juli 17, 2019
Control is often confused with micro-management, or a loss of empowerment for teams. Often, we hear, “We’re agile, therefore we don’t need to have the same level of control.” On the contrary. Control is about having oversight; being aware of the scope of change that is required by new regulations and having a clear understanding of the roadmap ahead.
The road to change starts by asking At ACE we have found that key questions help obtain control:
Answering the above questions provide the key bookends for any change initiative. Not only do they provide important waypoints for the delivery teams, but they enable clear communication to the wider organization. Created collaboratively with the delivery teams, a wide span of time is able to be summarized and monitored. Importantly, these questions should not just be answered at the outset but should be reviewed on a regular basis.
Having created a feasible roadmap, control then becomes about maintenance and predictability:
While the above questions appear straight-forward, we will see wildly varying answers depending on the audience, the language used, and the way the message is brought. To obtain the right information, at the right level of detail, and at the right time, requires skill, knowledge, and (often overlooked) empathy. That is, control is about people.
It is so important to pay special attention to the informal mechanisms, and to have regular, authentic conversations with department members. Listening to the client and “reading between the lines” highlights important layered information, vital for true understanding.
Too often we see change management teams focused more on “doing things right (by the book)” than “doing the right thing.” The art is knowing what level of maturity to apply and when. Selecting a team or partner who understands the importance of a clear, predictable programme, as well as being able to work with the underlying delivery organization in an empathetic, creative, and pragmatic way, is a key step to achieving the right level of control.
Want to know more? Contact ACE at firstname.lastname@example.org
juli 4, 2019
“Connecting professionals in Operations, IT, Risk, Finance and Compliance to successfully orchestrate and implement regulatory changes drives me, says Arthur Willigenburg, founding partner of ACE Company. “I love working with professionals, establishing connections where there are lacking, inserting the right expertise at the right time and seeing the positive results at the end of our engagements.”
juni 17, 2019
Risk management might well be one of the most important and most challenging aspects for any financial organization. It is not just about identifying and mitigating risks for the benefit of your own company; regulatory- and oversight bodies expect you to have certain mechanisms in place in order to comply with regulations. Sometimes these regulations feel like a burden, but we believe they can actually be of help to form a good strategy.
Throughout the different implementations of the Basel Accords, or Solvency II in Insurance, risk management has always been a primary goal. The focus of the regulations lies heavily on the financial risks that institutions might face, although non-financial risks are also being addressed. These types of risks can have an enormous impact on an organization and can even become financial risks. Having a clear insight of the types of risks you can run into, is not only a necessity to comply with Basel or Solvency II. It is also the basis of a strong strategy, should your company have to act on them.
juni 3, 2019
Complying with regulatory change is not a linear, one-off process. It’s a continuous flow of laws and rules and regulations being introduced, assessed, implemented and monitored. Being in control of this cycle will allow for smoother compliance both now and in the future. At ACE, we are aware that this cycle of change also brings multiple challenges with it as opposed to one-off problems that need solving. Because of this, we apply (in the right way) a framework that can cover any of the 7 distinct phases of regulatory change.
So, what are these 7 steps that make up this framework? And what is the best way to tackle them? Let’s take a look.
mei 13, 2019
One of the most exciting times a business can go through is during a merger or while acquisition – but this can also be a time of great stress. Trying to ensure all the moving pieces not only fit together but can come together smoothly and timely to create a new entity can be a complex process. Although each of these movements is unique, there is one prerequisite they have in common: before they can happen, they need that all-important Declaration of No Objection from the powers that be.
april 24, 2019
Ensuring your business will be ready to meet regulatory changes can be overwhelming – we know – but it doesn’t have to be.
At ACE we use our wealth of experience and know-how to help companies like yours meet the challenges of changing landscapes and we’ve developed a personable approach that optimises these transitions.
april 11, 2019
Every day at ACE we help businesses navigate, orchestrate, and implement new strategies to keep them up-to-date and ahead-of-the-curve of regulatory change with our expertise. Staying informed on the latest rules and regulations and the impact on IT, data, architectural solutions and regulatory strategies is a big job. We would like to share our knowledge and best practices with all of our clients by keeping up a periodic blog.