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Q: HOW DO YOU APPROACH agility within the organization, where Q: HOW DO YOU ENSURE THAT YOUR comfortable sharing their insights and help to provide non traditional financial
STRATEGIC DECISION-MAKING, teams are empowered to act quickly DECISIONS ARE DATA-DRIVEN concerns. Regularly seek feedback solutions.
PARTICULARLY IN THE FACE and adapt to changing circumstances. WHILE ALSO CONSIDERING from team members and consider
OF MARKET VOLATILITY OR This requires clear communication QUALITATIVE FACTORS SUCH AS their perspectives when making Regulatory compliance is a critical
ECONOMIC UNCERTAINTY? channels and delegation of authority EMPLOYEE MORALE OR BRAND decisions. This inclusive approach not aspect of the financial sector. Staying
Strategic decision-making is to those closest to the critical REPUTATION? only ensures that qualitative factors compliant with
a crucial process for any organization, information. All of our decisions have multiple are considered but also enhances ever-evolving regulations requires
especially in times of market volatility angels. Though we do not identify employee morale and engagement. meticulous planning and adaptation.
and economic uncertainty. Navigating 4. Stakeholder Engagement as formal decision making even Hence proactive compliance
these challenging requires a well- Maintain open lines of communication • Regularly Review and Adjust management to monitor regulatory
thought-out approach that balances with key stakeholders, including purchasing of a simple pair of shoes Continuously monitor the impact of developments and ensure adherence.
caution with opportunity. employees, investors, and customers. to a book to an expensive piece of your decisions and be prepared to It includes staying informed about new
Keeping stakeholders informed about jewelry works through a combination adjust your strategies as needed. Use regulations, conducting regular audits,
1. Know the market, know the the organization's strategies and of data and qualitative factors from data to track progress and identify and implementing necessary changes
competition, know yourself price, brand, design, personal likes,
To make informed decisions, it's vital actions can build trust and foster choice etc. areas for improvement, while also promptly. Engaging with regulators
to know the landscape in which you collaboration. considering qualitative feedback to also demonstrates a commitment
operate. Though it sounds obvious it is 5. Focus on Core Competencies Similarly organizational decision understand the broader implications. to compliance and fosters a positive
often underestimated and disregarded. Diversification is often said as a way making requires a balanced This iterative process ensures that relationship with oversight bodies.
Understanding the business landscape of mitigating risks. While diversifying approach. This balance is achieved your decisions remain aligned with This also involves using technology
along with competitor behavior and is important it is important to be by integrating quantitative metrics both quantitative goals and qualitative to facilitate risk management which
the organization’s own strengths will focused on the core strengths and with qualitative insights to form a values. will not only adhere to regulatory
enable to better navigate through competencies of the organization in comprehensive decision-making frameworks but also safeguard the
challenging times. framework. By integrating data-driven insights with
doing this. During volatile periods, qualitative considerations, you can customers and save the institution
it's important to stay true to what the make more balanced and effective of losses. Customer expectations in
2. What If? • Create Cross-Functional Teams
Organizations make plans and organization does best while exploring Assemble teams that bring together decisions that support the overall well- the financial sector are continually
forecasts every year and review them ways to innovate and improve. As an diverse perspectives from different being and success of the organization. evolving, driven by advancements
monthly / quarterly. It is often at the example we saw how organizations departments, such as Sales, Finance, in technology and changing market
review stage that most organizations that had expertise and infrastructure HR, marketing, and operations. This Q: THE FINANCIAL SECTOR IS dynamics. To stay competitive,
consider the changes that have taken in delivery service thriving during collaboration ensures that decisions CONSTANTLY EVOLVING, HOW organizations must prioritize customer
place to the environment and adjust initial weeks/ months of COVID by are made with a comprehensive CAN AN ORGANIZATION STAY experience by providing personalized
the plans if significant changes have diversifying into delivering essential view, considering both hard data and RELEVANT AND COMPETITIVE solutions/services that will enhance
taken place. However I believe in food items. qualitative factors. It is important not AMIDST REGULATORY CHANGES customer satisfaction and loyalty,
having a few “what if” scenarios at 6. Leveraging Technology to segregate between front end and AND TECHNOLOGICAL leading to long-term relationships.
the planning stage to know where Utilize technology to enhance decision- back office and align everyone towards ADVANCEMENTS? Customers look for seamless and
the year’s journey would lead. This making processes is important one goal. integrated banking experience across
approach allows for flexibility and specially in volatile situations. While every organization has multiple multiple channels that ensures
ensures that the organization is not Advanced analytics, AI, and machine • Use Balanced Scorecards and factors that affect them financial convenience, accessibility and
caught off guard by unexpected learning can provide deeper insights 360-degree review / appraisal system sector is subject to extensive safety. For example one declined/
developments. Implement balanced scorecards to regulatory supervision and continuous
into market trends and help predict measure performance across multiple technological changes. With the rejected transaction is adequate for
potential future scenarios. Technology dimensions. This tool combines constant flux of regulatory changes the customer to change the banking
3. Agile Decision-Making
This is connected to the previous point can also streamline operations financial metrics with non-financial and technological advancements, partner. Hence a smooth onboarding,
on scenario planning. While multiple and improve efficiency, allowing indicators, such as employee organizations must adopt proactive transacting, and engagement process
scenarios can be planned at the the organization to respond more engagement and customer loyalty. By and strategic approaches to remain is essential.
beginning of the year / planning cycle effectively to changes. Technology monitoring these diverse metrics, relevant and competitive.
there is always unplanned events that helps the organizations to become an organization can ensure
could happen. For example no one agile and be able to adapt and change that decisions support both the Embracing Innovation and Technology:
globally anticipated COVID and most faster. organization's financial health and As much as continuous advancement
in Sri Lanka didn’t anticipate the level By adopting these strategies, its qualitative objectives. Further in technology is a challenge embracing
on Economic and Political turmoil that organizations can navigate market the measurement should be around Innovation and Technology is also the
took place a few year back. In all of volatility and economic uncertainty a 360 - degree approach enabling key factor to stay ahead in the game.
those situations those organizations with greater confidence and resilience. peer reviews, subordinate reviews in Collaborations with key partners is
that acted fasted were able to stay addition to usual superior reviews. important. At times it is important to
afloat in the rough waters. It is not collaborate with those who seemingly
necessarily the perfect solution but • Encourage Open Communication appear to be competition. For example
fastest and the most agile that will Foster a culture of open a bank could perceive a Fintech as
win the game. Encourage a culture of communication where employees feel a competition or a partner that can

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