This case study shows how insurance and financial services company MassMutual has better aligned its strategy, planning and risk processes for improved governance and performance.
To achieve this it developed and operationalised its strategic planning framework, which is detailed in this practical guide.
Although no corporation with over 10,000 world-wide employees can effectively deploy a strategic planning process where all voices are heard, MassMutual’s framework supports a culture of knowledge sharing, transparency and communication to help the organisation to become more strategically agile and aligned.
The step-by-step implementation process shows how MassMutual operationalised its framework:
- Step one: Evaluate business intelligence
- Step two: Refine strategic purpose and vision
- Step three: Define goals and aspirations
- Step four: Determine strategic priorities
- Step five: Identify critical initiatives
- Step six: Integrate projects, plans, budgets
- Step seven: Monitor critical initiatives
- Step eight: Assess strategic performance
Regardless of the approach an organisation takes to provide effective governance in today’s complex global economy, management accountants have an important role to play – by looking at external factors; aligning functions to smooth the planning process; and ensuring the strategic planning framework has the resilience and flexibility to deal with change.