Aspiri Consulting designed a complete operating model for how a U.S. Regional Bank ($12.5B in assets) would better address 'project related work' across the entire organization.
SITUATION: The bank has grown dramatically through both organic and external acquisitions nearly doubling in size over the past 5 years. This growth has resulted in an exponential increase in the number and complexity of projects as they work to leverage new technologies, enhance operational processes, and serve new customers. Unfortunately, many of those projects failed to deliver expected results on time and within budget. They asked Aspiri for help in designing an operating model that would serve their needs today and be scalable for tomorrow.
ACTION:
• Leveraged the Jay Galbraith STAR Model to design a balanced approach to Strategy, Structure, Processes, Rewards, and People for an Enterprise Project Management Office (EPMO)
• Held a workshop with leaders from across the bank to truly understand their current state, what was working well, what needed improvement, and their universal needs for today and beyond
• Designed a 3-tiered project support model based on project risk to provide 1) direct involvement for high risk projects, 2) coaching/controlling guidance for moderate risk projects, and 3) support for low risk projects
• Capitalize on more project management
expertise and IT specialization (development vs. support) within and outside of the EPMO organization
• Delivered a standard 6-phase project management methodology (Discovery, Initiation, Plan, Execution, Monitor & Control, Close) with simple but effective templates/tools, clear stage gates and defined roles (via an EPMO RACI matrix)
• Provided means for more frequent feedback via project-based performance assessments and encouraged continuing education by reimbursing relevant certifications and association memberships
• Drafted job family profiles for project managers (levels 1 through 3) to provide clear job descriptions and career paths
RESULTS: The bank has the means to successfully start, execute, and finish projects across the organization on time and within budget while delivering the expected results . They have an Enterprise PMO operating model with the maturity and sophistication to support their ever growing project needs today and into the future.