Presentation on Personal and Bussiness Plan damayanthi 1

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Personal Plan, Business Plan, Strategic Plan, Business

Personal Plan, Business Plan, Strategic Plan, Business

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  • 1. Presentation on Action Plan Damayanthi Fernando Director Legal & Actg. Director General Insurance Board of Sri Lanka July 10, 2014, NIU, Dekalb, IL, USA
  • 2. Strategic Pyramid
  • 3. Personal Vision & Organizational Vision • Personal Vision – “To be a Transformational and a Positive Leader in my organization ” • Organizational Vision – “To be the Benchmark Insurance Regulator in Asia”
  • 4. Who We Are • Insurance Board of Sri Lanka - Regulator of the insurance industry in Sri Lanka • Established on 1st March 2001 by an Act of Parliament • A Member of the International Association of Insurance Supervisors (IAIS) • Governed by a Board of Members (7) and has a Secretariat of 40 staff members, headed by the Director General
  • 5. Where We Want To Be • A self financed Statutory Body with Financial Autonomy • Satisfied and competent staff • Regulatory Framework par with International Standards set by IAIS Where We Are • A self financed Statutory Body without Financial Autonomy • A relatively high staff turnover • Regulatory Framework not par with International Standards set by IAIS
  • 6. Obstacles Strategic Solutions Structural Carry out Structural Reforms My daily responsibilities prohibit me from developing the Regulatory Framework of the organization to International Standards Delegate to staff who are capable of performing the activity Subordinates not empowered / not given responsibility and not held accountable Have systems in place to empower staff / give responsibilities and to be held accountable Staff lacking knowledge on subject matter Identify areas that staff need training and provide adequate training High staff turnover due to remuneration packages not being comparable to remuneration packages offered in similar regulatory bodies Develop a system that will review and revise the remuneration packages of staff
  • 7. Obstacles Strategic Solutions Personal Confidence Gain Self Confidence I am competing with several others to be the CEO of the organization Prepare responses to possible questions of interview panelists Impact on motivation due to non availability of a robust performance based incentive scheme Develop a robust performance based incentive scheme
  • 8. Execution of Strategic Solution Delegate to staff who are capable of developing the Regulatory Framework to International Standards Identify staff who are capable of performing the activity • August 2014 Identify the ICP’s that will be analyzed in the first year • Sept & Oct 2014 Gap analysis • Nov & Dec 2014 Brainstorming • Jan 2015 Providing Recommendat ions for improvement • Feb 2015
  • 9. Thank you