Creating a Balanced Scorecard for a Financial Services Organization

✍ Scribed by Makhijani, Naresh;Creelman, James

• Publisher: John Wiley & Sons
• Year: 2014
• Tongue: English
• Leaves: 257
• Category: Library

✦ Synopsis

How to tap the power of the balanced scorecard, for financial services organizationsDesigned to help financial services organizations build and implement the strategic management framework known as the balanced scorecard, "Creating a Balanced Scorecard for a Financial Services Organization" is the book you need to ensure accountability, transparency, and risk management in your enterprise. The financial crisis revealed the many shortcomings of the industry, but with this book in hand you can make the most of the mistakes of the past to build a better, stronger business that balances both short- and long-term goals.Rich in the latest theoretical thinking and incorporating case studies that show the balanced scorecard system in action, the book covers both financial and non-financial performance perspectives in one comprehensive volume. Written by two leading practitioners with years of real-life experience, the book is the definitive step-by-step guide to implementing the balanced scorecard throughout your organization, aligning your whole business with your strategic goals.Includes everything you need to improve performance transparency, accountability, governance procedures, risk management, and more for financial services organizations of any kindPacked with expert advice and case studies that show the ideas presented in actionWritten by leading experts who have successfully implemented the balanced scorecard system in their own companiesAccessible and in-depth, "Creating a Balanced Scorecard for a Financial Services Organization" is the book you need to improve your business.

✦ Table of Contents

Creating a Balanced Scorecard for a Financial Services Organization......Page 1
Contents......Page 9
Introduction......Page 15
Executive Summary......Page 19
The Impact of the Credit Crunch......Page 20
The Collapse of Customer Loyalty......Page 24
Scorecard Pioneers......Page 27
Other Scorecard-Using Financial Services Companies......Page 28
Conclusion......Page 29
Executive Summary......Page 31
The Scorecard’s Origins......Page 32
The Emergence of the Strategy Map......Page 33
The Strategy-Focused Organization......Page 37
Enterprisewide Alignment......Page 43
Creating a Board Scorecard System......Page 45
The Office of Strategy Management......Page 49
The Execution Premium Model......Page 56
Conclusion......Page 59
Introduction......Page 61
Linking Strategy Management with Risk Management: A History......Page 62
Strategic Risk Management: The New Core Competency......Page 66
Risk-Based Performance......Page 71
A Risk-Balanced Scorecard......Page 73
The Five Principles of SRM......Page 78
Conclusion......Page 82
Introduction......Page 85
Start with the Strategy......Page 86
Senior Management Must Own the Strategy Map......Page 90
The Use of External Facilitation......Page 91
Creating Objectives......Page 96
Strategic Themes......Page 98
Risk-Balanced Scorecard......Page 103
Value Creation Map......Page 106
Risk Map......Page 109
Conclusion......Page 110
Introduction......Page 113
The Critical Few Measures......Page 114
Key Performance Questions......Page 115
KPIs......Page 119
Common Definitions......Page 126
Key Risk Indicators......Page 129
A Risk Scorecard......Page 135
Selecting Targets......Page 136
Comparative Performance Goals......Page 139
Conclusion......Page 141
Introduction......Page 145
The Challenges of Selecting Initiatives......Page 146
Stratex......Page 147
Initiative Prioritization......Page 148
Conclusion......Page 153
Executive Summary......Page 155
Strategic Line-of-Sight......Page 156
An Ideal Scorecard Cascade......Page 157
Scorecard Pilots......Page 158
A Hybrid IT Strategy Map: The Case of the Bank of England......Page 164
To Cascade or Not to Cascade?......Page 168
Conclusion......Page 174
Executive Summary......Page 177
Transparency and Accountability......Page 178
Fear of Measurement......Page 179
A Major Change Effort......Page 181
Senior Management Behavior......Page 185
Communications......Page 188
Conclusion......Page 190
Executive Summary......Page 193
Personal Scorecards......Page 194
Arguments Against the Personal Scorecard......Page 195
Competency Development......Page 196
Linking Performance to Pay......Page 197
The Arguments Against Making the Link......Page 202
Conclusion......Page 203
Introduction......Page 207
The Benefits of Automation......Page 208
What Software Cannot Do......Page 211
Certified Vendors......Page 212
Criteria for Choosing Software......Page 213
Advanced Performance Institute Software Selection Criteria......Page 214
Developing an IT Strategy......Page 217
Strategy and Risk Management......Page 219
Conclusion......Page 220
Executive Summary......Page 223
The Shortcomings of the Budget......Page 224
Out of Step with Strategy......Page 225
The Scorecard Driving the Budget......Page 226
Alternatives to Conventional Budgeting......Page 228
Reporting Risk......Page 237
Stratex......Page 238
Conclusion......Page 239
Executive Summary......Page 243
Part One: The Future of the Balanced Scorecard within Financial Services Organizations......Page 244
Part Two: Action-Oriented Roadmap......Page 246
Parting Remarks......Page 251
Index......Page 253