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Addressing policy and governance overwhelm
The Challenge
Our client, a large institutional organisation, faced significant governance overwhelm. With over 85 complex licensee and advice policies, many exceeding 30 pages in length, the situation was critical. Most policies were outdated, difficult to locate on the intranet, and often contradictory. This led to confusion among advisers, who were left unclear about expectations, and resulted in misalignment with audit requirements.
Comprehensive review: We conducted a thorough analysis of the existing policy framework and individual policies to identify redundancies and contradictions.
Simplification strategy: We recommended reducing the number of policies from 85 to just 25, focusing on clarity and practicality. This involved:
Designing a simplified template that emphasised legal requirements.
Providing clear guidelines on how to demonstrate compliance.
Stakeholder engagement: We collaborated with internal stakeholders and frontline advisers to ensure that the revised policies balanced various interests and secured buy-in across the board.
Change management approach:
Developed 1-page summaries for each policy to enhance understanding and accessibility.
Created instructional videos to guide advisers through the changes, making the information more digestible and engaging.
What We Did
The Outcome
The release of the refreshed policy suite received outstanding feedback from all stakeholders. Policies that had previously been deemed “too hard” for resolution were successfully addressed, some after sitting unresolved for 2-3 years. The simplification approach, along with the engagement strategy and change management tactics, established a lasting framework that continues to benefit the licensee.
Key takeaways:
Simplification: Streamlining policies to enhance clarity reduces overwhelm and confusion.
Engagement: Involving stakeholders ensures alignment and buy-in, fostering a sense of ownership.
Change management: A thoughtful approach to change, including clear communication tools, facilitates smoother transitions and better compliance.
This case exemplifies how a structured, collaborative approach can transform a complex environment into a more manageable and effective system.