Undertaking A Review Of Cultural Change Work Within A Lloyd’s Business To Establish Its Effectiveness
The Client’s Needs
Our client is a Lloyd’s business and had concluded it needed to change the culture of the business to become more effective. It was very aware of changes to the expected corporate and individual behaviours expected of a London market business, following significant internal reflection on the significant shift in attitudes expected by employees, customers, market participants and regulators. It had started a project of work to deliver that cultural change but needed an independent validation to help it understand how effective the change had been.
ICSR was engaged to conduct the independent validation exercise and help identify any new or additional issues that may have arisen.
ICSR undertook a full review of the work carried out, starting with interviews with the executives who had sponsored the original cultural change project. A full assessment of the objectives was then carried out, looking at how effectively the client had delivered against each specific objective. Evidence for the change having been effectively delivered was sought at every point. This included reviewing documentary evidence and seeking verbal evidence through interviews conducted with a range of staff across all levels of seniority to understand how effectively that change had been cascaded within the organisation.
ICSR deployed a director and a senior member of the Talent Pool with a particular specialism and experience leading cultural change in organisations to undertake the work.
ICSR provided the client with a detailed assessment of the client’s delivery of cultural change against each of its individual and original objectives. This report also included a number of additional recommendations to help the client understand and respond to issues that had arisen as a result of the cultural change that had started to take place.
The client is now well placed to respond to the ongoing regulatory scrutiny of culture in financial services as this continues to be a broad issue the market seeks to address.