Financial Industry in Australia is facing its biggest challenge from a regulatory and compliance perspective. According to Boston Consulting Group, the average bank spend approximately 40% to 60% of its change budget on regulatory and compliance programs, to this point,one of the major banks in Australia announced in Feb 2019 to its institutional investors that a whopping 64% of their investment was now “put against regulatory and compliance (amounting to about $700 million).”
Agile approaches are known for being evidence base and feedback driven vs assumption based, their relentless prioritisation enables focus on 20% of the change that delivers 80% of benefits. Agile focus on outcome vs output and fosters innovation culture.However, Traditionally, the perception for regulatory programs is that using agile approaches for such programs are risky, ineffective and will result in noncompliance.
This might mean that 60% - 70% of delivery spend in the coming years in Australian Financial Industry will revert back to traditional project management approaches and away from Agile approaches!
In this talk, we will bust some myths about using agile approaches to effectively deliver regulatory programs, explore two case studies from two different financial institutions and discuss how using agile principles and a tailored scaled methodology have delivered better regulatory outcomes, improved customer experience and reduced change and run costs of regulatory programs in these financial institutions.
At the end we will equip the audience with some take-aways including principles, methods and practical advice on how to tap into this major opportunity to deliver better regulatory, customer and commercial outcomes in running regulatory programs.
We will also share some tips for the agile practitioners to build the desire and the awareness at the senior level and the hot buttons that are effective with leaders to consider Agile as being appropriate for these types of projects.