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MISMO Strategic Plan

MISMO Winter 2014 Summit. MISMO Strategic Plan. Randy Gillis SVP, Black Knight Financial Services January 13, 2014. The MISMO Winter 2014 Summit Education Program is sponsored by:. The Need for Ongoing Change. Demands are increasing as MISMO goes mainstream

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MISMO Strategic Plan

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  1. MISMO Winter 2014 Summit MISMO Strategic Plan Randy Gillis SVP, Black Knight Financial Services January 13, 2014 The MISMO Winter 2014 Summit Education Program is sponsored by:

  2. The Need for Ongoing Change • Demands are increasing as MISMO goes mainstream • Changes are needed to keep pace with demands • Complete reliance on volunteers restricts scope of opportunities • Need to broaden subscriber base in scope and representation • New MISMO value opportunities • Emphasize priorities and transformational management

  3. Critical Success Factors for Strategic Planning • This Strategic Plan is based upon three pillars • Being “The Industry Standard” • Financial Responsibility • Volunteer Contributor Support and Recognition • Plan must be managed closely to support transformational management • Managed change to goals, strategies, P&Ps, By-laws, Organizations, etc. • All pillars must be aligned • The Strategic Plan development process must evolve • Attain greater input into the Plan from a broad array MISMO constituents • Ensure traceability of strategy considerations • The Strategic planning communication process must evolve • Align strategic planning process with the MISMO budget and financial calendar • The Strategic Plan must lay the foundation for the future of MISMO • Organizational improvements • Planning and execution capabilities (e.g., release planning) • Driving revenue before expense • Improving communications with stakeholders and contributors

  4. Strategic Plan: Being “The Industry Standard” Be known as THE standards organization for the mortgage industry through the timely development of high quality and comprehensive standards that are developed in a voluntary, consensus process that is inclusive of the diverse perspectives of the mortgage industry throughout the life of a mortgage. • Continuously maintain and enhance the value of MISMO work products • Define and emphasize delivery priorities such as quality, consistency, timeliness, predictability and responsiveness to regulatory requirements • Provide MISMO staff to execute on Core Data Structures (CDS), Architecture Workgroup (AWG) decisions, release schedule management and communications • Expand industry adoption of MISMO standards and work products • Investigate development of new tools and work products to increase subscriber value and encourage adoption • Continue to develop and enhance MISMO Education programs • Complete development of and roll out MISMO Software Compliance Program • Proactively manage and build relationships with partners and stakeholders in a transparent manner • Encourage diverse participation in all aspects of MISMO • Bring in new volunteers and members • Direct efforts to retain existing volunteers • Provide effective communications vehicles for constituents to obtain information about MISMO work products or actual work products

  5. Strategic Plan: Financial Responsibility Create a sustainable model where annual revenue more than pays for the required resources to maintain and grow the services that MISMO offers to subscribers and the industry as a whole. • Understand the level of funding required to achieve MISMO goals • Continually analyze operational and forecast expenses • Increase existing revenue streams to the level required to fund operational and strategic investment activities of the organization • Substantially increase subscription revenues • Increase MISMO Summit Registration revenues • Expand sponsorship opportunities and revenues • Make strategic investments in new programs to generate additional revenues • Develop and provide a full education curriculum • Complete development and roll out of MISMO software compliance program • Develop certification program for individuals and corporations • Invest in tools and communications vehicles to operate efficiently and communicate with industry • Invest in tools to aid in development, usability, and accessibility of work products • Expand and enhance MISMO communications and information exchange tools • Invest in professional staff and/or outsourcing to operate MISMO in a cost effective manner • Rely upon volunteer and donated resources where appropriate

  6. Strategic Plan: Contributor Support Create an organization that effectively attracts, develops, retains, thanks, and receives input from a wide variety of talented individuals who will contribute their knowledge, skills and time to the development of high quality, voluntary, consensus standards for the mortgage industry. • Increase the level of operational support provided to volunteers to enable them to contribute effectively to MISMO. • Continually evaluate the areas where additional MISMO staff support is needed • Evaluate the need for new tool(s) to improve the standards manufacturing process and ease burden on Contributors • Evaluate where enhancements to MISMO communications vehicles might facilitate Contributor activities • Expand the number and breadth of individuals who contribute to MISMO • Develop a process that identifies the need for specific knowledge/skills and supports recruitment • Enhance outreach activities to encourage potential contributors to participate in various MISMO activities • Develop mechanisms to enable individuals to develop their MISMO knowledge and skills while providing leadership opportunities within the organization for those who express an interest. • Provide orientation and mentoring opportunities for new participants • Provide detailed education pertinent to the activities that new participants are engaged in (e.g. standards development, etc) • Encourage the rotation of roles and succession planning to permit new contributors to obtain MISMO knowledge and skills while retaining the guidance of those with more experience • Establish a Volunteer Recognition Program • Develop mechanisms to identify extraordinary contributions by individuals • Develop mechanisms to identify long-term contributions to the organization • Develop programs that appropriately recognize the contributions of individuals to the organization • Develop a communications plan that facilitates the identification and elevation of new ideas from across MISMO while also effectively communicating decisions across the organization and industry • Develop a program to facilitate communications and encourage participants to share ideas • Enhance mechanisms to communicate decisions across the organization and the industry

  7. Final Comments and Next Steps • Several initiatives are already underway related to the three pillars • Discussions are on-going related to: • Expanded MISMO staff support • Work product management • Tools and processes • E-mail your ideas for MISMO to info@mismo.org with the subject header: MISMO Future State Idea

  8. Questions? Randy Gillis Black Knight Financial Services Randy.Gillis@lpsvcs.com

  9. Thank You to our 2014 Winter Summit Primary Event Sponsor

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