Following a strategy development engagement by Stax for a financial services provider, we set up an project management office (PMO) to execute the strategy with dedicated on-premise senior resources to manage the end-to-end implementation of the newly developed strategy for a period of one year.
The engagement began with Stax performing a high-level audit which resulted in introducing new initiatives to accommodate emerging operational requirements and market conditions to ensure the feasibility and sustainability of the strategy.
A rigorous governance structure was established outlining the steering committee’s structure, the detailed responsibilities of the appointed 'Initiative Champions' and 'Strategy Champions, monitoring frequencies, a feedback escalation processes, execution policies, and execution control structures.
The PMO also included advisory support and training from Stax by working closely with the execution champions to track weekly progress, manage change and resolve inter-departmental conflicts while acting as the single point of contact for Steering Committee.
Stax opted for a dynamic route during execution when struck by the Coronavirus pandemic and helped the champions to reprioritize and redesign initiatives to enable the bank to remain resilient in the wake of an impending global economic recession.
Our collaborative approach ensured bank-wide buy-in and helped all stakeholders develop a sense of ownership and encouraged them to become catalysts of continued strategy execution.
In addition, the senior leadership team was able to improve operations by gaining clarity on feasible outcomes, building alignment with ground-level staff, and enabling resources efficiently & effectively.