monique beedles - teak yew - aligning business frameworks with industry standards
DESCRIPTION
Dr Monique Beedles PhD, Principal Strategy Advisor, Teak Yew delivered this presentation at the Asset Management and Maintenance Conference. This conference addressed the effective maintenance strategies for a variety of private and public assets. Find out more at http://www. Informa.com.au/assetmgmt2013TRANSCRIPT
ASSET MANAGEMENT
1
Aligning Business Frameworks with
Industry Standards
Dr Monique Beedles Principal Strategy Advisor
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
TEAKYEW
ALIGNING BUSINESS FRAMEWORKS
with INDUSTRY STANDARDS
2
Dr Monique Beedles
•Managing Director of Teak Yew, advising on
business growth, since 2004.
•PhD in Corporate Strategy
•Extensive experience in asset intensive
industries including mining, manufacturing,
healthcare systems and port operations.
•Winner of the St George Bank FEW Harvard
International Scholarship and attended Harvard
Business School in 2012.
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
ALIGNING BUSINESS FRAMEWORKS
with INDUSTRY STANDARDS
3
Overview
1. Why should you align with industry standards?
2. Which standards are relevant for you?
3. What are your business frameworks?
4. How can you undertake an alignment process?
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
© 2012 Dr Monique Beedles. Presentation Title Xxxxx, presented to Xxxx, DD Month YYYY.
4
Why should you align with industry standards?
ALIGNING BUSINESS FRAMEWORKS
with INDUSTRY STANDARDS?
5
Risk Strategy
Compliance Policy
INTERNAL
EXTERNAL
PA
ST
& P
RE
SE
NT
FU
TU
RE
Adapted from: Tricker, R. I. 1994. International Corporate Governance:
Text, Readings & Cases. Prentice Hall. Sydney.
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
Tricker’s model for
Corporate Governance
WHY SHOULD YOU ALIGN
with INDUSTRY STANDARDS?
6
Reduce insurance premiums.
Improve investor
confidence.
Differentiate from competitors.
Meet client requirements
Comply with legal or regulatory requirements.
Benchmark performance
and plan for improvement.
INTERNAL
EXTERNAL
PA
ST
& P
RE
SE
NT
FU
TU
RE
Risk
Compliance
Strategy
Policy
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
© 2012 Dr Monique Beedles. Presentation Title Xxxxx, presented to Xxxx, DD Month YYYY.
7
Which standards are relevant for you?
WHICH STANDARDS are
RELEVANT FOR YOU?
8
Relevant Standards
•Particular to your industry and may be set
by professional bodies
•Embedded in legislation or regulation
•Australian standards for your product or
service type
•International standards for products,
services or systems
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
WHICH STANDARDS are
RELEVANT FOR YOU?
9
ISO 31000 Risk Management
?
Australian Auditing Standards
ISO 55000: Asset
Management
INTERNAL
EXTERNAL
PA
ST
& P
RE
SE
NT
FU
TU
RE
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
© 2012 Dr Monique Beedles. Presentation Title Xxxxx, presented to Xxxx, DD Month YYYY.
10
What are your business frameworks?
WHAT are YOUR
BUSINESS FRAMEWORKS?
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Typical Business Frameworks
•Organisational /Management Structure
•Business Plans (Strategic, Corporate,
Operational)
•Corporate Policies
•Management Systems
•Professional development frameworks
•Reporting protocols
•Communication/ Document management
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
WHAT are YOUR
BUSINESS FRAMEWORKS?
12
Annual Report
Sharemarket
Updates
Stakeholder Map
Strategic Plan
Policies & Procedures
Compliance Reports
Asset Management Plans
Performance reports
INTERNAL
EXTERNAL
PA
ST
& P
RE
SE
NT
FU
TU
RE
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
Example artefacts
© 2012 Dr Monique Beedles. Presentation Title Xxxxx, presented to Xxxx, DD Month YYYY.
13
How can you undertake an alignment process?
HOW CAN YOU UNDERTAKE an
ALIGNMENT PROCESS?
14
Establish external requirements
Consult Stakeholders
Define Strategic
Objectives
Resolve conflicts between external & internal requirements
Determine internal requirements
Align internal frameworks
INTERNAL
EXTERNAL
PA
ST
& P
RE
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NT
FU
TU
RE
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
Examples
Proposed Process
• Define Strategic Objectives
• Establish external requirements
• Programmed rollout of aligned Business Frameworks
• Communicate proposed changes to stakeholders
• Receive feedback & refine
• Review current Business Frameworks
• Design proposed solution
• Stakeholder map • Stakeholder
engagement plan • Stakeholder
engagement activities
SCOPE
ENGAGE
DESIGN
COMMUNICATE
IMPLEMENT
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
Example Process
16
Corporate Objectives
Vision & Values
Business Plans
Strategic Asset
Management Plan
Asset Management
Policy
Asset Management
Principles
Asset Lifecycle
Management
Asset Management
Systems
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
Example overview of
Business Frameworks
17
Corporate Objectives
Vision & Values
Business Plans
Strategic Asset
Management Plan
Asset Management
Policy
Asset Management
Principles
Asset Lifecycle
Management
Asset Management
Systems
Set by the board
in consultation
with CEO &
Executive Developed by
Executive with
reporting back to
board
As per
industry
standards
Developed & implemented by Asset
Management Professionals
ALIGNING BUSINESS FRAMEWORKS
with INDUSTRY STANDARDS
18
Pitfalls to avoid
•Understand that not everything can align.
Build in flexibility.
•Do not leave change management as an after- thought.
Embed this into the process from day one.
• Do not introduce too much complexity.
Your alignment should be based around a simple framework that everyone can internalise.
•. You cannot have alignment if you work in isolation. Communication with key stakeholders is essential.
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
ALIGNING BUSINESS FRAMEWORKS
with INDUSTRY STANDARDS
19
Risk Strategy
Compliance Policy
INTERNAL
EXTERNAL
PA
ST
& P
RE
SE
NT
FU
TU
RE
Adapted from: Tricker, R. I. 1994. International Corporate Governance:
Text, Readings & Cases. Prentice Hall. Sydney.
© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.
THANKYOU
Teak Yew Pty Ltd ABN 42 115 487 388
GPO Box 414 Brisbane Queensland 4001 Australia
Telephone +61 7 3041 1334 Email [email protected]
Twitter @mbeedles teakyew.com
20 © 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.