The Financial Conduct Authority (FCA) reported in 2019 that approximately 17% of business incidents are associated with poorly executed technology change.
Many firms lack complete visibility of third-party changes, heavily rely on manual review and actions in their change management processes, and have legacy technology that impacts the implementation of new technologies and innovative approaches.
Change is also inherently about people and their culture within the firm. It is necessary to overlay very clear structure and objectives to a firm portfolio of change, with a clear strategy to align the firm's resources and activities with common goals and vision.
Long-term structural transformation is a process designed to create significant change in culture and work processes to improve performance, but change must occur at the level of the individual employee.
The article mentions several types of change, including growth, scalability and simplification, regulatory adherence, and technology change. Effective risk management is also essential to effective change.
Here are 5 key tips for effective change risk management:
Develop a clear and comprehensive change risk management strategy
Ensure strong governance arrangements are in place
Allocate sufficient resources to change management initiatives
Embrace agile delivery and frequent releases
Build a culture of employee engagement, collaboration, and accountability
Read more - https://www.julienhaye.com/post/delivering-resilient-business-change
I also invite you to consider the possibility of partnering with Aevitium LTD to achieve your strategic objectives and improve your risk and change management. Should you wish to get in touch, please feel free to reach out to me directly.
