May 2013 Newsletter
All change at the FSA
From April 1st the Financial Services Authority was no more, having been split between the Prudential Regulation Authority and the Financial Conduct Authority. Read more about what has changed and will it work to prevent more PPI scandals at The New Regulators are No Joke
I had the pleasure of attending a KeyneInsight (www.keyneinsight.com) Strategy Execution Management workshop in Bloomington Indiana. After negotiating trains, planes and automobiles in getting to Bloomington from the UK, much was learned from the experience of other Keynelink distributors including, the benefits to Keynelink clients of:
- a complete audit trail and details of performance progress meetings held between a manager and their subordinates. Such information has been successfully used in defence of legal actions taken by disgruntled employees.
- leadership and management development, for example.
– the power of having visibility of whether and how the key strategic initiatives are being supported and progressed throughout the organisation.
– promoting regular conversations between managers and their subordinates.
- turnarounds – where Keynelink is a key enabler in supporting a successful turnaround
Luxembourg is a less complex trip than Bloomington and resulted in an enthusiastic response from a Life Assurer for Keynelink to support their current performance management system in providing:
- Transparent structure and process
– clear alignment with strategic objectives and values
– consistent process discipline
– comprehensive metrics to maintain alignment
- System support and data repository
– dynamic, fully-operationalised role definitions
– audit trail of issues
- support for development of excellent management practice
- evidence for contentious actions
A similarly enthusiastic local high school wants a speedy implementation of Keynelink to support the management of support staff in performance appraisal system, culture change and provide the Head and Senior Management Team with transparency on progress with the strategic initiatives and individual performance.
Every organisation has a Strategy Execution Management “system”
…most don’t work and look something like this…
What does yours look like?
Target Operating Models
A recent project generated some new thinking in applying private sector target operating model concepts to a consumer protection focused public sector regulator subject to major change. The top 5 lessons learned included:
- The customer value proposition through which a commercial strategy is operationalised must be considered in terms of the regulatory lifecycle; being the types of interactions that the regulator will have with the regulated community and the consumer.
- Strategy encompasses not only the governing regulations but also more importantly the way in which the regulations are to be applied. It is this regulatory approach which is operationalised through the design of the target operating model and the regulator’s risk appetite and available resources.
- Think process not silo’d functions. This is no different from a commercial TOM but the challenge is in how any new powers and the regulatory approach will be supported in a seamless way across the organisation and its boundaries.
- The relationships with other members of the regulatory family must also be considered and coordinated.
- Complete focus on protecting the interests of the consumer while fairly balancing the costs and impact on the regulated community.
Rules for the Conduct of Life
In a ceremony dating back to the 13th century, new Freeman of the City of London are presented with a Freedom certificate and a small red book of Rules for the Conduct of Life. The rules are for the use of “such Freemen of London as take apprentices”. Rule XXVI states that
“Where you are not able to finish a business without the help of others, call in speedily such persons to your assistance as are fit to be employed in it. The more hands are employed, the more work is done; provided they are managed in such good order as not to be a hindrance to one another.”