Practice shows that organizations in heavily regulated industries at present are not able to play like an orchestra, let alone to play like a jazz ensemble. The complexity they are dealing with is too overwhelming.
They are not able any more to integrate new regulations and frequent changes in regulation successfully in their environment. There is no robust and resilient alignment between regulation, business motivation, operation and evaluation. They are faced with a cacophony of sounds of ad hoc trials and of advices about what to do. Nothing really works. It is time to try something different.
Managing and executing Governance, Risk and Compliance in the 21st century requires much of the talents of a Jazz ensemble. However, contemporary organizations try to be more like an orchestra. An orchestra is a streamlined machine that practices the execution of a well-defined piece of work and expels all ambiguity. It doesn’t like continuous change and certainly not unforeseen change. In Jazz, like in the real world of financial services, there is always room for ambiguity and flexibility. It is in fact the nutrient for customer centricity, operational excellence and uniqueness.
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Published in 2013.