2005 Training Courses/Seminar Series

Spring 2005 Training Courses/Seminar Series

4-day intensive residential programme, 10 April- 14 April 2005
Venue: Cumberland Lodge, Windsor

Course Facilitator: Peter Nicholl
Governor, Central Bank of Bosnia and Herzegovina
John Mendzela
Director, Mendhurst Associates

LEADERSHIP CHALLENGES FOR CENTRAL BANKS AND SUPERVISORS

Central banks and regulatory agencies have always needed sound management and an ability to adapt to change. However, as the pace of change increases, and the environment in which these institutions operate becomes more complicated, central banks and supervisors need to evolve. Peter Nicholl here outlines some of the challenges involved, and how to meet them. In particular this session looks at relations with stakeholders, the importance of a clear legal mandate, the need for sound internal processes and, perhaps most important, the need to establish authority.

Implementing and directing change in organisations
Richard Pettinger
Management Studies Centre, University College London

Governors, presidents and top management groups need not only a clear vision but also the ability to create a strong, dynamic institutional framework for realising this vision in practice. Like all organisations, central banks and regulatory agencies need to be able to respond to political, social and economic demands. This session concentrates on the practical mechanisms to develop organisational structures, cultures, reporting relationships, career paths and work content that are suitable and effective in particular sets of circumstances. The aim must be to implement change to effect a lasting difference in the culture of the organisation.

Case study: leadership of payment systems reform
Peter Allsopp
Former Head of Payment Systems, Bank of England

Central banks enjoy a unique role in national payment systems. They are a participant in the system (along with commercial banks) but also an overseer and a guarantor. Often they are the sole representatives of the public interest. All this makes payment system reform particularly challenging, and an interesting exemplar of the need to drive the reform process, while still engaging private sector “buy in” to the design, and implementation of the reform effort. Drawing on his considerable experience of leading, advising and coordinating payment system reform, Peter Allsopp sets out why this area contains key lessons for central bank leadership in the management of relations with stakeholder.

Workshop: leadership, accountability andrelationships with stakeholders
Workshop led by Peter Nicholl

Statutory independence increases the need for central banks and regulators to demonstrate to stakeholders that they are fulfilling their role dutifully and efficiently. Many institutions with hitherto assured and well-understood roles have found these called into question as the result of political and economic pressures. This session addresses the nature of challenges faced by leaders and senior management within the central banking and regulatory system in their relationships with stakeholders and explores responses to specific issues raised by delegates.

STRATEGIC APPROACHES TO LEADING AND MANAGING

The role and function of the governor
Peter Nicholl
Governor, Central Bank of Bosnia and Herzegovina

Peter Nicholl draws on the first day’s discussions to examine the role of the governor. In particular: the need for sound principles of direction and management; the importance of the cultural, political and economic background; and the ability to be able to respond effectively to change. Peter Nicholl will argue that, although there are differences in the situations that he has faced, the similarities facing central bank governors in different countries far outweigh the differences.

Case study: strategic management at the SARB
Francois van Zyl
Head of Strategic Management, South African Reserve Bank

The specific legal mandate of central banks and regulatory authorities, if considered strategically, can focus the efforts of the entire organisation. However, this requires a top-to-bottom realisation that departmental goals must serve strategic objectives. Senior management involvement and support is of course integral to this process. This case study focuses on the implementation of the strategic planning process within the South African Reserve Bank (SARB). At the SARB strategic planning allows management to formulate, implement and evaluate strategy across the institution as a whole.

Workshop: implementing strategic change programmes
John Mendzela
Director, Mendhurst Associates

In many cases the driving forces in implementing change programmes in the central banking sector are political demands for transparency and openness and the delivery of tangible, measurable results. This session concentrates on the practical steps involved in planning and executing change in central banks and regulatory agencies. Delegates will be called on to discuss specific issues and concerns, which have arisen in their own institutions.

Key ingredients of institutional change
Speaker from Bank of England (invited)

Institutional change – for instance the addition or loss of a key function – is always painful. Any such transformation of institutional roles makes huge demands on the adaptability and flexibility of senior management. However, many central banks have shown a capacity to manage these upheavals. The speaker, from the Bank of England, discusses key issues in the leadership of institutional change in central banks.

DELIVERING CHANGE LEADERSHIP

COMMUNICATING ACHIEVEMENT



Spring 2005 Training Courses/Seminar Series

	Leadership and Strategic Management of Organisational Change in Central Banks and Regulatory Agencies 4-day intensive residential programme, 10 April- 14 April 2005 Venue: Cumberland Lodge, Windsor Course Facilitator: Peter Nicholl Governor, Central Bank of Bosnia and Herzegovina John Mendzela Director, Mendhurst Associates

	Dear Delegate, LEADERSHIP AND STRATEGIC MANAGEMENT OF ORGANISATIONAL CHANGE IN CENTRAL BANKS AND REGULATORY AGENCIES Central banks and regulatory authorities cannot avoid change. The financial markets that they participate in and supervise move too fast for them to stand still. However, many monetary and supervisory authorities face a second-level challenge: the demand by stakeholders that they re-invent themselves to take on new roles and functions. And while governors, boards and managers try and meet these demands they must continue, day-by-day, to deliver on their ongoing policy objectives, and stand ready to manage any unforeseen crisis. Meanwhile, as public-sector bodies at arm’s length from the executive, they must remain answerable to parliaments and governments, and must be accountable, cost-effective and able to meet rigorous and measurable tests of performance. Combined, these challenges put unusual, possibly unique, demands on the leaders and managers of these institutions. And where can they look for guidance? Often only to their peers, performing the same delicate balancing act in other countries. Recognising the key role of peer review and pooling of experiences, Central Banking Publications has organised an ambitious but practical training course which aims, through a combination of case studies and interactive workshops, to offer delegates a chance to step back from day-to-day pressures, pool experiences and consider together the essential management skills they need to prosper in this taxing environment. The focus throughout is on the delivery of effective management solutions, tailored to meet the needs of specific institutions. The roundtable format offers delegates maximum opportunities to learn from each other and from the world-class roster of presenters. This includes Peter Nicholl, governor of the Central Bank of Bosnia and Herzegovina, Peter Allsopp, former Head of Payment Systems at the Bank of England and John Mendzela of Mendhurst Associates. In designing this course, Central Banking is building on its well-established annual training course/seminar series held annually at Cambridge. Over the last six years, this series has attracted over 700 central bankers and financial regulators from over 95 different countries. This leadership training course/seminar is to be held in the regal setting of Cumberland Lodge, located in the heart of the famously picturesque Windsor Great Park. The course reflects the independent standing of the course sponsors, which allows and positively encourages the free and open discussion of important and sensitive issues. At the same time, the limited size of groups allows each individual to contribute fully to discussions and derive maximum benefit from participation. Also, the residential nature of the course provides ample opportunity for informal discussion outside the scheduled sessions. I look forward to welcoming you to Windsor. Yours sincerely, William Clarke, PhD, CBE Chairman, Central Banking Publications

	Sunday 10th APRIL
	Registration

	Monday 11th APRIL
	LEADERSHIP CHALLENGES FOR CENTRAL BANKS AND SUPERVISORS

	Introduction: leadership and management in the twenty-first century Peter Nicholl Governor, Central Bank of Bosnia and Herzegovina Central banks and regulatory agencies have always needed sound management and an ability to adapt to change. However, as the pace of change increases, and the environment in which these institutions operate becomes more complicated, central banks and supervisors need to evolve. Peter Nicholl here outlines some of the challenges involved, and how to meet them. In particular this session looks at relations with stakeholders, the importance of a clear legal mandate, the need for sound internal processes and, perhaps most important, the need to establish authority. Implementing and directing change in organisations Richard Pettinger Management Studies Centre, University College London Governors, presidents and top management groups need not only a clear vision but also the ability to create a strong, dynamic institutional framework for realising this vision in practice. Like all organisations, central banks and regulatory agencies need to be able to respond to political, social and economic demands. This session concentrates on the practical mechanisms to develop organisational structures, cultures, reporting relationships, career paths and work content that are suitable and effective in particular sets of circumstances. The aim must be to implement change to effect a lasting difference in the culture of the organisation. Case study: leadership of payment systems reform Peter Allsopp Former Head of Payment Systems, Bank of England Central banks enjoy a unique role in national payment systems. They are a participant in the system (along with commercial banks) but also an overseer and a guarantor. Often they are the sole representatives of the public interest. All this makes payment system reform particularly challenging, and an interesting exemplar of the need to drive the reform process, while still engaging private sector “buy in” to the design, and implementation of the reform effort. Drawing on his considerable experience of leading, advising and coordinating payment system reform, Peter Allsopp sets out why this area contains key lessons for central bank leadership in the management of relations with stakeholder. Workshop: leadership, accountability andrelationships with stakeholders Workshop led by Peter Nicholl Statutory independence increases the need for central banks and regulators to demonstrate to stakeholders that they are fulfilling their role dutifully and efficiently. Many institutions with hitherto assured and well-understood roles have found these called into question as the result of political and economic pressures. This session addresses the nature of challenges faced by leaders and senior management within the central banking and regulatory system in their relationships with stakeholders and explores responses to specific issues raised by delegates.

	Tuesday 12th APRIL
	STRATEGIC APPROACHES TO LEADING AND MANAGING

	The role and function of the governor Peter Nicholl Governor, Central Bank of Bosnia and Herzegovina Peter Nicholl draws on the first day’s discussions to examine the role of the governor. In particular: the need for sound principles of direction and management; the importance of the cultural, political and economic background; and the ability to be able to respond effectively to change. Peter Nicholl will argue that, although there are differences in the situations that he has faced, the similarities facing central bank governors in different countries far outweigh the differences. Case study: strategic management at the SARB Francois van Zyl Head of Strategic Management, South African Reserve Bank The specific legal mandate of central banks and regulatory authorities, if considered strategically, can focus the efforts of the entire organisation. However, this requires a top-to-bottom realisation that departmental goals must serve strategic objectives. Senior management involvement and support is of course integral to this process. This case study focuses on the implementation of the strategic planning process within the South African Reserve Bank (SARB). At the SARB strategic planning allows management to formulate, implement and evaluate strategy across the institution as a whole. Workshop: implementing strategic change programmes John Mendzela Director, Mendhurst Associates In many cases the driving forces in implementing change programmes in the central banking sector are political demands for transparency and openness and the delivery of tangible, measurable results. This session concentrates on the practical steps involved in planning and executing change in central banks and regulatory agencies. Delegates will be called on to discuss specific issues and concerns, which have arisen in their own institutions. Key ingredients of institutional change Speaker from Bank of England (invited) Institutional change – for instance the addition or loss of a key function – is always painful. Any such transformation of institutional roles makes huge demands on the adaptability and flexibility of senior management. However, many central banks have shown a capacity to manage these upheavals. The speaker, from the Bank of England, discusses key issues in the leadership of institutional change in central banks.

	Wednesday 13th APRIL
	DELIVERING CHANGE LEADERSHIP

	Using management information as a catalyst for change John Mendzela Without objective management data, and specific measurable targets, change management programmes fail. Conversely, the creation, use and development of management information systems, in particular those which deliver financial and budgetary information, can act as a powerful catalyst for organisational reform. In addition, better information, delivered more quickly, is a key means of communicating institutional strategy to parliamentary committees and other key stakeholder groups. And a well-designed information system enables managers throughout the organisation to discharge their functions more effectively. In addition, it enables top and senior management to identify and address problems and issues before they become serious. Case study: developing domestic financial markets Bill Allen Former Deputy Director for Financial Markets, Bank of England As key players in domestic markets, central banks are ideally placed to lead reforms in financial markets. Yet consultation, design and implementation involve considerable technical and managerial challenges. In this session, the speaker draws on his experience of advising numerous central banks in this area, to discuss the role of central banks in developing and expanding local financial markets. What are the key roles that central banks can play in this area and what does this demand of central bank leaders? Workshop session: delivering lasting change Moderated by John Mendzela Drawing on the presentations from speakers so far and the delegates’ own experience, this seminar now focuses on implementation. How can leaders communicate a clear sense of purpose and direction? How can senior managers ensure that the personnel involved in such programmes need are involved and effective.

	Thursday 14th April

	COMMUNICATING ACHIEVEMENT
	Case study: communication and the public face of the central bank Speaker to be confirmed The bewildering array of audiences that central banks face, as well as their commitment to transparency and accountability, makes effective communication of paramount importance for the effectiveness of a modern central bank or regulatory authority. However, many stakeholders will judge the institution based solely on the public face that the institution, and its governor, presents. The speaker draws on his experience as governor of a central bank to outline how central bank leaders can respond to this challenges. Leadership and executing change Workshop session This seminar concludes by addressing the specific issues raisedby delegates in the previous sessions, with a view to developing as a group a range of solutions and approaches that are practicable and feasible within the specific context of the delegates' own institutions. The purpose of this session is to review and summarise the progress made by delegates, and the key lessons learned. Attention is drawn to the need to reconcile the main drives and pressures with what is possible, and what is not possible, in particular circumstances.


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