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Summary

Rapidly expanding financial company needs to build project management capabilities to help thwart trend of failing M&A projects
 

Synopsis

 

The Situation

Top Regional Financial Group in the English/Dutch Caribbean had an unacceptable number of failed technology implementations as they acquired new operational units.

 

The Approach

Collaborated with senior management over a one-year period to understand the root causes and to develop a project management framework to address the core issues on a sustainable basis.

 

The Solution

Customized and integrated Confida's Project Management Methodology and tool kit including our proprietary Executive Project Software to help track and cause successful projects

 

Detail

 

The Situation

Financial GroupCore, one of the largest financial service companies in the Caribbean were rapidly growing through a number of acquisitions over the past five years. As these new financial entities were brought on board there was a lot of work to integrate them into Financial GroupCore's main operations. These integration activities were extremely challenging but were necessary to gain the synergies to financially justify the acquisition strategy. The biggest challenge was the integration activities surrounding technology and converting the individually acquired companies onto Financial GroupCore's technology platform. These conversions had major difficulties that began to have an impact on the Financial GroupCore's image and reputation due to the inconveniences caused to the customer base in these new territories. It This was of grave concern to Senior Management and as the problems continued it became clear that there were systemic issues that needed to be resolved. An internal audit revealed that the Group needed a Project Management Framework to guide how these major projects should be managed. Confida was brought in to implement this Project Management Framework.

 

The Approach

Over the years, Confida developed its own Project Management Methodology or Framework to guide its own project managers in executing complex programs and projects. Confida brought this Project Management Framework to the Technology Group at Financial GroupCore and began collaborating with the management to customize the framework to Financial GroupCore's environment.

To ensure that framework was customized effectively, Confida consultants met with various stakeholders who involved in the parts of the project management process. This allowed our consultants to fully understand both the needs and specific objectives for each of the various process steps in the various phases in the framework. With the framework totally customized, our consultants then adapted the underlying documentation, templates and tools to support this new management process for Financial GroupCore.

 

The Solution

We actually introduced four components of the framework aimed to resolve the systemic issues impacting the successful delivery of projects at Financial GroupCore. The first component was the overall Phased Project Management Approach that completely organized and orchestrated how projects would be managed at Financial GroupCore. The second component was the PM Toolkit with included templates, guides and tools to support the project teams in doing their work and adhering to the framework. For example, the Change Control tool ensured that any change to the project was made aware to the relevant stakeholders and the impact to the project economics and deliverables were understood. The third component was the Project Prioritization Methodology that allowed for the prioritization of the portfolio of projects based on Impact and Risk to the Organization. The final component that was implemented was the Executive Project Solution which provided high impact progress reporting for the Executives and Senior Management.