Next Generation Third Party Risk Management: Effective Change Management Strategies

Krystelle Bilodeau, Head, Third Party Risk Management, Bank of Canada

Linda Tuck Chapman, President, Ontala

During this interactive session, we will share Bank of Canada’s journey to excellence and tap into SIG members’ expertise to build effective frameworks for two change management strategies:

1. Case for Change
2. Stakeholder Engagement

Description

Whether you’re building the first-ever third party risk management program, or harmonizing and strengthening what’s already in place, effective change management is the key to success. One of the most common challenges is effectively communicating what will change, and why change is necessary to stakeholders that may not have the technical skills or bandwidth to figure it out.  We will address the first step in any successful change: developing a credible, high value case for change. We will then address a second essential element for effective change management: securing the committed engagement of key stakeholders throughout complex change management activities during each phase of design, development and implementation.

Session Outcomes

1. Bank of Canada’s journey: what worked and why
2. An actionable framework to develop a credible case for change and value proposition that resonate
3. Translating “big picture” ideas into tools and processes, and describing how tools and processes deliver the big picture
4. An actionable framework for committed stakeholder engagement