Customer
Mid-size european bank

Pierre
Michaels

Banking

How we set up an activist pmo during the transformation phase of a european bank

Case

Activist PMO during the transformation phase of a mid-sized European bank

Project Scope

The client asked us to support its extensive transformation across its different business units with the goal of returning to profitability. The effort was spearheaded by an activist PMO that intelligently managed the transformation efforts across various work streams, each with internal and external support.

 

“Our Activist PMO drove the internal transformation process”

Pierre Michaels, Consultant

 

Approach

The transformation effort was driven by two forces: firstly, the private entity wanted to achieve a change in ownership and thus needed a swift return to profitability; secondly, the changing financial landscape and consolidation in the financial services industry heightened the need to overhaul the existing business.

The activist PMO was set up with the goal of assisting in this large-scale effort with more than ten different workstreams and a project-related take-on of around 40 additional external and temporary staff.
Initially, the PMO took care of ensuring that the overall timeline was defined, specific goals were in place and the work packages were aware of their scope and had a well-balanced workload. To further support this large-scale effort, a meeting cadence was installed that ensured information exchange between relevant stakeholders was possible without overburdening the individual teams with weekly meetings.

 

“Moreover, the activist PMO was in charge of continuous status tracking and quality assurance.”

Pierre Michaels, Consultant

 

The activist PMO was responsible for continuously consolidating and reviewing the results of each workstream, ensuring that the transformation was on track and escalating issues as needed to relevant key decision-makers. The activist PMO as such does not only serve to effectively manage a project or a portfolio of projects procedurally, but also to ensure the quality of individual workstreams.

Results

The transformation delivered impact across a number of areas:

  • Successful change of ownership due to an expected return to profitability
  • Restructuring of the business with cessation of unattractive and expansion into attractive markets, incl. driving a digitization initiative across the business with input from the workforce
  • Completion of the transformation in time and within envisioned cost
  • Enablement of the organization to manage projects / project portfolios better


The Team
Enablers



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