This document discusses how compliance initiatives are often viewed reactively rather than strategically. It suggests organizations move from merely "surviving" by fixing issues reactively to "thriving" by taking a more strategic, preventative approach. Specifically, it recommends focusing on activities that introduce flexibility and prepare the organization for changing regulations rather than just addressing current problems. This strategic approach allows identifying opportunities earlier to better position the business for the future. The document advocates for a cultural shift towards more proactive long-term thinking for compliance.
In this practical article, Legal Project Management pioneers, Pam Woldow and Doug Richardson, provide useful advice on how law firms can adopt and implement practices to better serve clients\' needs for efficient and cost effective legal services.
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This SAP Executive Insight focuses on helping executives determine: What are the consequences of today’s typical GRC approaches? Where do their organizations stand from a GRC maturity perspective? How can they lay the foundation for an effective GRC strategy?
In this practical article, Legal Project Management pioneers, Pam Woldow and Doug Richardson, provide useful advice on how law firms can adopt and implement practices to better serve clients\' needs for efficient and cost effective legal services.
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This SAP Executive Insight focuses on helping executives determine: What are the consequences of today’s typical GRC approaches? Where do their organizations stand from a GRC maturity perspective? How can they lay the foundation for an effective GRC strategy?
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It is critical to build relationships with suppliers who can help you create a competitive advantage and ensure your success in a turbulent business environment. This rigorous five-step project management approach provides tools for identifying innovative supplier partners and incorporating key business requirements into the selection process.
Closing the Gap Between Project Management and Governance
In today’s increasingly competitive marketplace, budgets are tight and resources are limited. Consequently, making decisions about which projects to pursue is vital in supporting an organization’s growth, vision, and value. For this dilemma, there is a powerful cost containment and risk mitigation strategy—a combination of IT governance and portfolio management. This approach is highly relevant for budget issues state agencies and departments currently face. With the proliferation of technology at greater and greater speed, the options that could bring potential benefit are seemingly endless. Gone are the days when a great technological idea was an end in itself. Technology has truly become an enabler across all sizes and types of organizations. The challenge now is to understand which business goals can be enabled by a technology and choose the best projects to accomplish those goals. The best way to ensure and demonstrate value to the organization is to know how these projects are supporting the organization financially and operationally. Implementing sound project management practices along with a governance framework can enable this kind of visibility and control.
Bob Stone from Healthways, a solution provider company at the marcus evans Corporate Benefits Summit 2012, on improving well-being, thereby reducing employee costs and increasing individual and organizational performance.
Interview with: Bob Stone, Co-Founder & Vice President, Healthways
If we know that so many acquisitions fail, and we have an idea of why they fail, then why do transactions continue to fail? A look at possible deeper causes behind transaction failure and steps to make them more successful.
“Delivering the public spending cuts facing the new Government will not be easy. But those who argue it will be impossible without slashing services should take a look at BT.” - David Wighton Business and City Editor, The Times. May 2010
Defined Benefit Plans Amid Market Volatilitywelshms
For a finance executive confronting volatile market conditions, what's the right balance of risk and return in a defined benefit (DB) pension plan? If you're committed to a DB plan, what strategies can remove excessive risk? Or is it time to refresh your exit strategy?
Towers Perrin and CFO Research Services have completed a study that examines the risk management approaches that finance executives have already taken for their defined benefit pension programs in the United States and Canada. Risk management is clearly "top of mind" for corporate finance executives throughout North America, though risk management solutions may vary widely.
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Outsourcing can and does work well when done by design, via a strategy that will ensure the optimal blend of internal and external resources and capabilities. This strategy must include the appropriate governance structures to effectively manage the client demand and services provided by third parties. When done well, outsourcing can recognize and embrace the need for change. Without the analysis and forethought driven by the development of a strategy, outsourcing can be no more than short-term, tactical first aid.
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It is critical to build relationships with suppliers who can help you create a competitive advantage and ensure your success in a turbulent business environment. This rigorous five-step project management approach provides tools for identifying innovative supplier partners and incorporating key business requirements into the selection process.
Closing the Gap Between Project Management and Governance
In today’s increasingly competitive marketplace, budgets are tight and resources are limited. Consequently, making decisions about which projects to pursue is vital in supporting an organization’s growth, vision, and value. For this dilemma, there is a powerful cost containment and risk mitigation strategy—a combination of IT governance and portfolio management. This approach is highly relevant for budget issues state agencies and departments currently face. With the proliferation of technology at greater and greater speed, the options that could bring potential benefit are seemingly endless. Gone are the days when a great technological idea was an end in itself. Technology has truly become an enabler across all sizes and types of organizations. The challenge now is to understand which business goals can be enabled by a technology and choose the best projects to accomplish those goals. The best way to ensure and demonstrate value to the organization is to know how these projects are supporting the organization financially and operationally. Implementing sound project management practices along with a governance framework can enable this kind of visibility and control.
Bob Stone from Healthways, a solution provider company at the marcus evans Corporate Benefits Summit 2012, on improving well-being, thereby reducing employee costs and increasing individual and organizational performance.
Interview with: Bob Stone, Co-Founder & Vice President, Healthways
If we know that so many acquisitions fail, and we have an idea of why they fail, then why do transactions continue to fail? A look at possible deeper causes behind transaction failure and steps to make them more successful.
“Delivering the public spending cuts facing the new Government will not be easy. But those who argue it will be impossible without slashing services should take a look at BT.” - David Wighton Business and City Editor, The Times. May 2010
Defined Benefit Plans Amid Market Volatilitywelshms
For a finance executive confronting volatile market conditions, what's the right balance of risk and return in a defined benefit (DB) pension plan? If you're committed to a DB plan, what strategies can remove excessive risk? Or is it time to refresh your exit strategy?
Towers Perrin and CFO Research Services have completed a study that examines the risk management approaches that finance executives have already taken for their defined benefit pension programs in the United States and Canada. Risk management is clearly "top of mind" for corporate finance executives throughout North America, though risk management solutions may vary widely.
Learn more about the findings and implications of this survey and its relevance to your pension plan as Sylvia Pozezanac, practice leader for Towers Perrin Retirement Risk Solutions, Monica McIntosh, business leader for Towers Perrin Asset Consulting in Canada, and Sam Knox, VP of CFO Research, discuss the findings with a panel.
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“The United Nations Division for Sustainable Development defines sustainability as ‘Development that meets the needs of the present without compromising the ability of future generations to meet their own needs’,” said Mazur. “As print buyers continue to push for green solutions, it is important for printers to understand the entire sustainability picture, and that is what this session is about.”
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Outsourcing can and does work well when done by design, via a strategy that will ensure the optimal blend of internal and external resources and capabilities. This strategy must include the appropriate governance structures to effectively manage the client demand and services provided by third parties. When done well, outsourcing can recognize and embrace the need for change. Without the analysis and forethought driven by the development of a strategy, outsourcing can be no more than short-term, tactical first aid.
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A good strategy is the blueprint for business success. For many organizations, mergers and acquisitions
are a critical component of their blueprint. Although the value drivers such as cost cutting, the promise of
new channels and customers, and improved competitive positioning may vary from company to company,
one thing is constant – after the deal is done, executives need to refresh their strategy and they need to
do it fast.
Research shows only 30% of organizations see their change management as successful. Here are 3 key areas to focus on to enable change.
Learn more - http://gt-us.co/1aDc2t1
Many leading Global In-house Centres (GIC’s) are moving forward to experiment with newer models to create a global impact. The approach aims to maximize the ability of start-ups by bringing in technology. With Global Capability Centres (GCC’s), businesses can create more value and expand their growth in the competitive world.
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This is a presentation made in the latest Six Sigma conference. It was meant to share tips on how to align innovation initiatives to the business objectives and business strategies.
The full book version will follow soon.
Please press LIKE button on top if you like this presentation. Thanks.
A hedge fund just bought 5 percent of your company. The fund partners clearly see value in what you’re doing, and, as a member of the management team, you take heart in that assessment. But you also know life is about to get more difficult. The fund partners are well-known activists. They have already asked for board seats. Now they’re proposing some dramatic strategic and financial changes, confidently assuring you and your shareholders that these moves will drive the company’s stock price higher. If you don’t comply and boost margins in a timely fashion, they will quickly bring in a management team that will.
For many company leaders, this is not a scary hypothetical — it is reality. It may also be an opportunity. In any case, activist shareholder campaigns are proliferating. According to the journal Activist Insight, 300 companies around the world were publicly targeted by activist investors between January and June 2015, about 25 percent more than in the same months the previous year. Since 2013, hedge fund managers have demanded change at hundreds of companies. The most widely publicized have included Apple, DuPont, General Motors, Microsoft, PepsiCo, Sony, Sotheby’s, and Yahoo.
One reason activism is growing is the rich rewards it earns for investors. On average, hedge funds with an activist approach have outperformed most other types of investment funds since 2010. The data analysis firm Hedge Fund Research reported recently that activist funds returned 12.5 percent a year between August 2012 and August 2015, while other funds, on average, earned returns in the single digits. No wonder investors increasingly demand activist funds in their portfolios, while the managers of those funds search diligently for new targets. No one can assume his or her company is immune.
We've distilled 10 principles for cost transformation that can help companies play the role of gadfly investor for themselves.
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https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
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2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
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BSG (UK) Thinking strategically about compliance version 1
1. INSIGHTS
Are you thinking about your Compliance initiatives strategically ?
From surviving to thriving
Compliance related fines totalled more than $3.5bn in 2012. Financial sector compliance has
moved from the business pages to the front page. LIBOR, regulations, capital adequacy, anti-
money laundering and other industry terms are becoming discussed as regularly as last week’s
football results.
We’ve observed in many clients that when people speak about compliance it tends to be
reactive – a problem has been identified and it needs to be fixed. Businesses tend not to see
compliance in a strategic fashion as it has traditionally been a cost centre that has not
contributed to the bottom line. A seismic perception shift needs to occur – compliance needs to
be seen as a strategic opportunity.
Surviving, th riving and playing the long game
The FSA has published a short guide that assists organisations with selecting compliance
consultants1. The first aspect addressed is how one should go about establishing one’s needs.
The questions asked can be summarised as follows:
Do you have an area of concern or weakness and require a compliance audit?
What level of support do you require or are there specialist areas with which you
require help?
It is essential to consider We believe that there is more that should be considered. Not only is it essential to understand
whether a compliance why the organisation has any need for a compliance engagement, it is also essential to
consider whether there are broader strategic opportunities that can be created.
initiative presents a
broader strategic
Why am I in this position?
opportunity
One of the reasons may well be because you have an area of concern or weakness, a
reactive need (Surviving) …
… but it may be because new legislation is on the horizon, or you have a desire to
introduce rigour into your processes. These two aspects (and many others) move
organisations from the reactive to the strategic space, and the compliance initiative
becomes an opportunity rather than simply reducing risk (Thriving).
Where do I want to be after this compliance initiative?
Reactive compliance initiatives aim to make sure that an organisation is compliant
with the relevant regulatory body. The main aim is to keep your trading license
(Surviving).
Strategic compliance initiatives allow for the creation of competitive advantages that
enhance both market and customer reputations. It’s about creating new opportunities
to allow your business to take the initiative rather than to wait and defend (Thriving).
Well known leadership author Stephen Covey talks about different quadrant behaviours 2. An
analogy for quadrant behaviours is the difference between putting out fires (quadrant 1, Q1)
and mitigating the spread of fire by cutting firebreaks (quadrant 2, Q2). Q2 activities feel less
urgent but, more often than not, reduce the need for Q1 activities. The same analogy can be
applied to how budget and effort is allocated across compliance projects.
1 - http://www.fsa.gov.uk/smallfirms/resources/factsheets/pdfs/factsheet_consultant.pdf
2 - Covey introduces this idea in The Seven Habits of Highly Effective People & details them further in First Things First
Business Systems Group (UK), Registered in England No. 6150570, 230 City Road, London, EC1V2TT
www.bsgdelivers.com // @bsguk
This document can only be reproduced in its entirety. This document does not constitute any form of advice from BSG (UK).
2. INSIGHTS
Are you thinking about your Compliance initiatives strategically?
Firefighting is merely Our observation is that currently a lot of compliance initiatives are Q1 activities – projects to
about surviving, there’s “fix up” process gaps, gather new pieces of data, etc. This short-term approach ticks the
current box, but doesn’t structurally improve the organisation’s ability to meet changing
no long-term structural compliance regulations. A “thriving mindset” demands that we spend more time on Q2
benefit activities to introduce flexibility into the overall business system, allowing the organisation to
be better prepared to meet changing compliance regulations.
Get ahead of the game – start taking those strategic
opportunities
Thriving demands It is an unfortunate reality that budget for compliance initiatives is typically allocated to Q1
thinking about the type projects, taking a surviving mindset. If this budget were to be, at least in part, dedicated
towards more Q2 initiatives, then problems will be spotted early enough for their impact to be
future and preparing mitigated and similarly, opportunities will be identified soon enough for them to be exploited.
accordingly
It is a significant challenge to ensure that a Q1 thinking culture doesn’t become pervasive in
responding to the ever-changing compliance landscape. Convincing board colleagues that a
compliance initiative represents an opportunity may be difficult, but will ultimately prove
rewarding.
Building a case for a broader perspective can be done by adopting a typical business analyst’s
process worldview. Take a step back and look at the whole situation, at both the upstream and
downstream implications of the problem. Conduct root cause analysis to get to grips with what
is manifesting itself in the shape of the problem. Make this insight part of the information pack
provided to decision makers. Inform them that in fixing the current problem, if we also analyse
certain other areas we will be able to identify inefficiencies and thus improve overall
profitability in a number of ways.
Driving forward into Q2
Q1 activities will never go away, but we feel that spending 100% of your time on these
activities is not sustainable. Q2 behaviour generates understanding, perspective and clarity,
likely resulting in fewer crises. In short, fortune favours the prepared. Organisations that move
their compliance activities towards this quadrant will generate more benefit from compliance
spend making it easier to both take advantage of business opportunity and respond to new
compliance requirements.
Make no mistake that moving from surviving to thriving will require a cultural shift within
your organisation. For years organisations have been reacting to compliance changes. By
driving this cultural shift you will notice that your organisation will become more visionary
and less reactive, and in today’s ever-changing compliance landscape being on the front foot
can only be a good thing.
A long term culture of proactively analysing the regulatory landscape will allow companies to
continually innovate in this space and not only be first to implement regulatory compliant
processes but also the first to market with the most rigorous, efficient and effective processes
At BSG we are passionate
about design and delivery BSG (UK)
of change that makes a
We’ve observed that compliance projects are often maligned as mere tickbox exercises. By
difference for our contextualising the projects and understanding the opportunities they offer, we believe that
customers and their compliance is both interesting and important. We talk about this in more detail at
customers. http://bit.ly/cancompliancebeinteresting
A collection of BSG (UK) BA practitioner www.bsgdelivers.com // @bsguk
insight can be found at +44 20 3416 6400
http://bit.ly/bsgukinsight info@bsguk.co.uk
Business Systems Group (UK), Registered in England No. 6150570, 230 City Road, London, EC1V2TT