Assignment:
The government has mandated that a number of formal lessons learned meetings be conducted and documented for public use. In addition to documented lessons learned, action plans should be created that could be used by other banks that experience the same financial situation that FPB has experienced. Use the Library, Internet, and other reliable and valid resources to create a proposal that will be delivered to the Vice President (VP) of Organizational Change Management (OCM).
The proposal should document the people and the systems that were in place that contributed to FPB's failure. You are to conduct an analysis of lessons learned and make recommendations along with action plans that can be used by financial institutions.
My manager believes that the biggest part of the problem was in the lack of good leadership practices at the time of the incident. Assume that there was an assessment done and your manager is correct. It is discovered that the leadership style most practiced and accepted as norm at the time was authoritarian.
Scenario:
My organization, Fourth Pacific Bank (FPB) has decided to make some major changes in their business operations. They have had some serious problems lately with public relations as a result of all the bad debt that they have produced and the impact that has had on consumers and the economy in general. After conducting some analysis, a gap was discovered in their lending practices.
FPB recently found a public relations firm that they think will help find the answers to their current and future potential problems. After conducting due diligence over a few months they have discovered that this firm can help them and can perhaps even save FPB’s business relative to the current crisis. They are the most likely to fix the cause of the problem and put practices into place to monitor and prevent any similar future occurrences.
Question 1: How would leadership style affect a company in a way that could allow a problem such as a financial crisis to occur?
Question 2: What changes can be made to this financial organization to avoid problems such as this in the future?
Create a proposal that other organizations could use to prevent future financial crisis. The proposal should include the following.
Question 3: Description of the lessons learned. This should be based on a comparison of the current leadership style to others that might have led to different outcomes.
Question 4: Description of what this banking organization should do to be more effective in the future.
Question 5: Description of the challenges that could be faced with the changes that are recommended.
Question 6: Make a final recommendation on what the company should do to move forward. Create an action plan based on your research.