Any business enterprise regardless of how well developed it is has to experience occasional periods of change, some of which may end up shaking the entire framework of the institution. This is primarily the reason why companies need to come up with change management strategies.
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Change management strategies are basically an already established procedure that an organization will follow in order to avert the negative effects of change on the company as well as provide for the opportunity to embrace the positive changes that may come about as a result of change.
Like with any other laid down company procedures, change management strategies also get redundant with time hence the need to constantly re-evaluate and identify areas that need to be tweaked in order to ensure that the strategy implemented is well suited to handle the challenges that may come about.
This is a proposal for an analysis of the change management strategies of the Standard Chartered Bank, UAE while touching on the roles of management in relation to the process of change and the challenges encountered in the process.
The change management strategy in the case of institutions such as the Standard Chartered Bank aims at reinforcing the primary goal and mission of the institution. Changes need to be made to the existing change management strategy and this is accomplished by offering support to already established policies including the financial plan, performance assessment strategy, and the corporate plan.
- Assess the process of the Consumer Banking change management at Standard Chartered Bank, UAE.
- Identify the current situation of the Consumer Banking change management process.
- Analyze competitive position.
- Identify desired future states.
- Analyze the change context.
The major research question that shall govern the development of the argument is the importance of change management as a tool for corporate governance in the Standard Chartered Bank. This shall be supported by the following questions:
- How has internal audit gained prominence in the business environment at the Standard Chartered Bank?
- What are the determinants of change and their roles in the application of corporate governance from the perspective of professionals in the Standard Chartered Bank?
- What are the different benefits of consumer banking in relation to corporate governance in the Standard Chartered Bank?
The research will be based on both primary and secondary data. As far as primary data is concerned, empirical data will be collected from recent studies with numbers and figures used to show the costs and economical impact internal audit in a particular institution and how it could effectively be used to serve as a guide for other organisations that would like to make the switch.
Like with any other professional field of study, business researches have to be conducted in such a way that the offer credibility to the practitioner. In such a scientific field, the strength lies in the figures and particularly the numbers obtained from real life scenarios to support collected evidence.
With this knowledge in mind, effort will be made to obtain relevant information to the particular topic in question and this will be accompanied by proper citation.
Secondary data will be extracted from financial journals, articles and Standard Chartered Bank records. The criteria of selection for the literature will be the relevance to the research topic as well as the year of publication. Both public and private libraries as well as online libraries will be visited in order to access the data.
This research will be partly evidence based and partly founded on professional research by professionals in the field. Various articles will be studied in order to provide background information which will essentially give credibility to the final essay. Change management and associated changes being a critical aspect of business analysis cannot be effectively analysed without obtaining information from real case scenarios.
The Standard Chartered Bank has incorporated regular internal audit measures into its systems and this will be sampled and the efficacy of this application be evaluated. This will definitely make for some interesting research and in as much most of the information will only be used for reference purposes, it will effectively came round to form the back-born of the paper.
Information from the publications will serve to provide explanation as regards the internal machinations of financial departments of the company. This will be very crucial information that will make the research report appeal to both professionals and the general public.
For the latter, it may require that some of the information obtained from the books and other publications be broken down into simple language and at the same time illustrations drawn from the most successful strategy for change management at the Standard Chartered Bank.
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Reasons for Selecting the Above Methodology
For any professional topic, chances are that extensive research has been carried out by professionals in the field before. Consequently, in order to establish the backbone of a given research project, it is only necessary that extensive review of literature be carried before identifying seeking first hand information from the field.
The latter, i.e. information collected from the field is also necessary since it helps give professional credibility to the project. Combining results from both sources would serve to foster their symbiotic relationship with one offering background information and the other presenting up-to-date information on the topic.
The outcome expected out of this research process is results that would make professionals and organizations involve corporate governance aspects and in particular change management as well as re-evaluate the benefits of the procedure as compared to the demerits. The research and subsequent paper will show the various loopholes which if sealed can increase the profitability of the Standard Chartered Bank.
Research Process Plan
The first step in conducting the research will come in the form of extensive review of literature from various secondary sources. Information on the topic of internal auditing and its integration processes will be collected from company records, journals, Magazines, conference proceedings and websites.
The second step in the process is the collection of data directly from the field. This will to a large extent depend on various forms of interviews including one-to-one interviews as well as the use of questionnaires. Some of the people expected to be targeted for this part of the process include economic specialists and administrators from the Standard Chartered Bank, as well as qualified financial analysts.
The above two steps would make it easy to come up with a survey question which will guide us into the third step of the process.
In this stage, an analysis of the data obtained shall be carried out and the challenges that are raised regarding the process of change management shall be picked out and effectively compared with the strategic approaches for dealing with them. In this phase, an evaluation of the financial backlog that face the Standard Chartered Bank due to poor accountability and lack of auditing shall also be carried out.
In order to effectively analyze institutional change management it is mandatory that a clear documentation of the company’s (in this case Standard Chartered, UAE’s) financial situation is clearly presented and this will be realized after an intensive analysis of all company sectors.
This section shall use various literatures in describing the different company approaches taken by the Standard Chartered Bank, UAE in the process of implementing its change management strategies.
According to Allen and Herbert (1972) in order to implement the change management strategy, a proper management team should be established. This team is led by senior managers who are required to take charge of the programme and make sure that all the principles and goals of the strategy are effectively handled.
The culture of the Standard Chartered Bank demands that the institution dedicates the required resources to ensuring that the change strategy is effected. The projects that will be established as a consequence of any agreed upon change management strategy should auger well with organization’s project management guidelines.
Warren, Kenneth and Chin their book, The planning of change (1969), say that a framework for seeing proper allocation of responsibilities to members of the team should also be set up. Other than this, plans developed for the project, methods for risk assessment as well mechanisms for monitoring the accountability of the team members should also be emplaced.
It is necessary that all the stakeholders involved in the change management strategy implementation be identified and adequately involved in the development of the plan.
For the Standard Chartered Bank, UAE, stakeholders include employees, investors and all other people whose involvement in the programme will be of appreciable importance. Communication channels between all levels of the team are always well set up in order to ensure that all the stakeholders share in the vision of the strategy and are actively involved in the implementation (James 1967).
Allen and Herbert (1972) state that different aspects of the change management strategy should be communicated to the top management from junior staff as well as to other principle stakeholders. This information could also serve the company well if communicated to the public.
In the case of the Standard Chartered Bank, UAE some of this information includes the reasons as to why the institution needed to implement the change, the results that the company is expecting from implementation of the change and the requirements (resources) that have been put into implementing the change.
Feedback is an important aspect of the communication process and this is more so if the changes that are being fronted are particularly challenging.
In summary, it is of vital necessity that all the players in the implementation of the Standard Chartered Bank change management strategies understand the changes properly in order to avoid the instances of having to re-do things; a factor that contributes to increased costs of operation.
However, for the Bank to have some sense of stability, proper accountability measures have to be implemented and this is mainly by the use of methods such as internal auditing. This project has clearly defined the importance of change management to an enterprise and research has been conducted in the Standard Chartered Bank, drawing relevant examples to illustrate the importance of the said aspect.
Allen, N., & Herbert, A. (1972). Human Problem Solving. Englewood Cliffs: Prentice- Hall.
James, D.T. (1967) Organizations in Action. New York: McGraw-Hill.
Warren, G.B., Kenneth, D.B., & Chin R. (1969). The Planning of Change (2nd Edition). New York: Rinehart and Winston.