Pmo14 br15 luis bourget

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PMO-CBDR: A PMO to Contribute with
Dominican Republic’s Economic Stability
Luis J. Bourget
18 November 2014
Session #PMO14BR15

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Topics
• Context
• Our approach to:
– A Central Bank’s strategy value chain
– Key and supporting management processes
• Results so far: PMO - CBDR
• Lessons learned
PMO – CBDR: A PMO to contribute with Dominican Republic’s economic stability

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Context
• The Dominican Republic at the center of it all
• As an open and stable economy, our credentials are:
– $66 Billion GDP estimated for 2015
– 4% Inflation target for 2015
– 5% GDP growth (real) for 2015
– 3.63% EMBI (Chile:1.51% ------- Argentina:7.71%) as of 10/13/2014
– 15.2% Solvency rate for the financial sector
– Tourism, Mining, Financial Services, Agriculture are our main
economic activities
– Dom. Rep.’s Central Bank (CBDR) has constitutional autonomy
• Constraints & Challenges
• A fertile ground for the Project Management profession

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Context
What are Central Banks, anyway?
• Monetary Policy
• Price Stability
• Issue Currency
• Manage Payment System
• Promote & Regulate Financial Sector
• Manage Reserves & Systemic Risk
• Lender of Last Resort

GOVERNORSHIP
GOVERNOR
DEPUTY GOVERNOR
GENERAL MANAGEMENT
GENERAL MANAGER
DEPUTY GENERAL MGR.
MONETARY
BOARD
DEPUTY MANAGER DEPUTY MANAGER DEPUTY MANAGER
MONETARY POLICY This is an example text.
DEPARTMENT DEPARTMENT DEPARTMENT DEPARTMENT
DEPARTMENT DIRECTOR DEPARTMENT DIRECTOR DEPARTMENT DIRECTOR DEPARTMENT DIRECTOR
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CBDR – Organizational Chart
OPERATIONS
DEPARTMENT UNIT: PMO
CONSULTANTS
SYSTEMS & SERVICES

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Topics
• Context
– The Central Bank’s strategy value chain
• Lessons learned

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Dominican Rep.’s National Development
Strategy (to year 2030)
Better
Justice
III
Third Strategic Axis
Advocates for an
articulated, innovative and
environmentally sustainable
economy with a productive
structure that generates
high and sustained growth
with decent work, and
inserted competitively in the
global economy.
25
20
15
10
5
0
BC
1 2 3 4 5 6 7 8 9 10
Economic
Development
More Jobs
Price Stability
Social
Equality
Security
Better
Education
More
Prosperity
Better
Institutions
More
Money
Issuing
BC
BC
General Objectives
Favorable macroeconomic
stability and sustained high
economic growth.

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CBDR – Strategic Framework
MISSION
VALUES
VISION
STRATEGIC PLAN / MAP
OBJECTIVES
BALANCED SCORECARD
TACTICS
BUDGET
PORTFOLIO
MANAGEMENT
BUSINESS RESULTS
Strategic Alignment
Prioritize
Balance
Monitor & Control
S
T
R
A
T
E
G
Y
DESIGN
EXECUTION
PMO
Monetary
Board

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CBDR’s Strategic Map
(2010 – 2013)
Regulation & Oversight
of the Financial and
Payment Systems
Organizational
Productivity
Efficient IT
Plattform
Capitalization and Financial
Efficiency
Develop a Results & Risk
Management Culture
Monetary & Exchange
Operations
Human Capital
Development
Governance &
Transparency
Price Stability
Financial & Payment System’s
Stability and Strength
VISION
CLIENT PROCESS LEARNING FINANCE

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CBDR’s Strategy Value Chain
Governance Transparency Accountability
Strategic Plans
Portfolio
Management
Program
Management
Project
Management
OPM3
2006-2009
and
2010-2013
1. Project
Portfolio
Performance
2006-2009,
87%
2. Project
Portfolio
Performance
2010-2013,
94%
Human Resources Culture
Hierarchical Structure Technology

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Topics
• Context
• Lessons learned

Key and Supporting Management Processess
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• Management’s commitment
• Strategic alignment and P5’s integrated administration
• Classification of strategic priorities and objectives’ impact assessment
• Portfolio prioritization and balancing
• Interdependencies analysis between projects and programs in the
portfolio, whether these are being executed or have been already
implemented
• A central information repository regarding plans and projects in order to
communicate a unique and consistent scheme on management’s
progress
• Governance and integrated change control

Key and Supporting Management Processess
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• Proactive ex-ante / ex-post monitoring and continuous controlling to
introduce the necessary preventive and corrective actions for plans
and projects
• Permanent collection and consolidation of plans and projects’
performance
• Success metrics evaluation and quarterly performance reports

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Topics
• Context
• Lessons learned

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PMO-CBDR Timeline
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
PMO
Approval
Start of 1sst
Strategic Plan
2006/09
PMO Team
Implements
Portfolio
Assessment
Methodology
OPM3
Training and
1st. Assessment
trough SAM .
Score: 36%
OPM3
PMO Team
performs 2nd.
Assessment.
Score: 48%
ISP 2014/17
3rd.
Institutional
Strategic Plan
Begins
PMO Starts
Within the
Planning &
Budget Dept.
PMO Team
Implements
Balanced
Scorecard
Methodology.
Oracle
Projects
PMO Team
finishes project
plattform
deployment
OPM3
PMO Team
performs 3rd.
Assessment
Score: 69%
PMO Team
Projected
completion of
OPM update
to the new
Standards

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The PMO-CBDR Team
Vision
To set the tone and best
practices to manage projects
in the banking industry
Mission
To add value, performance and
quality deliverables to the
organization

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CBDR – Project Teams

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PMO – CBDR
A short story in 4 chapters
• A dive into the shark tank
• Doing projects the right way is not the same as “doing
projects”
• PMO / projects go viral
• Bring in the results!

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PMO – CBDR: Some metrics

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Trainings on Strategic Planning and Project Management
Year 2007 2008 2009 2010 2011 2012 2013
Participants 88 264 133 85 165 45 65
Percentage distribution by training type
Continuous project management training 279 33%
Project manager core competency development 338 40%
Advancement in project management practices 228 27%

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Strategic vs. Functional Projects

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PMO – CBDR: Key Challenges
Initiatives Key Challenges Accomplishments
ISP Implementation
2006-2009
Macroeconomic and
financial stability restoration
 Inflation rate, from
49% to 7.25%
 Exchange rate, from
RD$65 pesos to
RD$35 pesos per
US$1 dollar
 CBDR bonds interest
rate, from 35% to
13.09%
Work plan compliance for the
initiatives implementation (Portfolio
Compliance Level, PCL).
*Cumulative Performance Results
2009 87.07%
ISP Implementation
2010-2013
Compliance for strategic objectives /
indicators; consolidated BSC,
structured by goals / indicators.
*Annual Performance Results
2010 80.00%
2011 82.25%
2012 90.92%
2013 100.00%
Work plan compliance for the
initiatives implementation (Portfolio
Compliance Level, PCL). *Annual
Cumulative Performance Results
2010 29.29%
2011 53.40%
2012 78.56%
2013 94.21%

PMO – CBDR: Impact of successful Portfolio
Management on the Dom. Rep.’s Economy
Achievement of low levels of
inflation and forward-looking
monetary policy
Enhanced decision-making
process with greater analysis
and information on the
economy’s conditions
Stability of the exchange rate
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Strategic Theme
Macroeconomic
Stability
Implementation of the inflation
targeting scheme
Development of econometric
models for the monetary policy
Research and analysis of tools
for the Implementation of
monetary policy
Development of economic
indicators to enhance the monetary
policy decision-making process
and enable price stability
Policies, foreign exchange
operations and improved
statistical analysis for the
international environment

PMO – CBDR: Impact of successful Portfolio
Management on the Dom. Rep.’s Economy
Stability of the financial system
- Management information
system implementation for the
decision-making process
- Award recognition for
Electronic Government
Implementation of a system of
operational risk management
and business continuity
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Reduction of interbank
payments’ transit time
Laws, regulations and overall
risk indicators for the financial
system
Implementation of the RTGS
Development and integration of
information systems that support
the key processes
Systems of evaluation, and
operational risk management and
business continuity
Strategic Theme
Financial
System Stability
Efficiency of the
Payments System
Institutional
Development

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PMO – CBDR: Internal Survey
Has the PMO contributed to the success of your departamental
objectives ?
Always, 71%
Never, 0%
No response,
Sometimes,
24%
6%
Always
Sometimes
Never
No response
Quality of the services offered by the PMO (Program
Management)
Very poor, 0% No response, 6%
Very good, 47%
Poor, 0%
Regular, 0%
Good, 47%
Very good
Good
Regular
Poor
Very poor
No response

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PMO – CBDR: Internal Survey
Very good,
48%
Good, 44%
Regular, 7% No response,
2%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Continuous support and follow-up of the PMO team
Very good
Good
Regular
Poor
Very poor
No response
Operations and processes
Based on international
Standards and best practices
in Project Management with
90 percent approval for the
Implemented methodology.

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Topics
• Context
• Lessons learned

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Lessons Learned
• The implementation of any organizational change requires
leadership’s engagement and support in order to forge
relationships, inspiring others to deliver superior performance in an
environment of collaboration and trust.
• The P5 Administration’s strategic alignment: plans, portfolio,
programs, projects and budget, (P5, for its acronym in Spanish:
planes, portafolio, programas, proyectos y presupuesto) along with
an integrated project management information system enables
Organizational Project Management.

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Lessons Learned
• PMO-CBDR’s proactive monitoring and controlling practice makes
Organizational Project Management more efficient and effective as
the PMO-CBDR becomes a facilitator not an auditor by supervising
to prevent incidents and negotiating to resolve conflicts.
• Interdepartmental coordination and effective communication are
imperative to break through bureaucracy in a weak matrix
organization.

Luis J. Bourget
Eunice Duran
Email: l.bourget@bancentral.gov.do
e.duran@bancentral.gov.do
Web: www.bancentral.gov.do
PMO – CBDR: A PMO to contribute with Dominican Republic’s economic stability 30

Pmo14 br15 luis bourget

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