strategic planning and change management for central...

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www.centralbanking.com/windsor Since 1999, Central Banking Publications has organised annual residential training courses/seminars which have been attended by more than 5,000 central bankers and supervisors from over 140 countries. Series Advisor Charles Goodhart Professor Emeritus London School of Economics Financial Markets Group 26–29 April 2016, Cumberland Lodge, Windsor UK Strategic Planning and Change Management for Central Banks Course Chair Janet Cosier Former Adviser on Strategic Planning and Risk Management Bank of Canada

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Page 1: Strategic Planning and Change Management for Central …events.centralbanking.com/digital_assets/18882/SP16_Strategic... · Tuesday 26 April Readiness for New Tasks and Risks Strategic

www.centralbanking.com/windsor

Since 1999, Central Banking Publications has organised annual residential training courses/seminars which have been attended by more than 5,000 central bankers and supervisors from over 140 countries.

Series Advisor Charles GoodhartProfessor EmeritusLondon School of EconomicsFinancial Markets Group

26–29 April 2016, Cumberland Lodge, Windsor UK

Strategic Planning and Change Management for Central Banks

Course Chair Janet CosierFormer Adviser on Strategic Planning and Risk ManagementBank of Canada

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Dear Delegate,“There is an extensive and continuing programme of cultural renewal engaging all staff and using many tools (clearer definition of mission; performance management; all-staff meetings; monthly cascade briefings; investment in IT systems; leadership training etc.) in order to ensure a more effective working environment (more conducive to, among other things, constructive challenge).”Patrick Honohan, Governor, Central Bank of Ireland, 15 January 2015

New and/or expanded mandates and tasks make central bankers, and in particular those in charge of strategic planning and management, rethink and streamline the processes of the institution.

To deliver on their new roles and, importantly, on increased stakeholder expectations.

However, implementing the change that is a necessary part of this is not an easy business. It involves multiple tools and players that need to be brought together. It cuts into and across existing departments and ways of working. It demands rigorous analysis and strong interpersonal skills.

This course, “Strategic Planning and Change Management for Central Banks” is designed to equip central bankers with tools to meet these challenges.

The four-day programme of interactive roundtable seminars and workshops offers practical examples of both external and internal communication strategies, as well as questions of organisation and resourcing the function.

The panel of expert speakers combines practical central banking experience and expertise in the technical aspects as well as views from private sector experts.

All discussions are held in roundtable format to encourage participants to share their experiences and debate the pressing issues in their field.

This format, as more than 5,000 central bankers and regulators can attest, encourages delegates to quiz panellists, raise issues and discuss solutions to the specific challenges they face.

We look forward to welcoming you to Windsor on April 26.

Yours sincerely,

Martina Horakova, Head of Seminars Central Banking Publications

Excellent course – well executed. Very professional. Keep it up! Saurav Sinha, Chief General Manager, Reserve Bank of India

Key sessions focus on:• Risk management in strategic

planning• Effective implementation• Strategy communication• Monitoring and measuring

change outcomes• Financial management

Key speakers include:• Donna L. Franco, Senior

Vice President and Chief Financial Officer, Federal Reserve Bank of Philadelphia

• Allan Kearns, Deputy Head Risk Division, Central Bank of Ireland

• A. Kanagalingam, Deputy Director, Strategic Management Department, Bank Negara Malaysia

• François Van Zyl, Former Head, Strategic Management, South African Reserve Bank

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Tuesday 26 April

Readiness for New Tasks and Risks

Strategic Planning and Change Management for Central Banks

New risks and challengesWorkshop led by Janet Cosier, Former Adviser on Strategic Planning and Risk Management, Bank of CanadaToday’s central banks face an increasingly complex and fast-changing set of challenges and risks: in addition to changes in central bank mandates (expanded or narrowed), central banks have become targets for cyber attacks, face staff succession planning driven by demographics and increased budget constraints. In this opening session, the chairperson, who has in-depth knowledge and a wealth of experience in strategic planning, will set the scene for those that follow by outlining the external pressures facing central banks from policy, operational, governance and financial perspectives. The ensuing discussions will consider the internal constraints facing central banks, drawing on the experiences of the chair and participants. The chair will also encourage participants to talk about the steps they have taken to improve institutional management, the obstacles they encountered and the key objectives that they wish to achieve in the future.

Institutional and mandate change: a case studyAndrew Bailey, Deputy Governor, Prudential Regulation and Chief Executive Officer, Prudential Regulation Authority, Bank of England (invited)From an organisational perspective, there can be few more challenging enterprises than taking on a new mandate and taking in an outside organisation. This session will draw on the experience of a central bank that has undergone both, and at a time of unprecedented scrutiny of its actions, policies and performance. The speaker will discuss with the group the challenges of combining structures, operating environments, cultures and expectations to create a common sense of purpose and identity in the challenging new area of macroprudential policy. He will show how the central bank controlled the implementation of this strategy and the pitfall avoided on the way. Group discussion will draw out lessons for central banks on institutional arrangements for macroprudential supervision and institutional change broadly.

The role of risk management in strategic planningAllan Kearns, Deputy Head Risk Division, Central Bank of IrelandStudies have shown that around 50% of the central banks integrate risk management at an early stage of developing the strategic plan and annual plans. Why? The reason is that, for those in charge of strategic planning, developing synergies with those in charge of risk management can be highly – and mutually – beneficial. The risk management function which sits close to the day-to-day business can provide valuable insights for those in charge of the strategic planning process. By the same token, the strategic planning function with its forward looking nature is helpful in sounding out potential future risk areas. In this session, the speaker, who was instrumental in setting up the risk function at his central bank, will look at how to best integrate risk management with strategic planning and performance management in order to better manage a central bank’s business and reputation risks.

Strategic Planning and Change Management for Central Banks

About the course chair:Janet Cosier recently retired from the Bank of Canada in her roles as chief risk officer and adviser on strategic planning. She is continues in her capacity as the chair of the board of directors of the Canadian Payments Association. She has served in a variety of functions including comptroller and chief accountant, as well as chief internal auditor, before being appointed adviser to the governor. She has provided technical assistance to various central banks in the areas of strategic planning, risk management, governance and financial reporting. Before joining the Bank of Canada, she worked with the Office of the Auditor General of Canada and with the Department of Industry, Trade and Commerce. Mrs Cosier holds degrees from York University and the University of Windsor in mathematics, computer science, accounting and financial management.

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Wednesday 27 April

Identifying the Tools for Implementation

Windsor, 2016

Designing a strategic plan: from objective setting to cascading alignmentJanet CosierFor central banks considering operational and institutional change, strategic planning provides a useful framework with which to develop cost-effective strategies to respond to emerging trends, challenges and opportunities. This session will present the key building blocks of strategy design: nature of the organisation and concept of strategy; strategy and corporate governance; the planning cycle. It will then look closely at visioning, environmental analysis, prioritising and decision-making. Time will be devoted to the practicalities of objective setting and ensuring that departmental strategies align with the overall central bank strategy.

Effective implementation across the institutionFrançois Van Zyl, Former Head, Strategic Management, South African Reserve BankWhile a strategic vision of institutional objectives is critical, change occurs in the lasting implementation, rather than the formulation, of strategy. This requires a top-to-bottom realisation that departmental goals must serve strategic objectives. This session will look at how strategy can be best operationalised, and strategy implementation measured and evaluated. Attention will be given to communication, measuring matrixes, organisational culture and values, and team dynamics which are key factors in successful strategy implementation.

HR’s role in strategic changeMugur Tolici, Director, Human Resources Department, National Bank of RomaniaThe human resource function is well positioned to help the planning process by ensuring that the institution has people with the right skills, knowledge and experience available at the right time and in the right place according with its strategic plan. The speaker will demonstrate how those in charge of strategic planning can achieve effective dialogue with human resources specialists to align human resources strategy to the overall corporate strategy of the central bank for effective implementation. He will also address practical aspects of management, such as the set-up and calibration of key performance indicators (KPIs).

Strategy communication: generating buy-inA. Kanagalingam, Deputy Director, Strategic Management Department, Bank Negara Malaysia (invited)For strategic change to be successfully implemented, the whole institution needs to be on board and kept informed. But the message must be crafted, tailored for the audience and, above all, well timed. For strategic planners, therefore, the challenge is not only to manage implementation but also to manage the flow of information about the implementation. The risks are clear. Uncertainty among staff will hinder any change programme, and may lead to resentment or obstruction. In the session, the speaker will share with the group his central bank’s institutionalised strategy communication as part of performance planning and management.

Emotional intelligence: engagement and leadership Speaker to be confirmedStrategic change is not a mechanical, emotionless process. Indeed organisational change can be stressful for the central banking staff, not least if the direction and goals are poorly communicated. This is the remit of the leader, who must not only lead the process but utilise “soft skills” in boosting the morale and enthusiasm of the staff. The speaker will show how his institution communicates its strategic process to all staff. He will talk about how soft skills can make the difference in enabling strategic planners to succeed.

Really enjoyed the seminar. Thank you very much! Carlos E. Cicero, Deputy Manager of Planning and Evaluation, Bank of Mexico

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Thursday 28 April

Monitoring, Improving and Evolving

Strategic Planning and Change Management for Central Banks

Monitoring and measuring change outcomesPether Burvall, Controller and Senior Adviser, Sveriges RiksbankDelivering change involves monitoring and measuring outcomes, with clarity of responsibility and reporting being vital. Yet, in contrast to the commercial sector where goals can be set in terms of profit or market share, metrics for central banking are less clear. How then can central banks show the effectiveness of a change? How can they show they are delivering value for money? In this session, the speaker will share and discuss the Swedish central bank’s strategic journey with a particular reference to the division of labour between the policy-setting board members and the heads of department. Group discussion will draw out how a central bank can target and assess strategic change and business performance.

Project management to value chain analysis – a case studyIgor Mendonca, Advisor at the Planning, Budget, and Management Department, Central Bank of Brazil (invited) This case study session will draw on the Central Bank of Brazil’s project, programme and portfolio management framework. The case study will show how the central bank manages the multiplicity of activities underway to improve processes and performance at the central bank, in particular, details of his department’s conduct of project management, covering the portfolio process and its main actors. The speaker will then explain how value chain work can play a central role in the organisational management by linking risk management, strategic and tactic planning, training and development, costs, communication, documentation and related themes.

Workshop: evolving the strategic functionJanet Cosier and François Van ZylToday most central banks appear comfortable with the position the strategic function sits in within the management structure of the central bank. However, the profile, resourcing, leadership and buy-in the function enjoys will have a significant bearing on the further evolution of the strategic function within the organisation. This session will look to the future for strategic planning to consider questions, including: how can, should and are the responsibilities of a planning function expanding? The aim will be to develop a broader understanding of how the strategic planning function can further enhance its role within central banking and a shared sense of good practices.

Previous attendees include:Bank of Algeria • Reserve Bank of Australia • Austrian National Bank • Central Bank of Bahrain • Central Bank of Barbados • Bermuda Monetary Authority • Central Bank of Bosnia & Herzegovina • Central Bank of Brazil • British Virgin Islands Financial Services Commission • Brunei Currency and Monetary Board • Bank of Canada • Central Bank of Colombia • Czech National Bank • National Bank of Denmark • Central Bank of Ecuador • Banque de France • Central Bank of the Gambia • European Central Bank • Bank of Ghana • Central Bank of Honduras • Hong Kong Monetary Authority • Central Bank of Hungary • Reserve Bank of India • Bank Indonesia • Bank of Italy • Bank of Jamaica • Central Bank of Kenya • Bank of Korea • Bank Negara Malaysia • Maldives Monetary Authority • Reserve Bank of New Zealand • Central Bank of Nigeria • Norges Bank • Central Bank of Oman • State Bank of Pakistan • Bank of Papua New Guinea • Central Bank of Paraguay • Central Bank of the Philippines • Central Bank of Qatar • National Bank of Romania • SAMA • Central Bank of Seychelles • Bank of Sierra Leone • Monetary Authority of Singapore • South African Reserve Bank • Bank of Spain • Central Bank of Sri Lanka • Sveriges Riksbank

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Friday 29 April

Critical Partners for Strategic Change

Windsor, 2016

Financial management and management informationDonna L. Franco, Senior Vice President and Chief Financial Officer, Federal Reserve Bank of PhiladelphiaAs central banks face increased demands for accountability, so too they face greater scrutiny of their budget and overall expenditure. Effective and efficient use of resources, and the ability and willingness to demonstrate that, is vital in preserving credibility and trust. Moreover, optimal resources allocation is closely entwined with successful strategic planning and the operational plan. The overall budget is then the financial summary of the central bank’s operational plan. It follows, then, that a comprehensive management information system needs to include not only financial accounting and reporting but also resource costing and output measurement. The speaker will outline how the key success features of her institution’s approach to these issues can be applied in participants’ own institutions.

IT’s role in strategic changeJohn Trundle, Chief Executive Officer UK and Ireland, Euroclear and former Head of Business Continuity Division, Bank of England (invited)Any change needs the systems to support it. IT is therefore a key partner for those in charge of strategic planning. They are responsible for central banks’ business units to be equipped with the necessary systems to enable their business units to achieve their strategic objectives. But does IT get enough space in policy discussions? Is the seniority of the CIO sufficient? At what point in agreeing IT objectives should IT be consulted? The speaker will discuss how institutions can ensure that their systems and processes are fit for purpose, and, more broadly, maintain a productive dialogue between strategic planning and IT.

Lessons and action pointsLed by the chairpersonIn this session, the chairman will review the key lessons from the presentations and discussions throughout the course. Delegates will be asked to reflect on how the lessons learnt over the four days can be applied at their home institutions, what “roadblocks” they might encounter and how these can be overcome.

CBP’s Spring Series 2016 features the following seminars:

19–22 April

• Central Bank Governance: the Role of the Board

• Central Bank Statistics: From Data Delivery to Analytical Value Add

• Communications and External Relations for Central Banks

• Financial Stability: Designing and Implementing Macroprudential Policy

26–29 April

• AML/CFT: Implementing the Risk-Based Framework

• Effective Internal Audit for Central Banks

• New Developments in Banknote and Currency Management

• Strategic Planning and Change Management for Central Banks

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Booking details

Strategic Planning and Change Management for Central Banks

Course fee: £3,400 4-Day (3 nights) residential courseCourse fee includes: en-suite accommodation, meals, refreshments, course documentation and a complimentary copy of the most recent issue of the Central Banking journal. Substitute delegates can be accepted should the registered delegate be unable to attend; please let us know prior to the event.

How to bookThere is a booking form overleaf. Please use one of the following methods to book your place:

Online: www.centralbanking.com/windsorCall: Steve Hands on +44 (0) 20 7316 9140Email: [email protected]: Attention of Central Banking Events to +44 (0)207 504 3730Post: Central Banking Publications

Incisive Media 28–29 Haymarket London SW1Y 4RX, UK

The Venue

The 2016 Spring Series will return to the Cumberland Lodge, a former royal residence set in the tranquil heart of Windsor Great Park. Only 27 miles from London and a short distance from Heathrow airport, Cumberland Lodge is perfectly placed for local, national and international meetings. Dining and accommodation are top class and the atmosphere is that of a friendly country house.

Cumberland Lodge, The Great Park, Windsor, Berkshire SL4 2HP

About Central Banking Publications

For 25 years Central Banking Publications has been a trusted provider of independent, authoritative and relevant information, commentary and analysis to the central banking community. Central Banking Publications’ events division is the leading independent organiser of public policy seminars/training courses for the official sector. Since 1999, CBP has hosted roundtable seminars and training courses for over 5,000 senior policymakers from central banks, ministries of finance and financial regulatory agencies around the world. Senior officials from more than 140 countries have attended these meetings over the past decade and a half.

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Strategic Planning and Change Management for Central Banks

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Terms & Conditions: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. In addition delegates are wholly responsible for obtaining any necessary entry visas and refunds cannot be given as a result of non-attendance arising from a failure to secure such visa. A substitute delegate is always welcome at no extra charge. The programme may change due to unforeseen circumstances, and Incisive Risk Information Ltd reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data protection: by registering for a Central Banking training course you will receive further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please click the following relevant boxes: mail phone fax email Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail phone . Please tick if you are happy to receive relevant information from carefully selected third parties by email and fax . Registered Office Haymarket House, 28 – 29 Haymarket, London, SW1Y 4RX UK. Registered in England and Wales number 4252091 VAT No. GB 756 9781 65P.

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