We normally aim for 1 major and 1 minor release during the year however, if a regulatory event occurs which requires an urgent modification there may be additional minor releases, or in the case of MIFID II a major release.
Customers are advised of the proposed content of the release and estimated release date in advance. The content of the release is driven by customer requests, regulatory changes and other modifications identified, customers have the opportunity to request that additional items be included and, if time allows, these requests will be accommodated.
IMVS monitors market changes via public media and our customer base keeps us informed of any notifications of upcoming changes that they have received. We do not have direct contact to the FCA but we do liaise directly with HMRC and attend relevant seminars and conferences. Once the release is built and tested, release notes which include instructions for usage are generated and sent to customers. Implementation dates are agreed and the user may or may not decide that they wish the upgrade to be placed in their UAT environment. If a UAT is undertaken once the user is happy the live environment is upgraded, usually during out of office hours to avoid down time.
Periodically there will be technical releases (Oracle/ Usoft / Crystal etc) version upgrades, these are managed in the same manner and are undertaken as part of the licence agreement. For major releases, many of our users have a ‘test’ database where they can conduct User Acceptance testing. This database is updated with the new version and, once the users are happy with the new release, the main database will be upgraded. Release notes and user guides for new functionality are provided.
Intermediate releases eg, additional reports, minor enhancements take place from time to time and the user has the option to add these directly into the database or to go through a full UAT if desired.
Any upgrades or maintenance work that is required is undertaken by IMVS during out of office hours to ensure that there is minimum or no downtime.