18 Jul

Why implement a Regulatory Project Management Office?
By:   Dave Newland

Regulatory Project Management Office

Regulatory programmes are a key focus across all organisations. Ensuring you are compliant, hitting regulatory target delivery dates and providing assurance to executive teams that the delivery of these programmes is achieving the requirements of your organisation to meet the regulators directives.

APS is working across a number of regulatory programmes with our clients and its apparent that with the onset of new and more complex regulations, it is imperative organisations can meet the challenges to existing risk and governance models.

APS is taking on the responsibility of setting up a Regulatory Project Management Office.  This will operate across the regulatory portfolio and will focus on providing program management leadership, structure, governance, and communications.  Among the deliverables for the PMO: a reporting structure, project management guidance, and direct support for the regulatory projects within the portfolio.

A major consideration for the PMO is working with resources in other functions, lines of business, technology, legal, internal audit, and HR to achieve compliance goals and deliver accurate management reporting.  Our PMO will utilise the clients PPM tool and expand its use within the projects and roll out supplementary PM governance, oversight and checkpoints to ensure that projects are tracked and reported accurately, thus enabling the Project Managers to get the necessary support and escalation to the PMO and senior management.

Below are just a few points where a Regulatory PMO can benefit your organisation;

  • Programme Management leadership, structure, governance and communications.
  • PMO to monitor project risks and issues and overall project health.  Providing an independent Quality Assurance of your Regulatory Delivery.
  • Project Management guidance, support, consultation and mentoring on project management processes.
  • Clear and signed off requirements following best practice and standards
  • Clear and simple Governance, capture once and report many times from a single version of the truth.
  • Enabling regular communication and accurate management reporting to enhance visibility of on-going projects and strengthen dependency management.
  • Accurate and up to date project management information for management reporting.
    • Report data consolidated in a simple, real-time format, highlighting crucial parameters such as the top five issues and risks that need continual monitoring.
    • a list of action items highlighted with regulators.
  • Ensure that cross dependency across regulatory and non regulatory change is clear, with the potential that, 1 of the deliveries could satisfy 2 or 3 other programme requirements.