Friday Aug 08, 2014
Wednesday Aug 06, 2014
By "Sylvie Mackenzie, Pmp-Oracle" on Aug 06, 2014
Governance: Ensure alignment of strategy, execution and results.
Resource Management: Support top-down and bottom-up resource requests and staffing processes and make it easy for project and resource managers to communicate their requirements and decisions throughout a project’s lifecycle. Provide a graphical analysis of resource and role utilization in order to help project teams manage resources in a dynamic environment and allow managers to see where resources are being used across all programs and projects, as well as their forecasted future use.
Communication and Collaboration: Quickly record, access, and review elements often to determine the successful outcome of a project. Adopting the ‘one single view of the truth' approach enables you to store everything about your project in a single, secure place enabling visibility into any potential issues or delays via workflows and alerts.
Reporting and Analytics: Deliver timely information for accurate decision making.
Cost Management: Roll up all costs to a central cost sheet normalized by a robust cost code structure, where project cost information is available for drill down by work package or for the entire project.
Cash Flow Management: Reliably forecast final costs by taking into account actuals to date, changes, trends, and risks over time.
Funds Management: Leverage a funds management capability that is fully integrated with the cost sheet, ensuring visibility of funding against project budgets, actual spend, and forecasted spend.
Document Management: Ensure that everyone is always working on the most-current versions, for storage of attachments, file control access, e-mail alerts, and version control.
Contract Management: Manage all of your contracts regardless of type, from simple material procurement to complex construction contracts and capture all relevant contract details.
Change Management: Manage all transactions leading up to and resulting in a schedule or cost change using approval workflows
Thursday Mar 13, 2014
By Melissa Centurio Lopes on Mar 13, 2014
As customer expectations grow, many financial
services organizations are struggling to keep up. Customers want a faster, more
efficient service across all channels, and won’t hesitate to look elsewhere to
find it. But how can you accelerate service, stay on top of ever–evolving
regulations, and stay ahead of the competition?
It’s important to:
- Develop new agility to stay ahead of the competition
- Simplify compliance to protect and enhance your reputation
- Increase customer satisfaction in a highly competitive market
- Take full control with enterprise project portfolio management
Learn how you can improve operational efficiency, quickly respond to changing customer demand and build competitive advantage.
Tuesday Sep 10, 2013
By Melissa Centurio Lopes on Sep 10, 2013
Between 2009 and 2012, US businesses were burdened with more than $500 Billion in regulation costs. In 2012 alone an additional $215 Billion in final rule costs were added. For financial services organizations, the Basel capital standards, Volcker rule and Durbin Amendment are most often cited as major drivers of additional costs. According to its own reported data, Bank of America spends over $4B on regulatory costs representing almost 3.5% of its market capitalization. In its states, "It will take an enormous amount of resources across all of our disciplines – people, systems, technology and control functions (finance, risk, legal, audit and compliance) to get it done right. Over the next few years, we estimate that tens of thousands of our people will work on these changes, of which 3,000 will be devoted full time to the effort, at a cost of close to $3 billion."
Remarkably, in spite of this explosion of regulations, increasing compliance costs, limited resources and emphasis on change management, most compliance efforts are dispersed across the organization and lack any formalized project and program management controls. As many CIO's have experienced, effective project portfolio management processes and systems can help via their ability to:
- Communicate and co-ordinate change management activities that span functional and organizational boundaries
- Improve governance and oversight of business-critical initiatives
- Identify and eliminate duplicate or rogue initiatives
- Leverage best practices across the organization
- Mitigate schedule risks and help control costs
The American Action Forum estimates the total financial services regulatory cost over the last 10 years to be almost $25 Billion and growing. The 2013 Cost of Compliance Survey conducted by Thomson Reuters states that, "The fact that 67 percent of respondents expected their budgets to rise slightly or significantly indicated that those who make budgetary decisions are increasingly risk aware and appreciate the need to have a well-resourced compliance function to mitigate the myriad risks which firms may face in the coming year." It concludes by stating, "It looks as though 2013 will be characterized by the need to juggle a further increase in regulatory communications, to drive the implementation of agreed change and to ensure that senior managers focus on risk management and corporate governance. All this will have to be managed despite a lack of suitably skilled resources."
It is clear that we have entered an era of financial services re-regulation and that these challenges will continue for many years to come. It's time for risk and compliance officers to adopt proven solutions such as project portfolio management to manage the large and growing number of change initiatives resulting from these new regulations. Organizations that excel at managing regulatory compliance will minimize compliance costs, avoid penalties, and leverage regulatory mastery for competitive advantage.
Tuesday Jul 23, 2013
By Melissa Centurio Lopes on Jul 23, 2013
As executives in financial services organizations across the
globe face intense regulatory scrutiny, the
Mike Metcalf, Oracle’s strategy director for services, says the right enterprise project portfolio management (EPPM) solutions and a central project management office can help financial services firms become less reactive and better equipped to deal with regulatory challenges.
Q: What problems are financial services organizations facing in the aftermath of the financial crisis?
A: Legislators in various countries have decided to tighten up regulations after a period when some rules were being loosened. So for financial services organizations, the challenge today is how to survive in an era of reregulation. The first obstacle they face is that new regulations may span different areas of banking operations, so some regulations may overlap and conflict with each other. Organizations must be sure that responding to one regulation doesn’t impact some other area.
Second, many organizations address these regulations in silos—different parts of the organization are responding to regulations independently, and they are tracking compliance with ad hoc tools, such as spreadsheets. This leads to increased risk because these tools are not conducive to collaboration or to creating a centralized view of all the regulations that need to be addressed.
Wednesday Jul 17, 2013
By "Sylvie Mackenzie, Pmp-Oracle" on Jul 17, 2013
Read More[Read More]
Thursday Oct 18, 2012
By Melissa Centurio Lopes on Oct 18, 2012
Do you wonder what are the top reasons why large projects in the financial industry fail to meet budgets, schedules, and other key performance criteria? Being able to answer this question can provide important insight and value of good project management practices for your organization.
Wednesday Apr 11, 2012
Sunday Jan 29, 2012
Financial Services Industry Study Finds Swift Action and Proactive Approach Is Key to Reducing Project Risks
By "Sylvie Mackenzie, Pmp-Oracle" on Jan 29, 2012
Volatile markets, weak customer demand, and heightened regulatory scrutiny require financial services firms to flawlessly manage project portfolios to minimize risk. Those that identify failure early in the project development process and respond to problems as they arise can invest in higher-risk initiatives without threatening their bottom lines or their reputations.
Those are some of the key conclusions in Preemptive Action: Mitigating Project Portfolio Risks in the Financial Services Industry, a research report created by the Economist Intelligence Unit and sponsored by Oracle.
“[When] firms understand how to identify and deal with indicators of failure early in the planning process, they can safely invest in higher-risk initiatives, such as launching new products and acquiring other firms, without putting their reputations or bottom lines in jeopardy,” the report explains.
The report further explains that this proactive approach, which requires both a rigorous project management practice and intrepid executives willing to make difficult decisions, is unusual in the industry. Where it exists, it allows companies to mitigate project risks and use resources more effectively to propel growth. In its absence, companies become more risk-averse, focusing on low-risk projects that merely protect assets and meet regulatory requirements.
A discussion of the report and its key findings are the focus of a new Oracle Webcast now available on demand. In this Webcast, the benefits and impact of using the right project portfolio management solution is also discussed as a key factor in successfully managing the project portfolio and achieving success.
Success Factors and Other Findings
A primary conclusion of the report is that financial services companies that excel in executing projects, especially those that involve regulatory compliance, can gain a competitive edge by embracing opportunities unavailable to peers with a constrained appetite for risk.
Other key findings of the study include
- Managing must-do regulatory projects requires a balance between flexibility and adherence to process
- Processes are not sufficient in identifying signs of failure and finding solutions—effective communication and collaboration are crucial.
- Many companies fail to reassess risks throughout the project lifecycle—assess risks during planning and at project milestones
Wednesday Dec 14, 2011
By "Sylvie Mackenzie, Pmp-Oracle" on Dec 14, 2011
Project Oversight in Financial Services
In today's uncertain global economy, firms must execute projects flawlessly or risk losing market share, eroding customer confidence or failing foul of regulatory compliance. Few financial services firms can afford to let their projects underperform. Those that do risk damaging their bottom line, their reputation and their market share. But according to an Economist Intelligence Survey, only 17% of financial services organizations deliver projects on time - and only 20% deliver projects on budget - at least 90% of the time.
The smartest financial services firms use formalized project management practices to gain strategic and regulatory advantages. The Economist Intelligence Unit, in partnership with Oracle, conducted new research that will help financial services executives ensure successful governance of project portfolio planning and execution, and avoid failure. 400 Senior executives in the financial services industry were interviewed and asked for their views on how to achieve greater success. The key findings are highlighted in a report and discussed in a webcast. You can also benchmark your own performance by completing the EIU Benchmarking Survey" Project Oversight in Financial Services".
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