Flat World
Maximize Globalization
What we are witnessing today is the emergence of a new and qualitatively higher level of globalization. Trends like the opening up of emerging economiesRead
Maximize Innovation
In a world where service is increasingly seen as a hygiene factor, where new players and new products emerge seemingly out of nowhere, and where commoditization of products is the order of the dayRead
Maximize Diversity
Emergence of several new customer segments across the world is creating tremendous opportunity for banks to grow rapidly and gain new market share. While old loyalties are fast dying, new ones are being created.Read
Maximize Agility
Every dimension of a bank’s business today demands an unprecedented shift in speed and agility.Read
Minimize Cost
The flattening of the world is throwing multiple opportunities for banks to dramatically reinvent their operating model leading to reduced complexity, greater standardization and lower cost.Read
Minimize Risk
The Flat World context brings with it a host of risks; from risks on the compliance front with a growing host of regulationsRead
Minimize Risk
The Flat World context brings with it a host of risks; from risks on
the compliance front with a growing host of regulations, to market and currency
risks in an integrated global economy, to the political and cultural risks
intrinsic to a fast localizing world, to the technology risks in a world
where technology has almost make or break power over an organization, to
the risks inherent in any such transformational journey, as is the case with
the aim of achieving strategic shifts required to compete in a Flat World.
The challenge is in successfully managing, and where relevant, minimizing
risks. Realizing the criticality of this task for survival and success in
the Flat World, banks are focusing on evolving and implementing holistic
Enterprise Risk Management (ERM) strategies. ERM impacts all aspects of the
enterprise including structure, process, people and technology and cuts across
business and operations.
In addition, transformational programs carry strategic risks, financial risks, process
risks, transition risks and operations or IT risks. These risks assume significant relevance
in a Flat World context because transformation programs often span multiple geographies
or countries, different organizational practices and disparate processes and systems.
Picking the right partner for the transformational journey is critical. Partners working
on such a program must have impeccable credentials as transformation agents and
a track record of delivering with the highest predictability, transparency and long term
stability. From the bank’s side it is essential that individuals with the right kind of
leadership are assigned to the transformation program. Ensuring that all participants
in the transformational risk ecosystem work towards managing and minimizing risks
is crucial to success.
Six Key Enablers
