Organizational Change Management Strategy Framework for a Global Regulatory PMO
One of the groups within our client was responsible for the oversight of all global financial regulatory initiatives, most of which were mandated by the Basel Committee of Banking Supervision (BCBS).
BCBS rules were adopted by regulators in seven regions worldwide where our client had banking operations; however, the provisions of the local regulators were not harmonized.
Our client had to comply with all of the rules of seven regulators, which impacted operations in 15 countries.
Our client had a very significant complexity of regulatory changes that were combined with highly fragmented processes within each country.
Without external help, it was challenging for them to assess the change and its impacts on operations within these 15 countries, and to adequately prepare local stakeholders for the upcoming changes.
Our Solution and Result
After establishing an organizational change management framework, we had piloted it on one of the client’s largest regulatory programs, before the framework was rolled out across the portfolio of regulatory initiatives.
The pilot program was responsible for implementing changes that impacted non-centrally cleared derivative products with the aggregate annual exposure of more than $2 trillion.
Within that program, we uncovered systemic issues with the stakeholder engagement and streamlined stakeholder identification and engagement processes.
We also assessed how did a typical change impacts the operation of that client, and defined organizational change management framework.
The framework formalized the change, identified its impacts, and established a practical approach to implementing the change, and measures to increase change adoption, which in turn – led to smoother sustainment.
After being a huge success, an organizational change management framework was adopted across the global regulatory portfolio.
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