Financial Services Program Assessment
Background – Transformation Project
ITDirections was engaged by a large Financial Services organization to complete a quarterly assessment of a large transformation program, with summary results reported to the Board of Directors. Over 150 individuals and several outsourcing firms were involved in a mission-critical multi-year program that would cost the organization millions of dollars. Success in this effort was not optional. The Board of Directors requested impartial oversight and recommendations on a quarterly basis.
The Challenge – Mission Critical
The program was a major transformation, including people, process, and technology changes, and was paramount for their overall strategic direction as a company. The program used new technologies, methodologies, and sourcing methods not used at the company in the past. A transformation of this magnitude has inherent risks as it will impact the client experience and the quality of the solution must work right the first time.
The Solution – Full Program Assessment
The purpose of the assessment was to assist in the overall success of the program, highlighting areas to focus on as quickly as possible before they impact the overall program success. The program assessment reviewed all components, including the purpose, process, solution, communication, resources, and teamwork. Information was obtained through discussions with team members, surveys of program participants, and observing meetings and interactions. The assessment improved transparency at three levels; the Board of Directors, Executive Sponsors, and the Leadership Team.
The Results – Improved Success of Program
Quarterly assessment results were documented in a detailed assessment document, as well as a executive summary presentation. Many recommendations were provided (over 100 recommendations in 14 focus areas in each quarterly report). Specific and objective recommendations were prioritized for an actionable roadmap to success. Program management assigned accountability, and remediated issues that were identified. Program issues were resolved each quarter before becoming a major issue for the program.