Why ONLY Best Practice Makes Perfect! Presentation Transcript
Why Only Best Practice Makes Perfect! 5th March 2013 - London
Michelle Hoskin Director, Standards International Twitter: @ISO22222 Event #: #BPMP13Author of Best Practice Makes Perfect! LinkedIn: standardsexpert
Who we are? Established in June 2007, based in Hertfordshire World leading certification body in financial services UKAS Accredited (ISO 17024 & working towards ISO 17065) Work with the profession’s best! Pioneering ‘Best Practice’ Independent and privately owned Services Provided: Best Practice Toolkit Training and Publications Consultancy and Support Certification
Introduction... Name Company and location Your role Why you are here?
What is ‘Best’ Practice? Best Practice can only be achieved by creating a structured and supported environment where every individual within it can create an amazing experience for their clientSo, what does ‘Best’ look like to... Your clients Your team Other stakeholders
What is holding us back? Resources and Skills Work and Task Management Time and Diary Management Procedures and House Style Leadership and Management
The 7 Key Business Streams ™ Business Management Financial Management Human Resource Management Financial Advice & Planning Services Client Management Marketing and Business Development Technology
ISO 22222 - An insight When and Who? ANSI approached BSI in 2000 Committee was formed – chaired by the FSA (David Jackman) 17 countries participated over 7 years ISO 22222 launched 2007 - Certification commenced! What? Operational, financial and security management The Six Steps of the Financial Planning Process Ethical Behaviour and Ethical Financial Planning Information Security, Client Confidentiality and Data Protection Risk Management and Business Continuity Continual Improvement
ISO 22222 - An insight How? Eligibility Application Form Training & Assessment Annual Quality Review Audit Programme Certification awarded to the individual Benefits Improved performance through simplified, effective processes and documentation Standardisation of good working practices and improved communication Promotes awareness of quality and professionalism, better public awareness and public image Sales and marketing opportunities Reduced risk and supports regulatory requirements The acquisition of a symbol representing the internationally recognised quality standard
BS 8577 – Launched 2012! Framework for the provision of financial advice and planning services Our Role Current position in the market – the differences! Firm Based The Operational Management System™ Requirements for planners to evidence conformity to ISO 22222 Certification & The Costs Application Process
BS 8577 – continued.. Key Sections 9 x Over-arching Principles of Practice Management Responsibilities and Review Objectives and Policies The Operational Framework Outsourcing Document and Record Control Recruitment Training and Development Customer Relationship Management
Jon Pittham – ClientsFirst‘Quality’ communications build ‘Quality’ relationships!
5 Proven Principles for Perfection ™ Culture is the set of shared attitudes, values, goals, and practices which characterise an institution, organisation or group
Principle for Perfection #1 Design and build your unique team!
Principle for Perfection #2
Principle for Perfection #2 cont... Purpose Vision Strategic Goals Plan Objectives Policies and Procedures
Principle for Perfection #2 cont... Technical Skills Values Personality Work Ethos = Attitude Attributes
Principle for Perfection #3 The Time and Task Management System™ Doing more with the time you have Remember: We are not all good at the same things – we are all unique! Being busy doesn’t mean we are being productive Lists and structure are crucial to your success There is always a more effective way of doing something – so find it! Use the right tools Agree and communicate your decision standards
Principle for Perfection #3 cont... The Process Build the right support structure Create your business review process Effective handovers – be clear on instructions Delegate correctly Be clear on priorities and deadlines Plan your diary and schedule Protect yourself and your workspace Don’t procrastinate
Principle for Perfection #4 The Operations Management System™ Three Main Levels Level 1 – Management System Level 2 – Processes and procedures Level 3 – Master Copy Documents
Principle for Perfection #4 cont... Key areas: Overview of the company, purpose, vision, goals, plans, objectives etc Business review process HR Management, recruitment and training CPDE, T&C and compliance Business administration and document control Information security, risk management, business continuation IT structure, set up and tools Clients, service, charging and marketing
Principle for Perfection #4 cont... Key steps: Identify who does what (AI & TT) What is your desired outcome? How best should it be documented? Who is currently responsible for the process? What tools support the process? – Software systems Roll Out, Test and Amend Include in your Operations Management System ™
The Operations Management System ™ A few examples:
The Operations Management System ™ Make sure: They meet contractual, statutory and regulatory guidelines Have a unique reference number and have been authorised Are clear and concise, simple and understandable, tested and amended, quality controlled and well communicated Have quality at the core! They have interrelated and interactive processes You create a library of templates, letters, emails and forms
Creating your Operations Management System A few to think about: Telephone and email enquiries Client hospitality First meeting confirmation and information Conducting a first meeting and follow up Information gathering and business implementation Report writing and creating a financial plan Client file management
Creating your Operations Management System The Process Have all key processes been identified and documented? Are they effective in producing the desired results? Are they available in both hard and soft copy formats? Have they been effectively implemented? Have they been logged and quality controlled?
Mary Knapman – Accuracy Matters Because Accuracy Matters!
Principle for Perfection #5 The Process Two areas of continual improvement: o The Business o and you! Feedback - Positive and Negative
Principle for Perfection #5 cont... Business Adopt the principles of ISO 22222 & BS 8577 Continually strive for “best” everything! Constant questioning – How can we improve? Communicate and reward for improvements made Implement a continual improvement policy Inspire others to improve
Continual Improvement The Process:
Continual Improvement The Logs
Continual Improvement Feedback comes from: Clients, colleagues, professional partners and introducers Professional bodies and The FSA Feedback can be: Quantitative or qualitative Formal or informal Verbal or written
Continual Improvement Key Considerations Be upfront, open and honest about feedback Collect and record all feedback – review the current methods! Always encourage feedback and acknowledge receipt of it If negative, resolve as soon as possible Feedback to the feedback giver about action taken and follow ups Review all feedback regularly – at monthly meetings? Feedback needs top management buy-in!
Tony Richardson – OctreeHow to protect your most valuable asset?
Insights of the day …
Now what? Get going: Create change - don’t just manage it! Engage with your team Allocate responsibilities and create a plan Kick off the project and review progress REMEMBER, we are here if you need us ....
Further Information?Please contact me or a member of my team:Tel: 0044 (0)1462 790894Web: www.standardsinternational.co.ukTwitter: http://twitter.com/SIISO22222LinkedIn: http://uk.linkedin.com/in/standardsexpertEmail: firstname.lastname@example.org
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