendor, in terms of both monetary and reputation loss.
You can mitigate this business critical risk by utilising our expertise in analysing gaps between BR and FSD. We leverage on our domain knowledge to ensure that all your business requirements are meticulously covered in the FSD.
We have successfully accomplished gap analysis for many Global 500 banks by:
- Identifying and including missing implicit requirements in the requirements document
- Facilitating incorporation of missing requirements into the functional specifications document
- Providing functional knowledge/ clarifications to the development team