Creating a Balanced Scorecard for a Financial Services Organization
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Solutions to challenges of corporate strategy and risk management in the financial industry
After the devastation of the credit crunch of 2008, what emerged clearly from the wreckage was that the financial sector, specifically banking, needed a new roadmap to make its way into the post-credit crunch economy.
This book by Naresh Makhijani and James Creelman presents that roadmap. In an easy-to-use, practical format, it describes how financial organizations throughout the globe are using a single tool to successfully deal with the challenges of reorganizing themselves for more transparency and accountability, more watertight risk management and sustainable long-term financial return – the Balanced Scorecard.
The Balanced Scorecard is the world’s most popular strategy management framework, lauded for its efficacy in balancing financial performance with non-financial results and short-term requirements with long-term goals. Creating a Balanced Scorecard for Financial Services Organization is based on rigorous research of case studies to offer a practical, step-by-step guide for designing and implementing a Balanced Scorecard. Through the many case study examples, ranging from Pentagon Federal Credit Union to Canadian giant Scotiabank, supported by up-to-the-minute theoretical thinking, this detailed manual explains how to integrate risk management with strategy management through the Balanced Scorecard framework and how to link operational management with strategy management.
For those wanting to implement the Balanced Scorecard on all levels of an organisation, the book also details clearly how to develop a range of synergistic scorecards from corporate through business unit, function and even individual employee levels so that strategy becomes seamlessly integrated into “everyone’s everyday job”.
Creating a Balanced Scorecard outlines also how to foster the appropriate culture for managing using the framework and how to make suitable technology choices to support such strategy management. As well, the authors explain how to refine the incentive compensation system to reflect the drivers of future value creation as well as historical financial performance.
For executives in the financial and banking industries, Creating a Balanced Scorecard is an indispensable guide to aligning the entire organization behind the strategic goals of the enterprise through a single, comprehensive framework.