Releases - Testing
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      What steps should a Client perform to manage change?

      Clients will encounter both internal and external changes which require management and governance.

      Step 1 - Notifications preparation

      1. Client Admin(s) should ensure that individuals which need information on changes are set up as KOR users in KOR Central so that they will receive email communications on both platform changes due to either a KOR initiative or due to regulatory change. 
      2. If notifications are missed, you can read Where do I find my release notes? 
      3. For changes related to upstream internal producers or workflows, Clients are expected to follow their own communication and change governance policies.
      Step 2 - Assess change impact
      1. Review the KOR change notice and determine applicability to your reportable activity and workflows. 
      2. Identify the impact areas such as Client source data or KOR configurations required to support the change.  
      3. If no data or configuration changes are needed, determine if there is a need to perform regression/sanity testing.
      4. Contact KOR Support at support@korfinancial.com for guidance if needed on applicability, impact or planned actions to support the change.

      Step 3 - Planning

      1. Identify the impacted jurisdictions, products, message types and action/event combinations.
      2. Establish a method to isolate relevant test data.  
      3. Select a suitable date range for the test data which covers all expected operational scenarios.  At least one month of test data may be a reasonable data range.
        1. Items to consider when selecting test data and production parallel runs:
          1. Products traded
          2. Lifecycle Events
          3. Valuation and Collateral reporting
          4. Public Reporting
          5. Weekends & Holiday workflows
          6. Day Light Savings
      1. Determine if it is necessary to backload the KOR Test (aka UAT) environment with the current open trades from production in order to test stateful validations.  
      2. Create a plan for your regression testing
      3. Decide how often to run your tests
      4. Use automated tools to run tests whenever possible
      5. Engage with KOR if changes to data in the Test environment are a dependency to proceed.  Communicate with KOR at support@korfinancial.com and plan accordingly on timing to ensure sufficient lead times to execute your Test plan. 

      Step 4 - Testing

      1. Establish a baseline record of the output prior to the change(s). (Production and/or UAT)
      2. Execute test plan.
      3. Ensure no regression is introduced.  
      4. Review the results of your tests. Compare against the baseline.

      Step 5 - Sign off

      1. Sharing Test Results / Risk Acceptances / Assumptions per internal policy.  Typical approvers include the compliance lead, senior member of the change team, or senior member of the operations team.  

      Step 6 - Record keeping

      1. In a central shared store, retain copies of all artifacts related to the change
      2. For any changes performed on the KOR platform and specifically with rules configurations, ensure that full details of the change and any supporting commentary is captured in the notes section for each applicable rule.