Our client is a financial services group in South Africa offering wholesale, retail banking services amongst others. Headquartered in Johannesburg, the bank has 657 branches, employing over 28000 people. The market capitalization of the client as of 2018 stood at US$9.1 billion. Cedar has experience working with the client and its organization, processes having run several initiatives for the bank in the past. In the case of this project, Cedar worked to develop and implement the Balanced Scorecard for the client across its retail, private banking and Personal Insight, Management and Development (PIMD) areas.
In this program, Cedar was mandated to propose and develop a strategy implementation and enterprise performance management framework for the client using the Balanced Scorecard.
- Carried out a detailed internal assessment to gauge and propose the strategic vision and objectives of the client.
- Conducted one-on-one interviews to understand strategic issues and linkages.
- Conducted the first scorecard workshop to confirm the vision and objectives, defining measures for the balanced scorecard.
- Organised a second set of individual meetings to gather feedback on the first workshop, confirm understanding of the scorecard design, finalise performance measures, measurement templates and initiatives.
- Reviewed the work done in the initial workshop, with a focus on finalising the Balanced Scorecard design, its target setting process and on how to utilise the scorecard.
The program resulted in the development of an enterprise performance management framework to measure and track the success in implementing strategy.
- Created the Balanced Scorecard for the client.
- Developed an enterprise-wide strategy map and clarified the strategic objectives across the three areas.
- Attained organizational alignment on the strategy and linked actions to it
- Provided a framework for formulating and implementing the scorecard developed by Cedar including setting and monitoring target measures.
- Recommended and institutionalised a process for reporting and monitoring.
- Identified cause and effect relationships among strategic objectives.
- Supported the growth process and ensured judicious use of the limited resources.