Navigating SEC money market reform in a heavily regulated environment
A Fortune 100 company and leading provider of financial services offering a wide range of financial solutions, including investments, banking, financial advice and guidance, and retirement services.
The client launched a $30M, multi-year enterprise-wide program to address SEC Money Market reform. The program scope would execute the policy, process and functional changes required to meet regulatory requirements while continuing to provide superior service. The large and complex program provides oversight and direction to multiple functional workstreams, including more than 200 assigned resources and stakeholders. The program management team lacked depth of expertise and the client needed assistance with program oversight, metrics and reporting and management of IT deliverables. The provision of critical program deliverables was slipping and presented significant risks.
When Dietrich was engaged, the program was well through planning and entering execution, which required the team to quickly assimilate into an established program structure. Creating value required the right blend of hands-on bench strength for program-led activities in addition to insight and recommendations to improve the program. Immediate actions included:
- Extensive immersion to develop an understanding of the business context driving the program objectives.
- Development of a program reporting framework with required key performance indicators (KPI’s) and weekly dashboards to track progress against target program outcomes.
- Restructure of program governance model, tools and meeting cadence.
Dietrich provided support to mitigate significant risks and salvage critical milestones. In bringing focus to metrics and simplifying the program structure, Dietrich increased executive leadership confidence in the program and its potential to deliver positive outcomes. The Dietrich team remained engaged through the entirety of the two-year initiative as trusted advisors, providing day-to-day program management and thought leadership for the initiative. The client delivered the program on time, exceeding projected outcome targets with $5M in program budget savings. The program is often referred to internally as the “gold standard” for how a program should be executed.