Project Change, Risk and Opportunities Management: Integration Plan

This project report analyzes the merger of Northern Bank and Southern Bank, focusing on the integration plan and its impact on stakeholders. The report details the strategic approach, including SWOT and SMART analyses, and the challenges encountered, such as cultural differences and resistance to change. It examines stakeholder analysis, power-interest evaluations, and communication plans. The project reviews the decisions made regarding HR practices, employee layoffs, product portfolios, loan approval processes, IT systems, and the branch network. The report also discusses the governance framework, benefits of governance, and lessons learned during the integration process, providing recommendations for improvement. The report highlights the internal and external drivers of the merger and the key risks associated with the integration plan. It includes a detailed stakeholder analysis, outlining the influence networks and communication plans used to manage the merger's stakeholders. The report concludes with recommendations based on the challenges faced and lessons learned throughout the six-month integration period.

Project Change, Risks and Opportunities Management 1
Project Change, Risk and Opportunities Management
Student’s Name
Professor’s Name
Course Name
Date

Project Change, Risks and Opportunities Management 2
Table of Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................4
Merger strategy................................................................................................................................4
Integration plan............................................................................................................................5
Strategic Approach.......................................................................................................................6
Cultural difference.......................................................................................................................7
Resistance to change....................................................................................................................8
Stakeholder analysis........................................................................................................................9
Power interest evaluation.............................................................................................................9
Stakeholder influence network...................................................................................................10
Stakeholder communication plan...............................................................................................10
Stakeholder management plan...................................................................................................12
Governance framework and value creation...................................................................................13
Benefits of governances.............................................................................................................13
Corporate governance................................................................................................................14
Project governance.....................................................................................................................15
Lessons learned and recommendations.........................................................................................16
References......................................................................................................................................19

Project Change, Risks and Opportunities Management 3
Executive Summary
A merger between the Northern Bank and Southern Bank was conducted. The merger
was accompanied by integration plan that included employees and managers lay off, replacement
of HR practices, creation of branch network, slight adjustment of product portfolio, replacement
of loan approval process, replacing IT system, changing the bank name to NS Bank. It was
planned that all these changes should be completed within a period of six months (Between 6
November and 22 December). The purpose of integration plan was to harmonize the operations
of the two banks in the most profitable way possible. SMART analysis was done to determine on
whether to retain, replace or rationalize the nine proposed decisions. All the elements of each
decision factor were rated and the total rating was obtained. The decision with more ratings was
chosen. After making decisions, the integration commenced and the stakeholder reactions and
behaviors were monitored through the six-month period. The reaction was measured in terms of
their communication behaviors and their participation. The report will explore the strengths,
weaknesses, challenges encountered during integration process and give the recommendation of
what should have been done better.

Project Change, Risks and Opportunities Management 4
Introduction
Project focuses on the human reactions experienced due to a series of integration options
that were carried out during the process of integration of Northern Bank with the newly acquired
Southern Bank. The move to integrate the two banks was taken based on the prediction that
merging the different banks will generate equity value for the Northern Bank. The idea for
merger was proposed by the CEO of Southern Bank and was supported by the CEO of the
Northern Bank. The merger process involved both the internal and external stakeholders. The
internal stakeholders were led by the CEOs for the two banks. The two CEOs shared almost
similar backgrounds and experiences. Another crucial stakeholder is employees. They comprised
Northern Bank employees and Southern bank RETAINED employees. The external stakeholders
comprised of fund director of sunrise pension fund, CEO of people power and state
representative of American Banking Authority. Based on stakeholder mapping, there was four
categories of stakeholders, which included key players, context setters, subjects and the crowd.
The move to merge was prompted by a number of drivers. For example, the previous
merger of EASTERN and WESTERN BANK was considered a significant threat to the Northern
and Southern bank and merging was the only best option for the two banks. There were also
external and internal drivers. The external key drivers included the need for sustainability
competitive advantages, the need to increase profitability, and the need to expand the market.
The internal drivers included the need to incorporate best practices from the two banks.
Merger strategy

Project Change, Risks and Opportunities Management 5
Integration plan
The first step done was to carry out SWOT Analysis. Through SWOT analysis, we
realized that the strengths of Southern Bank can neutralize the weakness of the Northern Bank.
Similarly, the strengths of the Northern Bank can neutralize the weakness of the Southern Bank.
Nine decision factors was considered. These included HR practices, managers and employees
employment, product portfolio, loan approval process, IT system, branch network and the new
merger name. The decision on whether to retain, replace or rationalize was determined using
SMART analysis. All the elements of each decision factor were rated and the total rating was
obtained. The decision with more ratings was chosen. The table below summarizes the decisions
made by different teams
As shown in the figure above, 15% of the managers were laid of and 10% of employees were
laid off. This move was expected to give a total of $104m planned cost savings, $18m planned
revenue growth and $122m planned earnings. This was a noble idea.

Project Change, Risks and Opportunities Management 6
Strategic Approach
As stated, the Northern Bank was merged with the Southern bank. Both banks omitted
their original names and adopted new name. The merger strategy was based on the concept of
strategic alliance. Strategic planning of mergers and acquisitions is a process of objective
comparison of existing types of business with those areas of the business that you can do with
the available resources. According to this approach, the merging firms has to compromise or
leave some of their strategic activities for better and superior ones. The better strategies were
determined based on SWOT and SMART analysis. If new industries promise higher profits, then
it is more reasonable to carry out a merger or acquisition, i.e. expand the business and move
resources to more efficient business areas (Focarelli, Panetta and Salleo, 2002). It was found the
strategic alliance the best approach because it allows the two companies work synergistically for
the common benefits. Strategic alliance was also appropriate because the strengths of Northern
Bank represented the weaknesses of southern bank and the strengths of southern bank
represented the weaknesses of northern bank. Although this was the best merger strategy, it is
not without challenges. In the case of a strategic alliance, mistrust and misunderstanding are
possible goals. When a large company buys a small strategic package participation in a small
company, then it can be considered as potential "aggressor", for this case the Northern Bank
because none of the Northern bank employees was laid off (Loderer, Stulz and Waelchli, 2016).
Cultural difference
Although the merger was designed to tap consolidate strengths and neutralize the
weaknesses of the two banks, cultural difference stood on way towards realization of this goal. A
major cause of difference is the fact that in Southern Bank, some employees were retained while
others lose their jobs. A number of pertinent cultural considerations must have been

Project Change, Risks and Opportunities Management 7
underestimated during integration process. As Ovseiko, et al (2015) suggested, integration of
corporate cultures plays a decisive role in the long term and in achieving the stated goals of
mergers or acquisitions. Partly, the cultural difference occurred due to negative attitude to
change by some stakeholders especially the employees of Southern Bank. In the case of low
readiness for changes, resistance to the implementation of new strategies, reluctance to overcome
the inevitable difficulties in creating a new company are manifested. There was also change in
interaction pattern which must have resulted in cultural difference. With significant differences
in the principles and organization of interaction, problems will arise in the performance of work,
in the implementation of service processes (Ahern, Daniele and Cesare 2015). As a result,
disappointment in the prospects for integration, conscious or unconscious sabotage. There was
also issue related to the cooperation among the employees from the two sides. This is common in
most merger cases because employees tend to adopt specific cultures which differ from one
organization to the other. Differences can lead to problems when doing work. Inevitable conflicts
between those who believe that they must effectively interact with other people to achieve team
goals, and topics that focus on individual success. As a result, increased personal hostility, lack
of support, mutual assistance. It is also important to note that the two companies adopted
diffusion approach, which is very problematic. In this case, culture is one of the companies is
completely dissolved in the culture of the other. Such a strategy is appropriate if the acquired
company is embedded in the complex processes of the acquiring. Then any differences in
cultures will interfere with efficiency. Also, such a strategy is often chosen by Western
corporations, which are serious about maintaining the characteristics of their unique culture. If
this scenario is chosen, then the strategy of work will be the program for transforming the culture
of the acquired company.

Project Change, Risks and Opportunities Management 8
Resistance to change
Resistance to change was inevitable occurrence during the merger and this is evidenced
by the views of different stakeholders. The figure below clearly suggested that not all
stakeholders liked the integration plan adopted.
From the figure, it is clear that six stakeholders out of ten were not impressed by the
integration plan adopted. The chart below summarizes the stakeholders views graphically.
Impressed Not impressed Neutral
4
5
2
Stakeholders view of Plan

Project Change, Risks and Opportunities Management 9
Another observation is that despite the fact that most stakeholders were not impressed, greater
number of stakeholders from the Southern Bank were not impressed as compared to the
stakeholders from Northern Bank. The graph below summarizes the inter-bank stakeholder’s
views on the plan.
Not impressed from Northern Bank Not impressed from Southern Bank
0
0.5
1
1.5
2
2.5
3
3.5
Inter-bank stakeholder's view on plan
Obvious cause of resistance to change is the staff redundancy. The more duplicating
functions in merging companies, the more employees are threatened with dismissal or demotion.
If a few months before the start of the changes, the personnel policy of the initial stage of joint
work is not defined, the struggle for a “place in the sun” can take completely non-constructive
forms (Hatch, 2010). Leaders and entire divisions are involved in the conflict of interests,
lobbying for the interests of individual groups and “access to the body” of key shareholders and
top-ranking executives are actively used, withholding information and creating obstacles to
“competitors” are flourishing (Ovseiko, et al 2015). An equally important problem is the
difference in corporate cultures: employees turn out to be carriers of different values and habits,
and if yesterday's competitors merge, then certain prejudices about one another are merged. Most
unsuccessful mergers that ended in a “divorce” failed precisely because of ignoring cultural

Project Change, Risks and Opportunities Management 10
differences and a fuzzy distribution of powers at the stage of preliminary negotiations.
Resistance of employees is just a consequence of the above problems: if there is a clear and
justified personnel policy, quality information support for the reorganization, clarity of goals and
plans and openness of senior management, resistance is insignificant and is overcome in the
working order.
Stakeholder analysis
Stakeholder analysis was achieved through the concept of stakeholder mapping.
Stakeholder mapping enabled the integration team determine the powerful and influential
stakeholders. The map also helps in identifying the least powerful and least influential
stakeholder
Power interest evaluation
Based on stakeholder mapping, the different stakeholders were categorized into different
categories based on their powers and influence. The most powerful stakeholders represented the
CEOs of the two banks, chief financial officer of Northern bank, IT director of Northern Bank,
head of corporate banking of southern bank, HR directors of both banks and Head of retail
banking of both banks. The table below summarizes the categories of other stakeholders. Elaine
Murphy, who is the HR director at Northern Bank had low or limited power. This is interesting
because the two HR directors ought to share the powers almost equally.
Importance
Influence Keep
HIGH/MEDIUM LOW/ NOT KNOWN
High/Medium Jon Pettinger, Sue Beckerman, Carla
Feinberg, Ivan Taylor, Nick Liang,
Elaine Murphy

Project Change, Risks and Opportunities Management 11
Hector Rice, Bill Johnson, Marie
Calperra.
Low /Not known Hector Rice, Ivan Taylor, Tina
Yoshiro, Patrick Green
Customers of both bank
Stakeholder influence network
As shown in the stakeholder mapping above, different stakeholders were allocated
different influence. The basis for allocation is not clear. However, what is clear is that the most
influential stakeholders included the CEOs of the two banks, chief financial officer of Northern
bank, IT director of Northern Bank, head of corporate banking of southern bank, HR directors of
both banks and Head of retail banking of both banks. The table below summarizes the categories
of other stakeholders. The least influential stakeholder included the HR director of Northern
Bank, IT director of Northern Bank, head of retail banking of southern bank, and the CEO
people power. The allocation of influence is not clear. It is not clear whether it was based on the
skills or experience or both. It is crucial to note that differences can lead to problems when doing
work. Inevitable conflicts between those who believe that they must effectively interact with
other people to achieve team goals, and topics that focus on individual success (Hoberg and
Gordon 2010). As a result, increased personal hostility, lack of support, mutual assistance.
Due to their power and influence difference, not all stakeholders witnessed positive
development as reflected by the color key and rating in the figure below. The overall ratings was
done at the end of the 6 months (22 December).

Project Change, Risks and Opportunities Management 12
Stakeholder communication plan
Communication plan was measured by determining the frequency of communication for
each of the stakeholders. There were phone calls, emails, meetings, opinion requests, and weekly
consultations. It was determined that the consultation was frequent in week 1 to 4 and from
week 5 onwards, no more consultation was noted. In terms of frequency of communication, the
following table and chart was created based on the communication frequencies found.
Table1: Tabular representation of communication report
Phone Calls 47
Emails 16
Meetings 35
Opinion request 22
Consultation week 1-4 46
Consultation week 5-6 0

Project Change, Risks and Opportunities Management 13
Consultation week 7 0
Chart 1: Graphical representation of communication frequency report.
Phone Calls Emails Meetings Opinion
request Consultation
week 1-4 Consultation
week 5-6 Consultation
week 7
47
16
35
22
46
0 0
Communication behavior
From the report, it is clear that the phone call is the most commonly used communication
channels. Whereas consultation was common in the first four weeks, no consultation took place
during week 5,6 and 7. A closer look at the simulation report reveals that Johnson, who is
shareholder contributed to the most consultation issues. On the other hand, Murphy (Southern
Bank HR), Pettinger (CEO) and Feinberg (CFO) contributed most of the opinions. The Northern
Bank HR (Rice) did not contribute any opinion. This is in contrast with the Southern Bank HR
(Murphy) who was among the top contributors of opinions. Generally, there was difference in
the communication pattern among the teams from the two banks. There was no clear synergy.
Stakeholder management plan
The stakeholder management plan was done by first identifying all the categories of
stakeholders. It is crucial to identify how their needs affect the project, and how they will

Project Change, Risks and Opportunities Management 14
contribute to the demand acquisition process (Shenhar, et al 2008). Projects often have a large
number of stakeholders from many different areas of the organization. Depending on the status
and responsibilities of each stakeholder, their level of participation and their importance to the
project will vary (Layne, 2010).
The different stakeholders identified were then mapped so as to determine who among
them has more power and influence. Stakeholder mapping is therefore a crucial tool because it
helps the integration team determine how to address the need of each stakeholder based on their
position in the map. The involvement of stakeholders will promote a better understanding of the
potential impact on decision-making and will affect the success or failure of decision-making
(Ivancevich, Schweiger and Power 1987). Different styles of participation can be used to manage
everyone's expectations, and all of this may change over time. Management will entail exploring
the impact of different stakeholders. A number of questions ought to be answered. How much
impact does the stakeholder have on the project? Are they in an authoritative position even if
they don't need demand? If stakeholders hear and are dissatisfied with the current direction of the
project, do they have the ability to dramatically change the course of the project? The answers to
these questions will ensure that the most influential stakeholders regularly update the status of
the project (Emblemsvag and Endre Kjoistad 2010). For proper management, it is also crucial to
determine their level of participation. To achieve this, a number of questions must be answered.
For example, what is the level of participation and expected time for each stakeholder? Do they
need to be fully assigned to this project? Do they need to attend an inspirational meeting for each
need? Can they only participate in inspiring meetings on key needs? Do they only need to attend
the final request review meeting? These questions help to ensure that the necessary personnel are
available to the project at the right time.

Project Change, Risks and Opportunities Management 15
Governance framework and value creation
Benefits of governances
Governance has many benefits as far as the integration of change decisions are
concerned. It helps the merging companies to come up with one strategic goal and at the same
time help to diagnose and address resistance to change. Each organization should have a strategic
development program that provides for all types of growth, from internal development to
mergers and acquisitions, and contains a calculation of the net present value of each business unit
to evaluate any of them for sale, preservation or expansion. The present value of future income
generated in accordance with the development program is used as a direct measure of the
effectiveness of planned mergers or acquisitions. In order to choose the most suitable from
several objects for mergers or acquisitions, they need to be compared with each other. A
governance plan for mergers and acquisitions is formed when searching for answers to the
following fundamental questions: what are the strengths and weaknesses of participants in
mergers and acquisitions? What are the alternative options for mergers and acquisitions? What
are the priorities for strengthening strengths and addressing weaknesses? How do the
opportunities match the priorities? (Bourne and Walker, 2008). Governance for mergers and
acquisitions begins with the creation by the board of directors of a special group to develop a
corporate strategy concept. The first task of such a group is to prepare regulations for the
development of a corporate strategy, which should specify who is responsible for what in the
planning hierarchy of the corporation, indicating the functions of each participant. It should also
determine: at what managerial level should the search and selection of candidate organizations
for mergers or acquisitions be carried out; what information needs to be collected about these
organizations; where decisions will be made regarding structuring, financing, valuation and

Project Change, Risks and Opportunities Management 16
activities after a merger or acquisition (Yoon & Kim, 2015). From the scenario of merger
between the Northern Bank and Southern Bank, there was no special board to foresee the
integration. The integration process was managed by the integration manager. The utilization of
integration manager is not recommended because it can result in bias and conflict of interest.
Corporate governance
Corporate governance plays a vital role in the management of resistance to change and in
addressing the cultural differences. It is crucial for the integration team to maintain and develop
the image of the leader of the Chairman of the Management Board, who remains in this position
even after the end of integration and becomes an intermediary in the transition from old owners
to new ones (Pires & Marcondes, 2017). To overcome staff resistance, it will be important to
convince him that the manager remains with them, that he is optimistic about the future, that he
will take care of his employees and will not make decisions that complicate or worsen their
position in the bank. This is a powerful factor in increasing employee loyalty, their retention in
the workplace (Xiao & Liu, 2016).
The staff as the integration procedures move down the organizational hierarchy, the need
for communication with top management sharply increases (Kazík, 2012). During the
implementation of integration activities, people have questions and a desire to be heard. The task
of the Committee is to use this trend in the interests of integration.
An important tool for informing staff should be an updated internal corporate website,
which can subsequently give management effective tools for working with staff, in addition to
informing about the progress of integration, the information help to form an idea among
employees about the company, its corporate culture, mission, goals and values. Good

Project Change, Risks and Opportunities Management 17
communication also helps create a knowledge base of the company, which may include
regulatory documents, orders, articles for the development of employees (Barbaroux 2011).
Project governance
Project governance is an open, dynamic system that consists of interconnected work,
interacts with the environment, receiving the necessary resources from it and providing it with
the results, and is also under the influence of various risk factors. One of the key element of
project governance is work. Work is a work process aimed at achieving results and requiring the
necessary expenditure of time and resources (John, et al 2014). Activities should include
activities to create material objects (production work), intellectual and informational products
(research work), activities to develop and transfer control actions and feedback (decisions and
reports), activities to move material objects, such as resources ( delivery). The other element of
project governance is resource. One of the key resources considered during project governance is
human resource. It includes subjects of activity, united in a system of interaction with each other
and other resources. In relation to each other, human resources can also be objects of activity.
From an economic point of view, human resources transfer their value to the results of labor
gradually, while creating added value. It is also crucial to consider material resources (Elrod II &
Tippett, 2010). These include means and objects of activity used to perform work. Means of
activity transfer their value to the results in the course of work gradually. The subjects of activity
completely transfer their value to the results of work, as a rule, changing their natural form and
materially present in the results of work. The last category of resources during project
governance is the information resource. This comprises control actions directed by the subjects
of activity on the objects of activity that determine the goals and results of work. Information
resources act simultaneously both as means and as objects of managerial activity. Information

Project Change, Risks and Opportunities Management 18
resources should include design decisions, models, control teams (orders, orders, tasks),
reporting documentation, etc. Results and risks should also be part of the project governance.
From the scenario, it is apparent that an effort was made to ensure that the goal or principles of
project governance are met. Risk analysis was done to determine the probability, severity and the
possible intervention measures. Results were also predicted in form of the expected earnings.
Lessons learned and recommendations
Lessons learned
Companies that have gained extensive experience in mergers and acquisitions know that
even at an early stage it is useful to find out and summarize as many opinions of interested
parties as possible on the merger process itself, as well as on the prospects and direction of
development of the company after it. It is apparent that the integration plan adopted for the
merger of Northern and Southern Bank did not consider this point. The content of most protocols
of intent is approximately the same: the goals and objectives of the New Company are described,
and the expected financial and economic results of the merger are presented. A protocol that is
clear and unambiguously understood by both parties should be developed. Such protocol should
cover a number of issues. First, in the case of the organization of any form of joint activity, it is
necessary to agree on the principles of its management, the rights of an advisory or casting vote
of the parent companies. Second, it is necessary to coordinate the selection process for
candidates for senior positions in a new (merged) company. Third, it is necessary to reach an
agreement on the main stages of the unification process and the resources necessary for it. Of
great importance is the coordination at the highest level of discrepancies in the approaches to
remuneration of top managers, bonus programs and compensation for staff (Yilmaz, Ozgen and
Akyel, 2013).

Project Change, Risks and Opportunities Management 19
The main task at the integration stage is to make employees feel part of the new culture,
to convince them that changes in their work are changes for the better, this can be achieved using
methods of retaining staff, creating a favorable image of the employer, stimulating creativity and
activity. It is clear that the Southern employees and stakeholders did not felt part of new culture
and this is evidence by their negative views towards the plan. The implementation of these goals
will help to avoid serious obstacles to the integration process, as resistance to changes and a
wave of layoffs will have a negative impact, firstly, on the quality of service delivery, and this is
a serious advantage for competitors, and secondly, on the general mood of staff. To achieve these
goals, management needs to solve two main tasks: creating a sense of ownership by the staff of a
new employer and managing internal communications. Solving these problems will help
strengthen the company in the market, as it will provide staff support and create a positive image
of the employer (Sachsenmaier & Guo, 2019).
Recommendations
The integration team was expected make sure that the ideas about the new (required)
culture are clearly defined, specific and supported by examples (instead of general statements
about the importance of a joint culture, for example, specific training methods for joint calving
of a new company’s sales in a joint product portfolio can be suggested) (Chen & Huang, 2010).
The integration team was expected to do a more comprehensive SWOT analysis. It is
apparent that the SWOT analysis did not cover all pertinent issues. When analyzing the strengths
of existing cultures, compatibility must be assessed (when two companies merge, joint leadership
often assumes that they must maintain the leading cultural attributes of each of them; meanwhile,
the strengths of a culture are sometimes incompatible, for example, when a mature company

Project Change, Risks and Opportunities Management 20
acquires an aggressive startup; in in these cases, to preserve the value of the acquired property,
finer integration may be required, which supports some separation) (Kitching, 2014).
The integration team is recommended to do a contingency plan on how to address risks as
they emerged. The findings clearly show that there was problem from week 5 onwards. This is
evidence by absence of consultation among the stakeholders.

Project Change, Risks and Opportunities Management 21
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