In current scenario, management of process, system and project is a critical task. Organizations follow different tools and techniques to manage their business strategies, improve quality and performance. In retail banking, various procedures are used by the firms to ensure the alignment between the objectives and performance. Banking firms formulate different contingency planning and procedure to ensure a smooth flow of returns for the stakeholders. It is observed that during 2009, economic recession had impacted the performance of some well known banks that influenced their market image also (Bank of America, Annual Report 2009). In retail banking, risk management practices followed by the firms matter a lot at the time of contingent situations like, economic slowdown.
At the same time, it has been observed that some banking firms have organized themselves effectively even during adverse conditions and tried their best to come over from the clutch of economic downturn. In order to remain competitive during the tough conditions like recession, it is essential for the organizations to strengthen their management practices for managing process, systems and projects. Bank of America is selected for the discussion of process, systems and projects. The bank is the largest lender in the U.S This bank has strong relationships with around 1000 fortune companies. Bank of America offers finest financial services in the world (Bank of America, 2011). Bank of America uses effective risk management practices to manage its systems, process and projects successfully.
In 2009, the bank has introduced clarity programs, deposit customer assistance program and simplified its overdraft policies to manage the systems in a smooth manner (Bank of America, Annual Report 2009). Banking and liquidity management of this bank is also good that supports it to fulfill the expectations of all stakeholders like, clients, communities and shareholders. The bank has modified home loan and credit card to help the families during tough times. The organization is known for its business ethics of doing right things even during critical situations. Four sections will be conducted for assessing process, systems and projects management of Bank of America. In first section, analysis of strategic context, principal strategies and quality and improvement will be conducted. In next section, course of action to address the issue and justification for that course of action will be discussed. In third section, implementation and impact will be discussed. In final section, implications of implemented plans will be described.
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Bank of America. (Annual Report 2009) [Online]. Available At: http://media.corporate-ir.net/media_files/irol/71/71595/reports/2009_AR.pdf [Accessed: 12th January 2011]
Bank of America. (2011) [Online]. Available At: https://www.bankofamerica.com/ [Accessed: 12th January 2011]