Financial services

Why Do You Need to Improve Your Enterprise Change Management?

2 minute read
HubSpot Video


Video Transcript


What are the biggest enterprise change management challenges organizations face today? 

Richard: What is enterprise change management? It’s a term that we use a lot - enterprise change management is getting change provenance from the point where the investment in change comes right from the top of the organization, transformation is then broken down against the strategy of the organization, and project portfolio management teams, divided up into a series of deliverable activities, which might be projects and programs, are broken down even further into Agile-driven development threads. And largely that process ends today with multiple code releases and human-led activity. The visualization and governance of the status of that stuff moving through there largely come down to PMO functions using spreadsheets and RAG statuses. So being able to visualize change as it’s broken down into its lowest level of deliverable components and then bringing it back together and re-aggregating it and tying it back to a point of enablement that associates to a point of need in the first place will bring visibility to something that really has largely been lost in dark matter.

We live in a world where we’re expecting high-pace delivery but also in a world where we expect to have low risk. The reality is that 80% of all major incidents in banking technology have their root cause in change and that being a planned change, so it’s something we knew was going to happen, but it had an unexpected outcome either during its execution or post its execution. And therefore, I think that really shines a light into “how do we do change?” rather than simply forming an organization that says “how do we respond more effectively to a resilience issue?”

Well, on that, if I think about the organizations that I’ve worked for I think there’s always been a big disconnect between the things that people say are really important and that they worry about, and the actual statistics that you just brought up. So if I picked any major banking organization in the world today and said: “what are your top three worries?” I’m guessing that in that list would be things like cyber resilience or even third parties, and possibly a third one might be the cyber resilience of my third parties. But that 80% statistic is quite telling, isn’t it? Because firms will tell you that they’re really good at preparing for and orchestrating change. The reality is that they’re not and I’ve always thought that firms have no need for cyber resilience or terrorism or natural disasters to have a problem. Yes, those things are important and yes, the regulator is right to focus on them, but the biggest single contribution to making your organization more resilient, in my view, has always been manage change in a better way because if you stop touching it without preparing for what could go wrong, it’s going to break less often. And I would like to see firms embrace that a little bit more. Preparing for and successfully executing change will fundamentally make your organization more resilient overnight.


If you enjoyed this video and want to know more about the link between resilience and enterprise change, watch Why You Need to Rethink the Way You View Resilience.