Organisational Transformation

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Context

After the political storm in a CEE country, it was a strong request from the civil society to reform state institutions to deliver better social functions and public services. The parliament appointed the new Governor of the Central bank with an intensive reform agenda in the financial sector, including the transformation of the CB to a modern and more effective institution in core functions and decision-making.

Problem

The central bank was an oversized ineffective institution that hardly coped with political and financial market turbulences. It hardly performed its core functions in monetary policy and financial stability due to inefficient processes and heavy structure with many non-core functions on board. Previous institutional capacity-building projects failed due to the absence of a reform agenda, political will, and competences inside.

What we did

01
Initiated central bank internal transformation program
02
Developed functional organizational structure
03
Increased number of hierarchy levels
04
Proposed and approved changes to the legislation
05
Removed or transformed branches of a regional network
06
Introduced project management standards
07
Initiated non-core functions withdrawal project

Results achieved

01
Increased institutional capacity of the institution
02
Functions centralized, branch network reorganized, withdrawal of non-core functions done - focus on key functions achieved
03
Decision making process changed, 10 committees set up
04
60% of staff released in 2 years
05
Eq.USD 300 mln of budget saved in 3 years
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