A bank’s response to Part 370 will require a multi-year, multi-functional program that could encompass dozens of individual projects. Given the scope and scale of affected institutions, most will already have several layers of project management responsible for different areas of the business. A strong response to Part 370 will need to integrate those different PMO groups but also have a separate and distinct focus on the new regulation. An attempt to decentralize the management of this program to individual functions will invite a disorganized response and will likely lead to missed deadlines and incomplete requirements.
We have years of experience both within financial services and in other industries managing large programs, and specifically managing regulatory response programs in both Waterfall and Agile methodologies. We can implement a standalone program management office for Part 370 that will:
- Create or adapt a program charter to guide response activities
- Create or collect individual project plans and generate an integrated program plan
- Coordinate existing PMO groups affected by this regulation
- Manage program communications down to project teams and up to senior management and regulators, as appropriate
- Manage deliverables associated with individual projects and the integrated program
- Manage cross-functional “war rooms” as necessary
A company will need to manage its integrated response to this rule very efficiently and transparently in order to meet deadlines set forth by the FDIC. Existing PMO groups at the company will have an important role to play in organizing individual projects or group contributions to projects, but a standalone program management office reporting directly to senior management will be required to oversee a truly effective response to Part 370.
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If you are interested in learning more about FDIC Part 370 and how we can help you comply with the rule, please download our comprehensive guide or complete the contact form at the bottom of this page.
