The creation of a successful program management process that effectively provides control of program delivery to all stakeholders.
CLS is a new foreign exchange settlement bank, initiated and owned by 57 of the world's largest banking organizations. The business aims to provide a number of financial services and products but it is being launched with its key offering of providing a real-time, low-risk foreign exchange settlement platform, for which there is a massive global demand.
CLS had discovered that its key out-sourced supplier of systems and services was running several months behind schedule. As a result, the business was facing a major challenge in re-planning the whole program to assess when it would be possible to implement the new service. If continued, this interruption could have severe consequences to the bank's market share in a highly competitive financial environment.
Other key challenges included:
- Concern that the expectations and confidence of the stakeholders in 57 banks might be compromised at the same time as the delivery of external partners such as IBM needed controlling
The Pcubed Solution
Pcubed, together with the COO of CLS, organized and facilitated seven one-day workshops, attended by 80 executives from 20 stakeholder banks. The aim was to agree and document a number of strategies for the seamless implementation of the CLS service from a business and technical perspective. Pcubed established a Business Management Office (BMO) with processes and controls to ensure that the program was successful and that it did not suffer further slippage as a result of internal problems. Specifically, components included:
- The creation of an overall program plan for launching the bank and its systems as well as a subsequent plan for reporting on progress to the Board and stakeholders
- The management of the critical technology partnership providers to the program
- The development of a successful scorecard system
- Significant improvement in the delivery scheduling of key out-sourced suppliers of systems and services
- Improved confidence and expectation management of stakeholders in 57 banks
Key elements of the solution included:
- A consensus of opinion from 80 bankers representing 20 CLS shareholders, each with different objectives, perspectives and agendas
- An agreed action plan that was embraced and implemented by the wider CLS shareholders and other stakeholders
- A successful program management process and scorecard that effectively gives control of program delivery to all stakeholders