Why Only Best Practice Makes Perfect!              5th March 2013 - London
Michelle Hoskin                                            Director,                                          Standards In...
Who we are?   Established in June 2007, based in Hertfordshire   World leading certification body in financial services...
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 eve...
What is holding us back?     Resources and Skills     Work and Task Management     Time and Diary Management     Procedure...
The 7 Key Business Streams          ™ Business Management Financial Management Human Resource Management Financial Adv...
ISO 22222 - An insight When and Who?       ANSI approached BSI in 2000       Committee was formed – chaired by the FSA ...
ISO 22222 - An insight How?        Eligibility Application Form        Training & Assessment        Annual Quality Rev...
BS 8577 – Launched 2012! Framework for the provision of financial advice and planning  services      Our Role      Curr...
BS 8577 – continued.. Key Sections     9 x Over-arching Principles of Practice     Management Responsibilities and Revi...
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...
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 a...
Principle for Perfection #3 cont... The Process      Build the right support structure      Create your business review...
Principle for Perfection #3 cont...What?      Business Management      Client & Service      Operations      TeamWhen?...
Principle for Perfection #4 The Operations Management System™ Three Main Levels      Level 1 – Management System      ...
Principle for Perfection #4 cont... Key areas:       Overview of the company, purpose, vision, goals, plans, objectives ...
Principle for Perfection #4 cont... Key steps:       Identify who does what (AI & TT)       What is your desired outcom...
The Operations Management System ™ A few examples:
The Operations Management System ™ Make sure:       They meet contractual, statutory and regulatory guidelines       Ha...
Creating your Operations Management System A few to think about:      Telephone and email enquiries      Client hospita...
Creating your Operations Management System The Process      Have all key processes been identified and documented?     ...
Mary Knapman – Accuracy Matters   Because Accuracy Matters!
Principle for Perfection #5 The Process      Two areas of continual improvement:       o           The Business       o ...
Principle for Perfection #5 cont... Business       Adopt the principles of ISO 22222 & BS 8577       Continually strive...
Continual Improvement The Process:
Continual Improvement The Logs
Continual Improvement Feedback comes from:        Clients, colleagues, professional partners and introducers        Pro...
Continual Improvement Key Considerations       Be upfront, open and honest about feedback       Collect and record all ...
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 responsibi...
Further Information?Please contact me or a member of my team:Tel:        0044 (0)1462 790894Web:        www.standardsinter...
Why ONLY Best Practice Makes Perfect!
Why ONLY Best Practice Makes Perfect!
Why ONLY Best Practice Makes Perfect!
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Why ONLY Best Practice Makes Perfect!

  1. 1. Why Only Best Practice Makes Perfect! 5th March 2013 - London
  2. 2. Michelle Hoskin Director, Standards International Twitter: @ISO22222 Event #: #BPMP13Author of Best Practice Makes Perfect! LinkedIn: standardsexpert
  3. 3. 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
  4. 4. Introduction... Name Company and location Your role Why you are here?
  5. 5. 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
  6. 6. What is holding us back? Resources and Skills Work and Task Management Time and Diary Management Procedures and House Style Leadership and Management
  7. 7. The 7 Key Business Streams ™ Business Management Financial Management Human Resource Management Financial Advice & Planning Services Client Management Marketing and Business Development Technology
  8. 8. 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
  9. 9. 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
  10. 10. 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
  11. 11. 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
  12. 12. Jon Pittham – ClientsFirst‘Quality’ communications build ‘Quality’ relationships!
  13. 13. 5 Proven Principles for Perfection ™ Culture is the set of shared attitudes, values, goals, and practices which characterise an institution, organisation or group
  14. 14. Principle for Perfection #1 Design and build your unique team!
  15. 15. Principle for Perfection #2
  16. 16. Principle for Perfection #2 cont... Purpose Vision Strategic Goals Plan Objectives Policies and Procedures
  17. 17. Principle for Perfection #2 cont... Technical Skills Values Personality Work Ethos = Attitude Attributes
  18. 18. 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
  19. 19. 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
  20. 20. Principle for Perfection #3 cont...What?  Business Management  Client & Service  Operations  TeamWhen? How?  Annual  Management  Quarterly  Technical  Monthly  Administration  Weekly  Debrief
  21. 21. 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
  22. 22. 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
  23. 23. 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 ™
  24. 24. The Operations Management System ™ A few examples:
  25. 25. 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
  26. 26. 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
  27. 27. 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?
  28. 28. Mary Knapman – Accuracy Matters Because Accuracy Matters!
  29. 29. Principle for Perfection #5 The Process  Two areas of continual improvement: o The Business o and you!  Feedback - Positive and Negative
  30. 30. 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
  31. 31. Continual Improvement The Process:
  32. 32. Continual Improvement The Logs
  33. 33. 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
  34. 34. 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!
  35. 35. Tony Richardson – OctreeHow to protect your most valuable asset?
  36. 36. Insights of the day …
  37. 37. 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 ....
  38. 38. 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: enquiries@standardsinternational.co.uk
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