CFO report: the new era of banking regulation
Three critical steps for banks
“It’s a new way of thinking and working for operating staff … a dimension of change management that I think over the past five years we at Ernst & Young have a much greater perspective on now. There’s nothing like learning through experience.”Andrew Harmer, Partner, Financial Services Risk Management, Ernst & Young Australia
How can banks effectively plan for and execute a global program that cuts across every line of business, multiple functions, and the entire IT structure?
According to John Weisel, FSO Global Advisory Leader, Ernst & Young LLP, this is among the most complex change-management situations that a bank can face. He identifies three steps that most successful banks will take:
|1 ||Ensuring that the goals and objectives of business users and the operations and technology organizations are aligned. Everyone needs to band together. |
|2 ||Defining their business and architecture thoughtfully. Banks that implement change on this scale begin with a view of the end. |
|3 ||Determining the right sequencing for implementation. This is perhaps the most difficult step. Should the retail business be addressed first or the investment bank? Should the change effort start with risk or with treasury? |