Please assist me with this Assignment. BSG Ensuring Success through effective Stakeholder Management Engagement overview Banking organisations are required to comply with various regulations and governance requirements, depending on their scope of operations. As a global banking group, the bank was required to deal with such regulations at international, national and group level. To achieve consistent levels of compliance across the Group, the bank published a Group Policy on Sanctions and Prohibition of Business Activities. BSG was contracted to achieve compliance with the policy within the banks emerging market operations. Using the MSP (Managing Successful Programmes) methodology, BSG set out to plan and guide the programme. At the outset of the programme, BSG performed initial analysis and identified three key programme risks: 1. The responsibilities between the UK teams, the local programme team (of which BSG was part) and the in-country stakeholders were poorly defined 2. The flow of information between stakeholder groups (UK, SA and in-country stakeholders) was unclear and inconsistent information was being disseminated, which resulted in confusion and misunderstanding 3. The lack of understanding of the African banking context by the UK Group stakeholders related to daily operational realities within African countries Solution BSG identified stakeholder management as the key mitigating factor for these risks and as such defined a comprehensive stakeholder management plan, which was subsequently followed and actioned in parallel with the business analysis activities: BSG crafted a detailed change management plan, based on the stakeholder analysis, designed to ensure communications from the local programme team to the UK and to the in-country stakeholders was delivered regularly, accurately and in a consistent fashion The team planned and conducted visits to each of the countries within emerging markets to meet with key in-country stakeholders and establish a basis for meeting the programmes requirements. The visits were primarily used to complete detailed process mapping and other business analysis work in each country, but the face-to-face interactions with stakeholders were identified as pivotal relationship building activities The personal interaction with key in-country stakeholders allowed the programme team to establish relationships with the people who were ultimately affected by the changes introduced. The intimate knowledge these stakeholders had of the business, its constraints and challenges and the operating environment was crucial not only in designing an effective solution, but in obtaining commitment and buy-in to the change from the business users. Effective relationships in the business areas allowed BSG to gather specific information regarding systems, processes, constraints and challenges in each country and ensured a team of committed individuals in each country who were prepared to champion the cause of the programme with reluctant users and stakeholders. This played a major role in translating the high-level requirements into effective business activities. The programme team faced a number of geographic and logistical challenges: 1. Programme stakeholders were spread across 14 countries, three continents and six time zones, which resulted in numerous difficulties, including working time (local time vs. UK time), cultural differences (in the UAE and Egypt, a workweek runs from Sunday to Thursday) and difficulty setting up meetings and visits Source: https://bsg.co.za/case-studies/case-study-stakeholder-management-sanctions-programme/When creating a communications plan, many considerations must be kept in mind. Source: https://bsg.co.za/case-studies/case-study-stakeholder-management-sanctions-programme/ Question 2 (25 Marks) A virtual team should focus on achieving a common goal. Two of the biggest challenges involved in managing a virtual project team are developing trust and effective patterns of communication (Larson and Gray, 2017:401). There is a growing list of factors that influence the success of virtual teams. Considering the BSG had branches that were widespread, in South Africa and other countries, do you consider that the adoption of a virtual team could have been beneficial? Discuss the factors that influence the success of virtual teams and advise the project manager at BSG how these factors could have benefited BSG.