Strategy monitoring and evaluation at K-Rep Bank Limited
Irrespective of where a strategy comes from, it is unlikely that the strategy as originally conceived will prove entirely suitable over time. Every company must be willing and ready to modify the strategy in response to changing markets conditions, advancing technology, fresh moves by competitor, shifting buyer's needs and preferences, emerging markets and new ideas. The task of evaluating performance and initiating corrective adjustments is both the end and beginning of the strategic management. The objective of the study was to establish strategy monitoring and evaluation practices at K-Rep bank and the challenges that the bank faces in strategy monitoring and evaluation. This was a case study at K-Rep bank limited. Primary data was collected through personal interview by use of interview guide with open ended questions. A total of five senior management staff were interviewed. They include head of business development, head of operation, head of finance, head of internal audit and strategist. Strategic planning at K-Rep bank is a product of numerous company personal. The strategic life cycle is five years and the objectives are broken down into per year objectives to be achieved over the five year period. Monitoring at the bank is carried at operational, functional and corporate level. Every quarter the functional heads presents their quarterly report on progress of strategy implementation to the board. Every year the bank holds a conference to review the yearly objectives which form the basis for the following year objectives. A midterm- review of the strategic plan is done in the third year of the strategic period. The major challenges in strategy monitoring and evaluation at the bank include the tool, unclear performance measures and the process of strategy monitoring and evaluation not given the weight it deserves.Recommendations of the study is for the bank to invest in information technology in order to improve on strategy monitoring and evaluation and strategy management be assigned to a senior manager who is independent of a function to manage the strategy of the bank from end to end.