Latest News - The Changing Legislative Landscape – A Boon For Interims
Tuesday Apr 6
Additional legislation not welcomed by Interims or business
The ever changing legislative landscape – a boon for interim management
A reputed curse from ancient China was to wish that one’s enemy might live in a time of change – a recognition that uncertainty and the new is unsettling to the majority and that we prefer our habits and routine. But change is indeed the life-blood of our industry and for the interim manager and provider, recognising how particular attributes fit changing circumstances is the key to successful appointments.
Legislation is one change area that we have found brings with it additional anxieties that business leaders have to contend with in their decision making such as understanding the business consequences of new rules and the potential penalties through lack of compliance. This combination of factors can be an ideal for the Interim Manager as successful delivery creates a favourable demand for them as a rare commodity.
However, how does an Interim Provider identify the right individual for such assignments when the planned change is new to all?
Take for example the current White Paper for Retail Distribution Review from the FSA. The obvious impact of moving from a commission to a fee basis will force significant changes in the manner in which financial institutions conduct their business with the outside world. More significantly though are the implications to the internal landscape: back office processing; new payment structures for IFAs; and the cultural shift this represents.
But is RDR truly new or an evolution of an established trend in financial services towards transparency, standardisation and protection of the consumer? Look a little deeper and we see the same skill sets and experience deployed from Basel II to Solvency II and TCF to RDR.
Change happens across all industry, but the role of the interim provider stays the same: identify similar circumstances and transferable skills and develop an insightful understanding of the right person fit. Equally for the interim manager the constant is in managing change - the people dynamic. Building an appetite for change, embedding lasting processes and effecting a positive cultural shift once the change protagonist has departed is built upon good leadership; interim or otherwise.
Source: www.thegrapevinemagazine.com - 6 April 2010
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