Designed to help financial services organizations build and implement the strategic management framework known as the balanced scorecard, Creating a Balanced Scorecard for a Financial Services Organization is the book you need to ensure accountability, transparency, and risk management in your enterprise. The financial crisis revealed the many shortcomings of the industry, but with this book in hand you can make the most of the mistakes of the past to build a better, stronger business that balances both short- and long-term goals.
Rich in the latest theoretical thinking and incorporating case studies that show the balanced scorecard system in action, the book covers both financial and non-financial performance perspectives in one comprehensive volume. Written by two leading practitioners with years of real-life experience, the book is the definitive step-by-step guide to implementing the balanced scorecard throughout your organization, aligning your whole business with your strategic goals.
Accessible and in-depth, Creating a Balanced Scorecard for a Financial Services Organization is the book you need to improve your business.
In 1995, Naresh was the first consultant in Asia to implement Balanced Scorecard with Management Cockpit following in 1999. Since then he has implemented over 100 Balanced Scorecards in over 20 industries across 10 countries on three continents.
He has implemented Balanced Scorecard for over 18 organizations in financial services in Asia including government ministries, deposit insurance agencies, development banks, private and state banks, insurance companies, finance companies and stock clearing agencies.
He has been educated in Asia, Europe and USA.
James Creelman is a management author, educator and practitioner specializing in the Balanced Scorecard and related Enterprise Performance Management disciplines. He had written 22 books or reports including More with Less: Maximizing Value in the Public Sector, which he coauthored with Bernard Marr; and Mastering Business in Asia: Succeeding with the Balanced Scorecard, which he coauthored with Naresh Makhijani.
James leads Balanced Scoredcard-related workshops and seminars throughout the world. He is presently working within the office of strategy management at the Ministry of Works, Bahrain.
CHAPTER 2: DESCRIBING THE BALANCED SCORECARD.
Executive Summary.
Introduction.
The Scorecard's Origins.
A Balanced Measurement System.
The Emergence of the Strategy Map.
The Strategy-Focused Organization.
Enterprisewide Alignment.
Creating a Board Scorecard System.
The Office of Strategy Management.
The Execution Premium Model.
Conclusion.
CHAPTER 3: THE BALANCED SCORECARD AND RISK MANAGEMENT.
Executive Summary.
Introduction.
Linking Strategy Management with Risk Management: a History.
Strategic Risk Management: the New Core Competency.
Risk-Based Performance.
A Risk-Balanced Scorecard.
The Five Principles of SRM.
Conclusion.
CHAPTER 4: BUILDING A STRATEGY MAP.
Executive Summary.
Introduction.
Start with the Strategy.
Senior Management Must Own the Strategy Map.
Strategy Clarification.
The Use of External Facilitation.
Creating Objectives.
Strategic Themes.
Risk-Balanced Scorecard.
Value Creation Map.
Risk Map.
Conclusion.
CHAPTER 5: SELECTING METRICS AND TARGETS.
Executive Summary.
Introduction.
The Critical Few Measures.
Key Performance Questions.
KPIs.
Common Definitions.
Key Risk Indicators.
A Risk Scorecard.
Selecting Targets.
Comparative Performance Goals.
Conclusion.
Self-Assessment Checklist.
CHAPTER 6: SELECTING INITIATIVES.
Executive Summary.
Introduction.
Organizational Awareness of the Importance of Initiatives.
The Challenges of Selecting Initiatives.
Linkage to the Strategy Map.
Stratex.
Initiative Prioritization.
Conclusion.
CHAPTER 7: CASCADING THE BALANCED SCORECARD: THE STRUCTURAL CHALLENGES.
Executive Summary.
Introduction.
Strategic Line-of-Sight.
Mandated Objectives and Measures.
An Ideal Scorecard Cascade.
Scorecard Pilots.
A Hybrid IT Strategy Map: the Case of the Bank of England.
To Cascade or Not to Cascade?
Conclusion.
CHAPTER 8: CASCADING THE BALANCED SCORECARD: THE CULTURAL CHALLENGES.
Executive Summary.
Introduction.
Transparency and Accountability.
Fear of Measurement.
A Major Change Effort.
Senior Management Behavior.
Local Champions.
Communications.
Conclusion.
CHAPTER 9: INDIVIDUAL PERFORMANCE APPRAISAL AND INCENTIVE COMPENSATION.
Executive Summary.
Introduction.
Personal Scorecards.
Arguments Against the Personal Scorecard.
Truncated Personal Scorecards.
Competency Development.
Personal Scorecards for the Senior Team.
Linking Performance to Pay.
The Arguments Against Making the Link.
Making the Choice.
Conclusion.
CHAPTER 10: GETTING THE BEST FROM SOFTWARE.
Executive Summary.
Introduction.
The Benefits of Automation.
What Software Cannot Do.
Certified Vendors.
Criteria for Choosing Software.
Advanced Performance Institute Software Selection Criteria.
Developing an IT Strategy.
Strategy and Risk Management.
Conclusion.
CHAPTER 11: ALIGNING BUDGETING AND PLANNING WITH STRATEGY THROUGH THE BALANCED SCORECARD.
Executive Summary.
Introduction.
The Shortcomings of the Budget.
Out of Step With Strategy.
The Scorecard Driving the Budget.
Devolved Responsibility.
Alternatives to Conventional Budgeting.
Reporting Risk.
Stratex.
Conclusion.
CHAPTER 12: CONCLUSION AND ACTION ROADMAP.
Executive Summary.
Part One: The Future of the Balanced Scorecard Within Financial Services Organizations.
Introduction.
Learning from Past Mistakes: Balancing Strategic Goals with Risk Management.
Better Board Oversight in the Future.
Part Two: Action-Oriented Roadmap.
Parting Remarks.
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