Beyond Budgeting Round Table (BBRT). Konserndirektør Sigurd Aune holdt en presentasjon i London om SpareBank 1 Gruppen og Beyond Budgeting.
The SpareBank 1 group’s road to a new corporate governance based on the principles of Beyond Budgeting.
Dividend idea Philip Morris (PM) By http://long-term-investments.blogspot.comDividend Yield
Weekly Dividend Stock Ideas Researched by The Dividend Yield Weekly. Our weekly dividend idea is the global cigarettes and tobacco stock Philip Morris International (NYSE:PM); The Leading Tobacco Stock With 3.98% Yield And 7.7% Upside Potential.
Philip Morris International (PMI) is a leading international tobacco company, encompassing eight of the world’s top 15 international brands which includes Marlboro, the number one cigarette brand worldwide. PMI has become the world's leading international tobacco company and the third most profitable international consumer goods company. While US sales revenues have been in decline as Altria struggles to cope with higher state tobacco tariffs and the tobacco industry's negative image in the US, international sales continue to grow for PMI. More on http://long-term-investments.blogspot.de/2012/11/divided-stock-idea-of-week-philip.html
Dividend idea Philip Morris (PM) By http://long-term-investments.blogspot.comDividend Yield
Weekly Dividend Stock Ideas Researched by The Dividend Yield Weekly. Our weekly dividend idea is the global cigarettes and tobacco stock Philip Morris International (NYSE:PM); The Leading Tobacco Stock With 3.98% Yield And 7.7% Upside Potential.
Philip Morris International (PMI) is a leading international tobacco company, encompassing eight of the world’s top 15 international brands which includes Marlboro, the number one cigarette brand worldwide. PMI has become the world's leading international tobacco company and the third most profitable international consumer goods company. While US sales revenues have been in decline as Altria struggles to cope with higher state tobacco tariffs and the tobacco industry's negative image in the US, international sales continue to grow for PMI. More on http://long-term-investments.blogspot.de/2012/11/divided-stock-idea-of-week-philip.html
Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf
Financial Analysis - Banque Cantonale Vaudoise - Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private, and corporate banking services. BCV operates primarily in the Canton of Vaud.pdf
Beyond Budgeting: Leading with Flexible Targets. 2-day seminarNiels Pflaeging
Slides from 2-day Beyond Budgeting seminar in Kuala Lumpur, Malaysia
The slides a re not entirely self-explaining. See the BetaCodex Network´s white papers for further detail.
Proven Techniques for Optimizing Your Financial Planning & Analysis ProcessProformative, Inc.
In this session, you will learn best practices for optimizing the planning process including how to adopt a driver-based model, efficiently manage rolling forecasts, embrace “what if” scenario modeling and provide more meaningful reporting and analysis to impact decision making. You will gain insights from comprehensive industry research recently conducted with hundreds of financial professionals around the world in order to understand key industry trends and best practices that are working for leading edge organizations today. In addition to the research, subject matter experts will share numerous practical steps for improving performance management processes in your organization. You will come away with real-world methodologies to help you improve and shorten your budgeting process and will also enable better decision making and organizational alignment that will help you to optimize performance.
Speaker: Tony Ard, Director of Solutions Engineering, Axiom EPM
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Operational Advantage | Session: 5
While the business context of a project decidedly influences the success of any software development project, project execution matters as well.
Scrum, like most agile software development methods, is originally intended for the use of a small team. Larger companies in the software development field have a need to scale these methods to larger environments, often a global operation.
This presentation describes a two-year project involving over a hundred people across the globe directly. The perspective is that of practical methods that helped F-Secure to keep the project moving against many difficulties and uncertainties. Organizational observations are also included.
These areas will be touched:
- Organizing the project staff into teams and projectmanagement
- Large joint planning sessions
- Backlog management and tooling
- Communication about backlog
- Project governance bodies
- Project steering and communication
- Pushing responsibility down
- Integration
- Test automation status radiators
- Testing
- Bug handling process
- Beta releases
- Development environments
- Dealing with disruptions, setbacks, direction changes and surprises
This session will be most valuable to those who are working with real software development projects and want experienced advice on methods that have been successfully applied in global commercial context. The audience is expected to be familiar with Scrum and those who know Scrum well will benefit the most. As the topic is very wide not much time will be used on each area. The focus will be determined by the interest of the audience. Interactive discussion will be encouraged during the session.
Become a Master in the Beyond Budgeting Mindset and use the knowledge for your organization.
Introduce yourself to the \"Principle Master Course\", the \"Transformation Master Course\" and the \"Cell-Structure-Design Master Course\".
Beyond Budgeting offers a proven and coherent alternative to serious problem in management today. The main purpose is not to get rid of budgets, but to take reality seriously, both the world around us and people in the organisation. The three different (and often conflicting) budget purposes of target setting, forecasting and resource allocation are not abolished, but separated and improved in ways not possible when all three are crammed into one annual set of budget numbers.
Hospital and Healthcare System Strategic Planning and Financial ForecastingAxiom EPM
Given the level of uncertainty in the healthcare industry and all of the external factors that impact healthcare provider organizations today, strategic planning has become an increasingly complex function. The process is no longer a simple financial forecasting exercise. Instead, it has evolved into a more integrated financial and operational planning activity that touches the entire organization. The process of defining a multi-year financial forecast is now predicated on the modeling of individual business initiatives focused on cost reduction or revenue growth. These slides present four factors vital to establishing more agile strategic planning models. You'll learn techniques to incorporate financial and service line-based analytics to enable efficient ‘what-if’ modeling, scenario analysis and initiative-based modeling and tracking.
Thesis defense presentation of Justin Phillips (SDSU). "The Role of Relatedness and Autonomy in Motivation of Youth Physical Activity: A Self-Determination Perspective."
National Bank of Pakistan is the largest commercial bank operating in Pakistan
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The Bank's services are available to individuals, corporate entities and government.
its business portfolio is a major lead player in the
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agricultural financing,
treasury services
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
[Note: This is a partial preview. To download this presentation, visit:
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
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
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.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Presentation and case on Beyond Budgeting in London April 29th 2009 by Sigurd Aune CFO SpareBank 1 Gruppen
1. Rolling
Culture and
forecasts
organization
Dynamic Management
Dynamic
Tekst
Management
The SpareBank 1 group’s road to a new
corporate governance based on the
principles of Beyond Budgeting
Benchmarking
Bonus and
and scorecards
incentives
Sigurd Aune, CFO
BBRT, London
29 April 2009
2. Agenda
1.Company presentation
2. How we started
3. Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4. What have we learned so far?
5. Challenges ahead
6. Contact information
2
3. SpareBank 1 Gruppen AS – the structure
SpareBank 1
SpareBank 1 SpareBank 1 Sparebanken Samarbeidende
LO
Nord-Norge (19,89 %)
SR-Bank SMN Hedmark Sparebanker (19,89 %) (9,29%)
(19,89 %) (19,89 %) (11,14%)
SpareBank 1 Gruppen AS
SpareBank 1 SpareBank 1 ODIN
Oslo Skadeforsikring Forvaltning
Alliance Co-operation Programme
(100%) (100%) (100%)
SpareBank 1 SpareBank 1 SpareBank 1
Boligkreditt Medlemskort Livsforsikring Focus areas
(100%) (100%)
– Brand
EiendomsMegler 1
– Technology
BNbank
– Competence
Argo First
– Common processes and use of best practices
Securities Securities
(Bank owned
(75%) – Purchasing
(24,5%)
activities)
Regional competence centers
– Payment services: Trondheim
SpareBank 1
– Credit: Stavanger
Gruppen Finans
Holding AS – Training: Tromsø
(100%)
SpareBank 1 Actor Fordrings- SpareBank 1
Factoring forvaltning LTO
(100%) (100%) (100%)
Verdigjenvinning
(100%)
3
4. The SpareBank 1 Alliance
The SpareBank 1 Alliance, key figures (31.12.08)
- 20 independent savings banks
- Including 7 exchange listed primary capital
certificate banks
- Co-ownership of two commercial banks (BNbank and
Bank 1 Oslo)
– Total assets: ca NOK 583 billion (incl. BNbank)
– 352 branches across Norway
– 378 distribution offices
– Total no. of employees: ca 6,300
– Internet customers: ca 530,000
SpareBank 1-banks:
SpareBank 1 Nord-Norge, SpareBank 1 SMN, SpareBank 1 SR-Bank,
Sparebanken Hedmark, SpareBank 1 Ringerike, Rygge-Vaaler
Sparebank, SpareBank 1 Hallingdal, SpareBank 1 Buskerud-Vestfold,
SpareBank 1 Gran, SpareBank 1 Gudbrandsdal, SpareBank 1 Jevnaker
Lunner, SpareBank 1 Nordvest, Halden SpareBank 1, Sparebanken
Telemark, Modum SpareBank 1, SpareBank 1 Lom og Skjåk, SpareBank 1
Nøtterøy og Tønsberg, SpareBank 1 Volda Ørsta, SpareBank 1
Hardanger, SpareBank 1 Kvinnherad, Bank 1 Oslo and BNbank.
Product companies in SpareBank 1 Gruppen AS:
SpareBank 1 Livsforsikring, SpareBank 1 Skadeforsikring, ODIN
Forvaltning, Argo Securities (75%), First Securities (24,5 %),
SpareBank 1 Gruppen Finans Holding – a holding company for a
subgroup consisting of SpareBank 1 Factoring, Actor
Fordringsforvaltning, SpareBank 1 LTO and Verdigjenvinning.
Other enterprises owned by the SpareBank 1-banks:
SpareBank 1 Boligkreditt, BNbank and EiendomsMegler 1.
4
5. The SpareBank 1 Alliance has a strong position in Norway
2008
Retail market – Number of customers * Number of branches *
2,50 400
2,30
352
350
2,00
2,00
300
250
1,50
210
Million
189
200
1,00
0,85 150
0,75 125
0,55
100
0,50
55
42
0,21 50
26
0,10
0,00 0
DnB NOR SpareBank 1 Storebrand Terra-Grp. Nordea N. Danske/Fokus Handelsbanken
SpareBank 1 DnB NOR Terra-Grp. Nordea N. Danske/Fokus Storebrand Handelsbanken
N.
N.
Market shares Total assets (NOK billion)
1832
25,0 %
1800
20,3 % 1600
19,4 %
20,0 % 19,1 %
17,5 %
17,4 %
17,3 % 1400
16,4 %
15,9 %
15,4 % 15,4 %
14,6 % 1200
15,0 % 13,8 %
12,8 % 12,6 %
NOK bn.
12,3 %
12,2 % 12,0 % 11,7 % 1000
10,2 % 10,0 % 10,0 %
9,9 %
9,8 % 9,8 %
10,0 % 800
583
549
600
5,0 % 382
400
198 190 172
200
0,0 %
2002 2004 2005 2006 2007 2008 0
DnB NOR SpareBank 1 Nordea N. Storebrand Fokus Bank *** Terra-Grp.** Handelsbanken
N.***
Loans - retail market Loans - corporate market P&C insurance ODIN mutual funds
* Numbers as of 2007
** Numbers as of 3Q 2008
*** Estimate based on average lending growth
5 Sources: Accounting reports, Statistics Norway (SSB), Norwegian Financial Services Association (FNH), Norwegian Mutual Fund Association
(VFF).
6. The SpareBank 1 Alliance
Strategic Platform
• Maximizing shareholder value and value created for the market regions
Purpose
covered by the banks by maintaining a regional structure of independent
banks – through:
Efficiency Local Market Focus
Cornerstones
• •
As a group, the banks seek to increase Each bank continues to maintain its link
their efficiency as compared to with its local community by:
competitors by:
- Keeping its own name and legal
- Economies of scale identity
- Mutually increasing critical core - Taking advantage of its proximity
competencies to the local market
- Sharing development investments
ALLIANCE PROGRAMME SEPARATE LEGAL IDENTITIES
COMMON SUPERBRAND
6
7. Agenda
1. Company presentation
2.How we started
3. Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4. What have we learned so far?
5. Challenges ahead
6. Contact information
7
8. Change starts at the top of the organization
• Eldar Mathisen was hired as new
CEO starting June 2007
• He was acquainted with many of
the Beyond Budgeting principles
from his experience at Sandsvær
Sparebank
• Group economy invited external
speakers to top management
meetings; including Lennart
Francke, Jan Bergstrand and
Bjarte Bogsnes
• Top management developed
interest in the Beyond Budgeting
principles
8
9. Analyzing the current situation
- Project launched by top management
• The trend had already been
discovered – the budget was
outdated by February
1200
1000
• The project’s main purpose was to
800
investigate a more dynamic model
MNOK
600
for corporate governance
400
• It was important to see how
200
decisions could be made closer to
0
the customers
05
07
5
5
7
7
6
05
07
05
06
06
07
6
05
6
07
r. 0
r. 0
.0
.0
l.0
.0
.0
g.
v.
g.
n.
n.
c.
p.
c.
b.
b.
ct
ct
ay
ar
Ju
Ap
Ap
Au
No
Au
Ju
Ju
De
Se
De
Fe
Fe
O
O
M
M
Budget Pre-tax profit
• How could we as an organization
be more ambitious?
9
10. Main conclusion
FORECAST
• Universal tools, like the
(unbiased)
GOAL budget, will never quite
(desired
cover the intended
future)
purposes satisfactory
BONUS
(incentive)
RESOURCE
ALLOCATION
(best use of
funds available)
Budget
10
11. Convincing the board of directors
- “By separating processes you’re letting go of illusive control and
gain actual control and flexibility”
”Traditional” Step 1 - Separate Step 2 - Improve
budget/plan
• Front-loaded
• Ambitious
Goal
• Relative if possible
•Goal
• Action-based
•Forecast
• Expected outcome – early warning
Forecast
•Resource • Both financial & non-financial
allocation • Limited detail
• No pre-allocation
Resource
• Projects - decision gates & criteria
allocation
• Operations - relative KPIs etc.
• Monitoring - intervention if needed only
”Same number –
”Different numbers”
conflicting purposes”
11
12. Informing the organization
Implementing Dynamic Management is a big step and it will take time
• Video presentation to be
able to reach all employees
• Use of social media to
allow feedback from the
organization
• The most important
message we have
communicated is:
“Continue to do what you’ve always done
until you’re being told otherwise”
12
13. Agenda
1. Company presentation
2. How we started
3.Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4. What have we learned so far?
5. Challenges ahead
6. Contact information
13
14. Rolling
forecasts
Culture and
organization
Rolling forecasts
Dynamic
Tekst
Brutally honest Management
Bonus and Benchmarking
incentives and scorecards
15. The budget column has not been replaced by
rolling forecasts
Change Year To Change Change
February from last Date from YTD Rolling from last
Figures in MNOK 2009 month 2009 2008 12 months 12 months
SpareBank 1 Livsforsikring
Additional provisions recognised as
income in consolidated accounts
ODIN Forvaltning
SpareBank 1 Skadeforsikring
Bank 1 Oslo
EiendomsMegler 1
SpareBank 1 Medlemskort
Argo Securities
SpareBank 1 Gruppen Finans Holding
Correction subsidiaries - pro forma IFRS
Net result before tax from subsidiaries
Total operating costs holding
Net investment charges holding
Gains from sale of companies holding
Share of associated company
Amortisation
Pre-tax result
Taxes
Net result for the period
Majority interest
Minority interest
15
16. Rolling forecasts – process
• Rolling 12 months forecast each quarter
• Due to owners that still operate with a budget, the forecast
made in October is 15 months
Jan Apr Jul Oct Jan
16
17. A one way process
3
2
1
• Quick build-up – bottom-up
• No immediate time to change, feedback, revision nor negotiation
• The manager is responsible for the forecast when it is sent up one level
• Forecasts should be built on information already available
17
18. How should we follow up on a forecast?
Q4
Q3
Q2
Q1
∑ 12
2009
2009
2009
2009
Q1 2009
months
Q1
Q4
Q3
Q2
∑ 12
2010
2009
2009
2009
Q2 2009 months
• The forecast created in Q2 2009 should be compared with the
forecast created in Q1 2009
• Why did the forecast change?
– Why is the result different than what we predicted last quarter?
– Have any of the assumptions changed?
– What actions can we take – if any?
18
19. Action plans
1. Does the forecast indicate that we will not reach our long-term goals?
2. Analyze – can or should we take action?
3. If so – what kind of action should we take?
3a. Strategic decisions 3b. Continuous improvement
– Meet new competition – Reducing department costs
– Diversification – Efficiency improvements
– Changes in company portfolio – Innovation
– Organization structure – Etc.
– Etc.
19
20. Rolling
Culture and
Benchmarking forecasts
organization
and scorecards
Dynamic
Tekst
Daring to be ambitious Management
Bonus and
incentives Benchmarking
and scorecards
21. League tables
F A GD Pts
Man Utd 61 - 23 38 77
Liverpool 66 - 26 40 74
• How many football teams have a
Chelsea 56 - 20 36 71
budget for the number of goals
Arsenal 60 - 32 28 65
they will score in a given
Aston Villa 50 - 44 6 55
season?
Everton 48 - 36 12 53
Fulham 34 - 28 6 47
• What action does a team falling
West Ham Utd 38 - 38 0 45
behind take?
Manchester City 53 - 45 8 44
Tottenham 41 - 41 0 44
• How can you advance on the
Wigan Athletic 31 - 38 -7 41
table next year?
Stoke City 33 - 49 -16 39
Bolton 40 - 51 -11 38
• A league table with competitors
Portshouth 35 - 50 -15 37
that are comparable will tell you
Blackburn 37 - 55 -18 37
about your company’s real
Sunderland 31 - 46 -15 35
performance
Hull City 37 - 59 -22 34
Middlesbrough 25 - 49 -24 31
Newcastle 37 - 53 -16 30
WBA 33 - 63 -30 28
21
22. Reaching your long-term goal
TARGET
Q1 • If your long-term
goal is to win your
league, your short-
term target is to
score more goals
than your opponent
• There are a number
of ways to reach
your short-term
target
• It is therefore crucial
to be able to make
new plans when
changes occur
22
23. Reaching your long-term goal
TARGET
Q4 • If your long-term
goal is to win your
league, your short-
term target is to
score more goals
than your opponent
• There are a number
of ways to reach
your short-term
target
• It is therefore crucial
to be able to make
new plans when
changes occur
23
24. From plenty of goals, targets and activities to
few and ambitious goals
Kunden opplever trygghet, nærhet og en enklere hverdag.
3. God
1. Vekst i avkastning på
2. Vekst i andre 4. Redusert
balanse risikojustert
inntekter kostnadsprosent
kapital (RORAC)
11. Engasjert og
interessert i kundens
behov
12. Profesjonell 10. Vi snakker 7. Til å stole på
13. Tar
rådgivning samme språk relevante 8.
9. Lokal
initiativ Tilgjengelighet i
engasjert
alle kanaler
“You can't see the
quot;Vi ser ikke skogen for
støttespiller
6. Selge mer til
5. Flere kunder
hver kunde
(nye + beholde)
forest for trærquot;
bare the trees”
18. God samhandling 14. Økt
15. Flere
mellom enhetene kundeaktivitet
medarbeidere i
salgsrettet
17. Vi har beste 16. Bedre innsikt i
arbeid
prosesser kundelønnsomhet
20. Tydelige
19. Frigjort tid til
krav til
kundearbeid
rådgivere og
ledere
Nær og dyktig
21. Yter det ”lille 23. Økt
25. Lederne er
ekstra” kundeorientering 22. Tar ansvar
gode forbilder
i støtte og linje for helheten
26. Engasjerte
√
24. Mer
og læringsvillige OK
kremmerånd/salgs
medarbeidere
kultur
Må følges opp
Må handles/besluttes
24
25. Breaking down a long-term goal
The most
GOAL
successful bank
Greatest
TARGET
Return on equity Largest growth in
improvement in
close to average loans and deposits
cost/income ratio
League table
League table
League table CHECK
2004 2005 2006 2007 Snitt
2004 2005 2006 2007 Snitt 2004 2005 2006 2007 Snitt
Bank 1 Oslo 0 14,4 13,6 18 11,5
Bank 1 Oslo 68,9 74,5 59,9 73,4 69,2 Bank 1 Oslo 7,7 15,3 16,8 8,0 11,9
Hedmark 10,1 14,1 13,9 7,9 11,5
9,5
Hedmark 52,2 49 54,3 56 52,9 Hedmark 9,6 10,3 8,9 9,3
Møre 5,4 10,5 14,8 13,9 11,2
Møre 11,8 13,8 13,5 15,3 13,6
Møre 47 50,4 51,3 48,3 49,3
Sør 10,1 12,4 16,8 17 14,1
Sør 12,2 12,2 10,8 11,0 11,6
Sør 53,3 53,2 54,7 51,6 53,2
Øst 4,7 8,9 16,3 10,9 10,2
15,5
Øst 17,2 24,7 7,0 13,2
55,6
Øst 46,6 57,1 67,8 50,8
Pluss 16,7 17,4 17,6 16,7 17,1
11,7
Pluss 10,5 11,4 13,1 12,0
42,1
Pluss 46 43,3 39,3 39,7
Sogn & Fj. 9,4 11,7 15,1 25,8 15,5
Sogn & Fj. 11,5 11,3 11,2 12,8 11,7
53,9
Sogn & Fj. 52,9 56,1 56,5 50,1
Vestfold 17,7 13,9 11,4 11,3 13,6
Vestfold 12,1 14,2 12,6 11,1 12,5
54,7
Vestfold 54,1 53,5 55,8 55,2
Sandsvær 7,2 28,2 16,7 1,7 13,5
12,6
Sandsvær 13,6 15,8 10,5 10,4
53,8
Sandsvær 55,2 54,7 52,2 53,2
Snitt 9,0 14,6 15,1 13,7
Snitt 12,3 14,2 10,9 11,9
Snitt 52,9 54,6 54,6 53,1
SR-bank 11,8 13,7 25,4 13,4 16,1
SR-bank 19,5 25,5 22,6 16,1 20,9
SR-bank 47,8 45,7 49,9 53 49,1
Midt-Norge 5,3 33,4 16,8 11,4 16,7
Midt-Norge 18,8 22,9 23,6 15,8 20,3
Midt-Norge 48,5 50,1 49,7 52,2 50,1
Nord-Norge 14,8 20,2 22,8 14,6 18,1 Nord-Norge 3,3 9,9 11 8 8,1
Nord-Norge 52,9 51,6 49,2 55,2 52,2
25
26. Rolling
Culture and
forecasts
organization
Bonus and incentives
Dynamic
Tekst
Linked to ambitious goals Management
and league tables
Benchmarking
Bonus and
and scorecards
incentives
27. New bonus and incentive program
- Fixed maximum amount to all employees
Group level: Maximum
• Profit sharing
• Based on a certain return on equity NOK 16,000
Company level:
• Relative performance
• Position in league of ambitious goals NOK 34,000
Maximum amount NOK 50,000
27
28. Relative performance:
Avoiding negotiation of short-term fixed targets and
dysfunctional behavior to meet the numbers
• Bonus is dependent on
Example:
relative performance in
league tables
The most
GOAL
successful bank
• The league tables are
Greatest
TARGET
Return on equity Largest growth in
improvement in
close to average loans and deposits
cost/income ratio
connected to the long-
term goals to avoid
League table
League table
League table CHECK
2004 2005 2006 2007 Snitt
2004 2005 2006 2007 Snitt 2004 2005 2006 2007 Snitt
11,5
Bank 1 Oslo 0 14,4 13,6 18
69,2 11,9
Bank 1 Oslo 68,9 74,5 59,9 73,4 Bank 1 Oslo 7,7 15,3 16,8 8,0
11,5
Hedmark 10,1 14,1 13,9 7,9
52,9 9,5
Hedmark 52,2 49 54,3 56 Hedmark 9,6 10,3 8,9 9,3
short-term focus
11,2
Møre 5,4 10,5 14,8 13,9
13,6
49,3 Møre 11,8 13,8 13,5 15,3
Møre 47 50,4 51,3 48,3
14,1
11,6 Sør 10,1 12,4 16,8 17
53,2 Sør 12,2 12,2 10,8 11,0
Sør 53,3 53,2 54,7 51,6
Øst 4,7 8,9 16,3 10,9 10,2
15,5
55,6 Øst 17,2 24,7 7,0 13,2
Øst 46,6 57,1 67,8 50,8
17,1
11,7 Pluss 16,7 17,4 17,6 16,7
42,1 Pluss 10,5 11,4 13,1 12,0
Pluss 46 43,3 39,3 39,7
Sogn & Fj. 9,4 11,7 15,1 25,8 15,5
11,7
53,9 Sogn & Fj. 11,5 11,3 11,2 12,8
Sogn & Fj. 52,9 56,1 56,5 50,1
13,6
12,5 Vestfold 17,7 13,9 11,4 11,3
Vestfold 12,1 14,2 12,6 11,1
54,7
Vestfold 54,1 53,5 55,8 55,2
12,6 13,5
Sandsvær 13,6 15,8 10,5 10,4 Sandsvær 7,2 28,2 16,7 1,7
53,8
Sandsvær 55,2 54,7 52,2 53,2
Snitt 9,0 14,6 15,1 13,7
Snitt 12,3 14,2 10,9 11,9
Snitt 52,9 54,6 54,6 53,1
SR-bank 19,5 25,5 22,6 16,1 20,9 SR-bank 11,8 13,7 25,4 13,4 16,1
SR-bank 47,8 45,7 49,9 53 49,1
• The target connected to
Midt-Norge 18,8 22,9 23,6 15,8 20,3 Midt-Norge 5,3 33,4 16,8 11,4 16,7
Midt-Norge 48,5 50,1 49,7 52,2 50,1
Nord-Norge 14,8 20,2 22,8 14,6 18,1 Nord-Norge 3,3 9,9 11 8 8,1
Nord-Norge 52,9 51,6 49,2 55,2 52,2
AVERAGE
the ambitious goal may
change if necessary in
60 % 77 %
95 %
75 %
order to be the most
successful bank
Bonus: 34,000 * 77 % = 26,000
28
29. Culture and
Rolling
organization
Culture and forecasts
organization
Dynamic
Tekst
The only implementation Management
project still active
Benchmarking
Bonus and
and scorecards
incentives
30. The devolved leadership principles of Beyond
Budgeting as a starting point
1. Customers Focus everyone on their customers, not on hierarchical
relationships
2. Organization Organize as a lean network of accounting teams, not as
centralized functions
3. Autonomy Give teams the freedom and capability to act; don’t micro-
manage them
4. Responsibility Create a high responsibility culture at every level, not just at the
top
5. Transparency Promote open information for self management; don’t restrict it
hierarchically
6. Governance Adopt a few clear values, goals and boundaries, not detailed
regulations
30
32. Business insight
• Strategic information should be transparent
• Emphasis on developing skills
• Stimulate knowledge and understanding of
business models, competitive conditions,
value drivers, etc.
• Discussion of strategic questions on lower
Responsibility management levels
Involvement
Business insight
32
33. Involvement
• Involve middle management and other
employees in decision-making processes
• Employees should be involved on higher
levels in the organization
Responsibility
Involvement
Business insight
33
34. Responsibility
• Delegate responsibility to employees
• Processes for authorization and freedom of
action must be developed as a foundation
• When you have the business insight,
involvement and responsibility should come
naturally
Responsibility
Involvement
Business insight
34
35. Agenda
1. Company presentation
2. How we started
3. Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4.What have we learned so far?
5. Challenges ahead
6. Contact information
35
36. Some lessons we have learned
1. Top management involvement is crucial
2. External speakers are great motivators
3. Look for best practice companies in all business sectors, not just
your own
4. You don’t need to buy a new business intelligence system before you
start
5. Communication: “Continue to do what you’ve always done until
you’re being told otherwise”
6. Implementation projects have final dates
36
37. Agenda
1. Company presentation
2. How we started
3. Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4. What have we learned so far?
5.Challenges ahead
6. Contact information
37
38. How can we create a uniform corporate
governance?
Action plans
How should we follow up on a forecast?
1. Does the forecast indicate that we will not reach our long-term goals?
Q4
Q3
Q2
Q1
∑ 12
2009 2009
2009
2009
Q1 2009
months
2. Analyze – can or should we take action?
Q4 Q1
Q3
Q2 3. If so – what kind of action should we take?
∑ 12
2010
2009
2009
2009
Q2 2009 months
3a. Strategic decisions 3b. Continuous improvement
• The forecast created in Q2 2009 should be compared with the
forecast created in Q1 2009
– Meet new competition – Reducing department costs
– Diversification – Efficiency improvements
• Why did the forecast change? – Changes in company portfolio – Innovation
– Why is the result different than what we predicted last quarter? – Organization structure – Etc.
– Have any of the assumptions changed? – Etc.
– What actions can we take – if none?
New management policy = three words
The most
GOAL
successful bank
Greatest
TARGET
Return on equity Largest growth in
improvement in
close to average loans and deposits
cost/income ratio
Responsibility
League table
League table
League table CHECK
Involvement
2004 2005 2006 2007 Snitt
2004 2005 2006 2007 Snitt 2004 2005 2006 2007 Snitt
11,5
69,2 11,9
Bank 1 Oslo 7,7 15,3 16,8 8,0 Bank 1 Oslo 0 14,4 13,6 18
Bank 1 Oslo 68,9 74,5 59,9 73,4
11,5
52,9 9,5 Hedmark 10,1 14,1 13,9 7,9
Hedmark 52,2 49 54,3 56 Hedmark 9,6 10,3 8,9 9,3
13,6 11,2
49,3 Møre 5,4 10,5 14,8 13,9
Møre 47 50,4 51,3 48,3 Møre 11,8 13,8 13,5 15,3
14,1
11,6
53,2 Sør 12,2 12,2 10,8 11,0 Sør 10,1 12,4 16,8 17
Sør 53,3 53,2 54,7 51,6
10,2
55,6 15,5 Øst 4,7 8,9 16,3 10,9
Øst 17,2 24,7 7,0 13,2
Øst 46,6 57,1 67,8 50,8
11,7 17,1
42,1 Pluss 16,7 17,4 17,6 16,7
Pluss 46 43,3 39,3 39,7 Pluss 10,5 11,4 13,1 12,0
11,7 15,5
53,9 Sogn & Fj. 11,5 11,3 11,2 12,8 Sogn & Fj. 9,4 11,7 15,1 25,8
Sogn & Fj. 52,9 56,1 56,5 50,1
Business insight
13,6
12,5 Vestfold 17,7 13,9 11,4 11,3
54,7 Vestfold 12,1 14,2 12,6 11,1
Vestfold 54,1 53,5 55,8 55,2
12,6 13,5
Sandsvær 7,2 28,2 16,7 1,7
53,8 Sandsvær 13,6 15,8 10,5 10,4
Sandsvær 55,2 54,7 52,2 53,2
Snitt 12,3 14,2 10,9 11,9 Snitt 9,0 14,6 15,1 13,7
Snitt 52,9 54,6 54,6 53,1
SR-bank 11,8 13,7 25,4 13,4 16,1
SR-bank 19,5 25,5 22,6 16,1 20,9
SR-bank 47,8 45,7 49,9 53 49,1
Midt-Norge 18,8 22,9 23,6 15,8 20,3 Midt-Norge 5,3 33,4 16,8 11,4 16,7
Midt-Norge 48,5 50,1 49,7 52,2 50,1
Nord-Norge 14,8 20,2 22,8 14,6 18,1 Nord-Norge 3,3 9,9 11 8 8,1
Nord-Norge 52,9 51,6 49,2 55,2 52,2
38
39. The Balanced Scorecard
- Do we need it?
• Does it add value?
• If so, which parameters
should we focus on?
– Only value drivers?
– Critical result indicators?
• What should replace the old
budget and fixed targets?
• Should we combine it with
league tables?
• What about staff functions?
39
40. The financial crisis
Index showing the value of subprime mortgages
• A cost reduction program has
been initiated by our owners
• How can such a central initiative
Index
be combined with delegation of
responsibility?
• Will it undermine our new
corporate governance?
Delinquency rates, all banks, real estate loans, residential World, Standard & Poors 1200, Index, Market Cap, USD
USD (thousand billions)
thousand billions
Percent
40
41. Our ownership structure, the SpareBank 1
Alliance, presents an extra challenge
• Some owners budget while
SpareBank 1 Gruppen AS – the structure
others operate with rolling
SpareBank 1
SpareBank 1 SpareBank 1 Sparebanken Samarbeidende
LO
Nord-Norge (19,89 %)
SR-Bank SMN Hedmark Sparebanker (19,89 %) (9,29%)
(19,89 %) (19,89 %) (11,14%)
forecasts
SpareBank 1 Gruppen AS
• They are used to the illusive
SpareBank 1 SpareBank 1 ODIN
Oslo Skadeforsikring Forvaltning
Alliance Co-operation Programme
(100%) (100%) (100%)
control that the budget has
SpareBank 1 SpareBank 1 SpareBank 1
represented, when following
Boligkreditt Medlemskort Livsforsikring Focus areas
(100%) (100%)
– Brand
EiendomsMegler 1
– Technology
BNbank
– Competence
up on SpareBank 1 Gruppen’s
Argo First
– Common processes and use of best practices
Securities Securities
(Bank owned
(75%) – Purchasing
(24,5%)
activities)
Regional competence centers
results
– Payment services: Trondheim
SpareBank 1
– Credit: Stavanger
Gruppen Finans
Holding AS – Training: Tromsø
(100%)
SpareBank 1 Actor Fordrings- SpareBank 1
• For the several product
Factoring forvaltning LTO
(100%) (100%) (100%)
companies, it is difficult to find
Verdigjenvinning
(100%)
relative targets and league
tables
41
43. Agenda
1. Company presentation
2. How we started
3. Four implementation projects
1. Rolling forecasts
2. Benchmarking and scorecards
3. Bonus and incentives
4. Culture and organization
4. What have we learned so far?
5. Challenges ahead
6.Contact information
43
44. Embed or share this presentation
Contact information:
Dynamisk.Styring@SpareBank1.no
Visit us at:
www.sparebank1gruppen.no
www.slideshare.net/SpareBank1
www.flickr.com/photos/sparebank1
www.youtube.com/user/Sparebank1Norge
http://pengeroglivet.blogs.com
44