Conclusion 5

The Bank adopted good practice programme management, adapting its approach for different stages and implementation challenges. To reduce delivery risk, implementation was organised as a sequence of ‘transition’ states, each capable of delivering benefits and operating independently in the longer term if required. As the programme moved into delivery, oversight shifted from the NED-led RTGS Renewal Committee to an executive-led Renewal Executive Board, which included the Chief Operating Officer to support commercial management. The programme underwent four ‘replans’ in response to internal and external circumstances, involving a review of programme scope, timelines and costs, and consultation with industry for each. The Bank used these replans to strengthen its focus on delivery. For example, during the first replan, the Bank revised the programme’s scope to focus on delivery of the core new system, moving some planned enhancements to after the launch for further industry consultation. The Bank assigned a high priority to the programme, recognising that it could affect its other work, and had to actively 3 manage dependencies throughout delivery. A mix of internal assurance from the programme and the Bank’s risk directorate, alongside external assurance, helped it to identify and manage risks and interdependencies.