CASE STUDY: US FEDERAL RESERVE

In 2012, the US Federal Reserve System was at an inflection point. With stakeholders that varied widely, from school teachers to micro- and macroeconomists and world governments, mission-critical needs were becoming increasingly complex. With emerging technology positioned to meet needs using real-time digital experiences, each Federal Reserve district worked independently to innovate their digital experience solutions. The resulting fragmentation was rapidly increasing System costs and cybersecurity risks. A transformational paradigm as needed to operate effectively in the public trust, but several challenges were apparent.

• Stakeholder experience and technology needs varied across districts, each with its own business and technology architecture

• Any national transformation required a consensus proposal endorsed by business and technology executives across 12 autonomous Federal Reserve districts; National IT executive leadership, national stakeholder groups, and System governance committees, including the Federal Reserve Board of Governors

• A dedicated strategic function and methodology was required to establish a shared planning methodology and lead visioning and development of a new solution architecture, governance model, transformation roadmap, and stakeholder engagement strategies, including key technology vendors and partners

Cherie was tapped as the System's first National Technology Strategist to expedite a strategic transformation program, which successfully achieved the following outcomes over a five-year period:

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• Jan 2013: Leveraged best practices in futurism to form a strategic assessment model to examine the potential scope of transformation, including: environmental scans, trend analysis, risk and capabilities forecasting, and consultation with field researchers on critical capabilities

• Feb 2013:  A widely publicized hacking event validated emerging risk forecasts and was leveraged to bolster stakeholder advocacy and promote calls for System-level governance

• May 2013: After six months of stakeholder facilitation, coaching and advisory, a cross-functional vision, strategic plan, maturity model, and roadmap were approved with unprecedented first-round consensus from System governance groups and district leadership

• Sept 2013: A procurement model was approved with prioritization criteria and measures ensuring alignment with strategic goals

• May 2014: Within one year, a transformational solution stack, investment strategy and 3-year transformation timeline were approved by the Federal Reserve Board of Governors

• Dec 2014: Ahead of transformation, advisory roles were secured with key software partners via Advisory Board Membership to guide the emerging technology roadmaps

• 2015: Upon launch the transformation program surpassed target adoption goals, achieving 96% adoption of the national architecture (up from just 26% adoption of national services in 2012)

• 2018: The strategic transformation program concluded after five years of coordinated effort by hundreds of FRS professionals over hundreds of thousands of hours

• 2019- Present: The program has continued to be championed in stakeholder surveys for setting a new standard for effectiveness in System strategic planning and technology thought leadership