Coping with complexity: leadership in financial services
Chronic complexity due to a rapidly changing marketplace, a tightening regulatory environment, evolving consumer demands and profound demographic shifts is reshaping the financial services industry and introducing additional demands on leadership at all levels.
Deloitte's Coping with Complexity: Leadership in Financial Services, highlights seven leadership principles leaders should consider when addressing these issues.
Given the events of the last 24 months reaffirmed how interconnected and complex financial services are, it is important that the ‘fix’ does not simply apply more of the same risk management processes.
A common and commendable reaction is to improve corporate governance, revamp talent processes and create new risk management plans and capabilities. However whilst these levers remain important, more and better corporate governance and risk management processes will not deliver the cut through needed to shift an organisation’s position in today’s complex financial services marketplace.
This point of view, based on Deloitte’s client experience and a comprehensive review and synthesis of related secondary research, suggests that managing complexity is everyone’s business. It highlights seven leadership principles that Deloitte has determined will help leaders and their organisations be more successful in the new environment.
There is also a deeper message embedded into these principles; the importance of the values, competencies and motivations of individuals - the true building blocks of organisational behaviour. Reaching and influencing these cultural mores, will be the basis for real improvement across an organisation’s many dimensions.
The seven principles, executed with complementary organisational values, competencies and motivations, are a potent tool for effecting necessary change – and so dealing with complexity.
Whether your organisation is confronting crises on a regular basis or looking for new opportunities from consistently steady ground, we hope this point of view will help you better adapt to today’s changing marketplace.
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