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Turnaround Leadership Services

Successful banks and credit unions experience constant change in order to remain competitive.  Keeping technology current in support of business objectives is an ongoing challenge.  Technology departments are charged with balancing production operations (“run the business”) with new technology investments (“change the business”).  Over time, it is not uncommon to discover gaps between modern technologies and those being utilized within an organization’s technology portfolio.  Sometimes it becomes evident that the entire technology organization requires a transformation along with the technology portfolio.

Fractional CTO

Turnaround situations carry high levels of risk.  However, the immediate and long-term value potential is also very high.  Effective IT transformation requires these key business foundations:

  • The organization needs to have a clear and achievable business strategy.

  • The senior executives need to be open to a variety of technology delivery and support models.

  • Timeframes for expected IT changes and value achievement must to be realistic.

  • The organization needs to adopt service-oriented metrics and objectives for IT transformation.

The foundations above enable effective CIOs and CTOs to transform IT organizations into service-oriented cultures.  Doing so paves the way for accelerated digital transformations that deliver improved services to both employees and customers/members. 

Teremark partners have lead organizations through many turnaround situations.  Based on our experience, we've developed a proven methodology for transforming technology organizations while mitigating residual business risks:

Initial Phase

  • Situational assessment of mission, objectives, technology strengths, and opportunities

  • Identification of potential quick wins where Teremark experience can add value

  • Establishing IT culture change to align with core values and company mission

  • Establishing service-oriented IT objectives, metrics, and processes

  • Establishing IT financial processes for budgeting and tracking of approved spend

  • Focusing on IT customer service using specific feedback methods and scoring

  • Delivery of a restructuring plan for an optimized, service-oriented IT organization

  • Establishment of governance processes for project prioritization, technology governance, and regulatory/audit support

  • Partnering with the HR organization to establish employee rewards and programs to retain top talent

  • Ongoing reviews of transformational effectiveness with the CEO and senior executive team

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Post – Restructuring Phase

  • Establishment of 3-year to 5-year technology roadmaps that effectively enable the business strategy

  • Ease the transition to an Interim CIO/CTO or assist in sourcing a permanent hire

Fractional CIO

Service Engagement Options

Successful leadership of an effective turnaround typically requires that the CIO/CTO be physically in the office and dedicated to the current client, preferably on retainer.

  • Onsite Engagement:  Full-time for 12 – 24 months as CIO or CTO

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Benefits of Teremark Turnaround Leadership Services

  • You have immediate access to technology leaders who have successfully navigated the turnaround process at other banks or credit unions.  You benefit from previous successes, challenges, and lessons learned.

  • We leverage decades of experience to ensure that the technology organization continues to support business operations in the midst of being transformed.

  • You will have the ability to predict outcomes regarding technological, financial, and personnel decisions, based on our collective experience.

  • You will accelerate the change to a modern technology organization and a service-oriented IT culture.

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