Monique Beedles - Teak Yew - Aligning business frameworks with industry standards

ASSET MANAGEMENT

1

Aligning Business Frameworks with

Industry Standards

Dr Monique Beedles Principal Strategy Advisor

© 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.

TEAKYEW

ALIGNING BUSINESS FRAMEWORKS

with INDUSTRY STANDARDS

2

Dr Monique Beedles

•Managing Director of Teak Yew, advising on

business growth, since 2004.

•PhD in Corporate Strategy

•Extensive experience in asset intensive

industries including mining, manufacturing,

healthcare systems and port operations.

•Winner of the St George Bank FEW Harvard

International Scholarship and attended Harvard

Business School in 2012.




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Overview

1. Why should you align with industry standards?

2. Which standards are relevant for you?

3. What are your business frameworks?

4. How can you undertake an alignment process?


© 2012 Dr Monique Beedles. Presentation Title Xxxxx, presented to Xxxx, DD Month YYYY.

4

Why should you align with industry standards?


with INDUSTRY STANDARDS?

5

Risk Strategy

Compliance Policy

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE

Adapted from: Tricker, R. I. 1994. International Corporate Governance:

Text, Readings & Cases. Prentice Hall. Sydney.


Tricker’s model for

Corporate Governance

WHY SHOULD YOU ALIGN

with INDUSTRY STANDARDS?

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Reduce insurance premiums.

Improve investor

confidence.

Differentiate from competitors.

Meet client requirements

Comply with legal or regulatory requirements.

Benchmark performance

and plan for improvement.

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE

Risk

Compliance

Strategy

Policy



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Which standards are relevant for you?

WHICH STANDARDS are

RELEVANT FOR YOU?

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Relevant Standards

•Particular to your industry and may be set

by professional bodies

•Embedded in legislation or regulation

•Australian standards for your product or

service type

•International standards for products,

services or systems


WHICH STANDARDS are

RELEVANT FOR YOU?

9

ISO 31000 Risk Management

?

Australian Auditing Standards

ISO 55000: Asset

Management

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE



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What are your business frameworks?

WHAT are YOUR

BUSINESS FRAMEWORKS?

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Typical Business Frameworks

•Organisational /Management Structure

•Business Plans (Strategic, Corporate,

Operational)

•Corporate Policies

•Management Systems

•Professional development frameworks

•Reporting protocols

•Communication/ Document management


WHAT are YOUR

BUSINESS FRAMEWORKS?

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Annual Report

Sharemarket

Updates

Stakeholder Map

Strategic Plan

Policies & Procedures

Compliance Reports

Asset Management Plans

Performance reports

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE


Example artefacts


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How can you undertake an alignment process?

HOW CAN YOU UNDERTAKE an

ALIGNMENT PROCESS?

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Establish external requirements

Consult Stakeholders

Define Strategic

Objectives

Resolve conflicts between external & internal requirements

Determine internal requirements

Align internal frameworks

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE


Examples

Proposed Process

• Define Strategic Objectives

• Establish external requirements

• Programmed rollout of aligned Business Frameworks

• Communicate proposed changes to stakeholders

• Receive feedback & refine

• Review current Business Frameworks

• Design proposed solution

• Stakeholder map • Stakeholder

engagement plan • Stakeholder

engagement activities

SCOPE

ENGAGE

DESIGN

COMMUNICATE

IMPLEMENT


Example Process

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Corporate Objectives

Vision & Values

Business Plans

Strategic Asset

Management Plan

Asset Management

Policy

Asset Management

Principles

Asset Lifecycle

Management

Asset Management

Systems


Example overview of

Business Frameworks

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Corporate Objectives

Vision & Values

Business Plans

Strategic Asset

Management Plan

Asset Management

Policy

Asset Management

Principles

Asset Lifecycle

Management

Asset Management

Systems

Set by the board

in consultation

with CEO &

Executive Developed by

Executive with

reporting back to

board

As per

industry

standards

Developed & implemented by Asset

Management Professionals



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Pitfalls to avoid

•Understand that not everything can align.

Build in flexibility.

•Do not leave change management as an after- thought.

Embed this into the process from day one.

• Do not introduce too much complexity.

Your alignment should be based around a simple framework that everyone can internalise.

•. You cannot have alignment if you work in isolation. Communication with key stakeholders is essential.




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Risk Strategy

Compliance Policy

INTERNAL

EXTERNAL

PA

ST

& P

RE

SE

NT

FU

TU

RE

Adapted from: Tricker, R. I. 1994. International Corporate Governance:

Text, Readings & Cases. Prentice Hall. Sydney.


THANKYOU

Teak Yew Pty Ltd ABN 42 115 487 388

GPO Box 414 Brisbane Queensland 4001 Australia

Telephone +61 7 3041 1334 Email [email protected]

Twitter @mbeedles teakyew.com

20 © 2013 Teak Yew. Aligning Business Frameworks with Industry Standards, 04 December 2013.