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Full Description
How to tap the power of the balanced scorecard, for financial services organizations Designed to help financial services organizations build and implement the strategic management framework known as the balanced scorecard, Creating a Balanced Scorecard for a Financial Services Organization is the book you need to ensure accountability, transparency, and risk management in your enterprise. The financial crisis revealed the many shortcomings of the industry, but with this book in hand you can make the most of the mistakes of the past to build a better, stronger business that balances both short- and long-term goals.Rich in the latest theoretical thinking and incorporating case studies that show the balanced scorecard system in action, the book covers both financial and non-financial performance perspectives in one comprehensive volume. Written by two leading practitioners with years of real-life experience, the book is the definitive step-by-step guide to implementing the balanced scorecard throughout your organization, aligning your whole business with your strategic goals.Includes everything you need to improve performance transparency, accountability, governance procedures, risk management, and more for financial services organizations of any kindPacked with expert advice and case studies that show the ideas presented in actionWritten by leading experts who have successfully implemented the balanced scorecard system in their own companiesAccessible and in-depth, Creating a Balanced Scorecard for a Financial Services Organization is the book you need to improve your business.
Contents
Introduction xiii OTHER CHALLENGES 1Executive Summary 1Introduction 2The Impact of the Credit Crunch 2Deregulation, Globalization, and Technology 6The Collapse of Customer Loyalty 6Scorecard Pioneers 9Other Scorecard-Using Financial Services Companies 10Conclusion 11CHAPTER 2: DESCRIBING THE BALANCED SCORECARD 13Executive Summary 13Introduction 14The Scorecard's Origins 14A Balanced Measurement System 15The Emergence of the Strategy Map 15The Strategy-Focused Organization 19Enterprisewide Alignment 25Creating a Board Scorecard System 27The Office of Strategy Management 31The Execution Premium Model 38Conclusion 41CHAPTER 3: THE BALANCED SCORECARD AND RISK MANAGEMENT 43Executive Summary 43Introduction 43Linking Strategy Management with Risk Management: A History 44Strategic Risk Management: The New Core Competency 48Risk-Based Performance 53A Risk Balanced Scorecard 55The Five Principles of SRM 60Conclusion 64CHAPTER 4: BUILDING A STRATEGY MAP 67Executive Summary 67Introduction 67Start with the Strategy 68SeniorManagement Must Own the Strategy Map 72Strategy Clarification 73The Use of External Facilitation 73Creating Objectives 78Strategic Themes 80Risk-Balanced Scorecard 85Value Creation Map 88Risk Map 91Conclusion 92CHAPTER 5: SELECTING METRICS AND TARGETS 95Executive Summary 95Introduction 95The Critical Few Measures 96Key Performance Questions 97KPIs 101Common Definitions 108Key Risk Indicators 111A Risk Scorecard 117Selecting Targets 118Comparative Performance Goals 121Conclusion 123CHAPTER 6: SELECTING INITIATIVES 127Executive Summary 127Introduction 127Organizational Awareness of the Importance of Initiatives 128The Challenges of Selecting Initiatives 128Linkage to the Strategy Map 129Stratex 129Initiative Prioritization 130Conclusion 135CHAPTER 7: CASCADING THE BALANCED SCORECARD: THE STRUCTURAL CHALLENGES 137Executive Summary 137Introduction 138Strategic Line-of-Sight 138Mandated Objectives and Measures 139An Ideal Scorecard Cascade 139Scorecard Pilots 140A Hybrid IT Strategy Map: The Case of the Bank of England 146To Cascade or Not to Cascade? 150Conclusion 156CHAPTER 8: CASCADING THE BALANCED SCORECARD: THE CULTURAL CHALLENGES 159Executive Summary 159Introduction 160Transparency and Accountability 160Fear ofMeasurement 161A Major Change Effort 163Senior Management Behavior 167Local Champions 170Communications 170Conclusion 172CHAPTER 9: INDIVIDUAL PERFORMANCE APPRAISAL AND INCENTIVE COMPENSATION 175Executive Summary 175Introduction 176Personal Scorecards 176Arguments Against the Personal Scorecard 177Truncated Personal Scorecards 178Competency Development 178Personal Scorecards for the Senior Team 179Linking Performance to Pay 179The Arguments AgainstMaking the Link 184Making the Choice 185Conclusion 185CHAPTER 10: GETTING THE BEST FROM SOFTWARE 189Executive Summary 189Introduction 189The Benefits of Automation 190What Software Cannot Do 193Certified Vendors 194Criteria for Choosing Software 195Advanced Performance Institute Software Selection Criteria 196Developing an IT Strategy 199Strategy and Risk Management 201Conclusion 202CHAPTER 11: ALIGNING BUDGETING AND PLANNING WITH STRATEGY THROUGH THE BALANCED SCORECARD 205Executive Summary 205Introduction 206The Shortcomings of the Budget 206Out of Step with Strategy 207The Scorecard Driving the Budget 208Devolved Responsibility 210Alternatives to Conventional Budgeting 210Reporting Risk 219Stratex 220Conclusion 221CHAPTER 12: CONCLUSION AND ACTION ROADMAP 225Executive Summary 225Part One: The Future of the Balanced Scorecard Within Financial Services Organizations 226Part Two: Action-Oriented Roadmap 228Parting Remarks 233Index 235
