[Substain] Introduce Change Management Process and Procedures in Operational Resilience

What is  Change Management Process and Procedures in Operational Resilience?

Essential Steps for an Effective Change Management Process

Source: https://www.smartsheet.com/8-elements-effective-change-management-process#common-challenges-of-change-management

Change management processes should include the following steps: First, identify improvement opportunities and secure stakeholder approval. Then, make a plan and evaluate your processes. Communicate the changes, monitor progress, and continue to assess any risks.

All organizations constantly experience change, whether caused by new technology implementations, process updates, compliance initiatives, reorganization, or customer service improvements. But this isn’t necessarily negative — change is often necessary for growth and profitability. A consistent change management process will aid in minimizing the negative impact of change on your organization and staff. 

We’ve outlined the eight essential steps to an effective change management process below.

1. Identify What Will Be Improved
 
Since most change occurs to improve a process, a product, or an outcome, it is critical to identify the focus and clarify goals. This also involves identifying the resources and individuals to facilitate and lead the process. Most change systems acknowledge that knowing what to improve creates a solid foundation for clarity, ease, and successful implementation.
 
 2. Present a Solid Business Case to Stakeholders
 
Several layers of stakeholders include upper management, who both direct and finance the endeavour, champions of the process, and those who are directly charged with instituting the new normal. All have different expectations and experiences, and there must be a high level of "buy-in" from across the spectrum. The onboarding process of different constituents varies with each change framework, but all provide plans that call for time, patience, and communication.
 
3 . Plan for the Change
 
This " roadmap " identifies the beginning, the route to be taken, and the destination. You will also integrate resources to be leveraged, the scope or objective, and costs into the plan.

A critical element of planning is providing a multi-step process rather than sudden, unplanned "sweeping" changes. This involves outlining the project with detailed steps, measurable targets, incentives, measurements, and analysis. For example, a well-planned and controlled change management process for IT services will dramatically reduce the impact of IT infrastructure changes on the business.

There is also a universal caution to practice patience throughout this process and avoid shortcuts.
 
4. Provide Resources and Use Data for Evaluation
 
As part of the planning process, resource identification and funding are crucial elements. These can include infrastructure, equipment, and software systems. Also, consider the tools needed for re-education, retraining, and rethinking priorities and practices. Many models identify data gathering and analysis as an underutilized element. The clarity of clear reporting on progress allows for better communication, proper and timely distribution of incentives, and measuring successes and milestones.
 
5. Communication
 
This is the "golden thread" that runs through the entire practice of change management. Good communication depends on identifying, planning, onboarding, and executing a good change management plan. There are psychological and sociological realities inherent in group cultures. Those already involved have established skill sets, knowledge, and experiences. But they also have pecking orders, territory, and corporate customs that must be addressed. Providing clear and open lines of communication throughout the process is a critical element in all change modalities. The methods advocate transparency and two-way communication structures that provide avenues to vent frustrations, applaud what works, and seamlessly change what doesn't work.
 
6. Monitor and Manage Resistance, Dependencies, and Budgeting Risks

Resistance is a normal part of change management, but it can threaten the success of a project. Most resistance occurs due to a fear of the unknown. It also occurs because there is a fair amount of risk associated with change – the risk of impacting dependencies, return on investment risks, and risks associated with allocating the budget to something new. Anticipating and preparing for resistance by arming leadership with management tools will facilitate a smooth change lifecycle.
 
7. Celebrate Success
 
Recognizing milestone achievements is an essential part of any project. When managing a change through its lifecycle, it’s essential to recognize the success of the teams and individuals involved. This will help in the adoption of both your change management process and the adoption of the change itself.
 
8. Review, Revise and Continuously Improve
 
Change is difficult and even painful, but it is also an ongoing process. Even change management strategies are commonly adjusted throughout a project. Like communication, this should be woven through all steps to identify and remove roadblocks. And, like the need for resources and data, this process is only as good as the commitment to measurement and analysis.

Additional Explanatory Note 

	Definition	Explanation	Definition
	Important Business Service	is a service provided by an organisation, or by another person on behalf of the organisation, to one or more clients which, if disrupted, could: cause intolerable harm to any one or more of the organisation’s clients, or pose a risk to the soundness, stability or resilience of the financial system or the orderly operation of the financial markets.
	Critical Business Service	is a business service which, if disrupted, is likely to have a significant impact on the FSI’s safety and soundness, its customers or other FSI that depends on the business service.
	Critical Operations	is defined as a business output that, if interrupted during the operational period, will cause financial loss, damage, or interruption to the delivery of goods or services essential to the organization’s continued operation or success.
	Harm	The impact or level of harm to the client when the organisation providing the important business services are disrupted. There are three levels: Intolerable harm Harm Inconvenience
	Business Services (Banking)	Banking Examples Cash transactions Lending Deposit-taking Treasury Private banking and wealth management Investment banking Corporate finance Trade services	Business Services Banking
	Business Services (Insurance)	Insurance Examples Claims servicing Policy renewal and servicing Policy inception	Business Services Insurance

"Sustain" Phase of the OR Roadmap

Introduce Culture Change	Develop Communication Strategy	Implement Training and Awareness	Provide Self-assessment	Conduct Independent Quality Review

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