For years, banks, insurance companies and other financial institutions have thrived because of their hierarchies and heavy corporate governance structures which operate under a tight regulatory grip. Slow decision-making was a natural consequence of this but created a safe environment. This also led to lower and lower adapting capabilities to make necessary changes in today’s rapid changing environment and in turn impacted overall resilience.
The 2008 financial crisis has shaken the entire financial services industry, eroding consumers’ confidence.
To repair the financial sector reputation, financial regulators have intensified the economic and compliance requirements. Maintaining conformity with these more demanding new policies builds pressure on the competitiveness of the organization if it doesn’t have the capabilities to stay compliant. The situation can become even more problematic in financial conglomerate scenarios, increasing severity and magnitude of paralysis-by-analysis impact on these cross-organizational hierarchical processes and corporate governance ecosystems.
To succeed in such reality, financial services need to become organizations where collaboration, compliance, security and agility are the drivers for enabling a lean organization that thrives on its current ever changing environment.
Moreover, ubiquity and accountability are key to survival, leaving today’s conglomerates resources stretched.
In order to achieve a new level of maturity, while gaining distance from the bottom line, leadership must steer their organizations to lean capacity, an agile-first culture and proper governance.
With SMART GOVERNANCE, the treatment and cure for paralysis-by-analysis, financial conglomerates can effortlessly achieve lean decision-making ecosystems, covering hierarchical structures with power of authority rules, and the corporate governance structures (the several different committees, the leadership team and the board of directors), acting as the central nervous system of every single organization and enabling hierarchical communication between organizations of the group.
Not only that, but the collaborative process to author a proposal that occurs prior to any submission for approval can be executed in SMART GOVERNANCE, enabling co-editing scenarios that spur agility and stimulate heightened culture towards collaboration.
Additionally, by capturing the process, who participated, and what steps were taken, you instill a collective consciousness for responsibility and accountability, complemented by just in time search and access to information.
Last but not least, any corporate governance body, either a committee, the leadership team or the board of directors, can run their meetings digitally, participating in this decision-making ecosystem as part of the process.
Once a decision is achieved, its proposal can then be forwarded for execution, clearly communicating who’s responsible for executing this decision and when. This generates a workflow task that allows the assigned employee to report back when its execution is satisfied.
With this, the decision-making ecosystem maintains a long-term secure and auditable record that empowers your organization to grow beyond the short-term decisions.
With SMART GOVERNANCE, financial services companies are apt to decide faster and to succeed in a rapidly changing marketplace. Organizations are no longer opaque to their Leadership Teams, who become empowered with real time information and agile cross-organization processes.
Using SMART GOVERNANCE, you can leverage on technology to run a conglomerate compliant, auditable, accountable, and that is fast, mobile, lean, nimble, and competitive while seizing a higher efficiency potential.
By deploying SMART GOVERNANCE on MICROSOFT AZURE, financial conglomerates are able to take advantage of cloud capabilities such as rapid infrastructure deployment for faster time-to-production, maximizing availability and geo-redundancy, security, scalability and elasticity while staying compliant with the highest global standards.
Not only for disaster recovery scenarios, it is relevant to emphasize the role MICROSOFT AZURE plays when in geo-redundant deployments, augmenting resiliency and mission criticality readiness.
If you feel your organization is struggling with Paralysis-By-Analysis and would like to do something about it, learn more about SMART GOVERNANCE and how we’ve been helping our financial sector customers (and in other industries) to evolve to their next stage of maturity and competitiveness, just reach out to us at we@smartgovernance.com for a demo or check our website, facebook page, twitter and Instagram.
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