Managing Change Paper Part I

Managing Change Paper Part I
Intro
In recent years, the world has seen significant changes in technology. With new technology come new challenges. One of those new challenges is identity theft. Identity theft can happen through the internet, ATM, emails, or even a phone. Identity theft can happen when any person(s) takes an individual’s information, such as their Social Security number, or even banking information for financial gain. “Close to 100 million Americans have their personal information placed at risk of theft each year when records in databases are lost, stolen or accessed by unauthorized individuals” (Information systems and technology, n.d.). Identity theft not only costs the person, whose identity is stolen, time and money but also costs the banking industry time and money. There are so many ways that thieves can access your information whether it is your credit cards, savings accounts or checking accounts. Banks spend countless hours trying to find the most ways to fight and prevent identity theft. Banks must constantly update their computer software and use programs that will not only send red flags to the banks but will also block the use of the information or cards. Team B has chosen to see what changes SunTrust Bank needs to make to combat identity theft or improve on what is already in place.
Continuous Versus the Discontinuous Changes
SunTrust Bank currently offers 24 hour around the clock monitoring for identity thief. To provide additional identity theft protection, SunTrust has partnered with the Identity Theft Assistance Center (ITAC), a non-profit agency that provides assistance to customers that have fallen victim to identity theft (SunTrust, 2015). If any kind of red flags pop up, like a purchase that was made over a certain limit, immediately notification from SunTrust to the individual account holder will be made. This call is made to ensure that the purchase was made by the account holder and not some third party. “SunTrust has developed a number of online and offline security measures to help protect customer’s identity by using advanced security technologies, such as encryption, firewalls and virus protection.” (Your Privacy, 2015). Another way SunTrust Bank fights identity theft is to reach out to each and every one of its members and ensure that they too are doing everything that they can to prevent identity theft. SunTrust has brochures maintained at each location to increase customer’s awareness with reference to identity theft. They also have information on their website and talk about how important it is to keep your address updated and notify them if any suspicion activity has happened with the account. SunTrust also recommends that the members who are conducting online banking ensure that their device be equipped with anti-virus software. With all this security that is being provided it can be hard for a company to change or find ways to improve. It seems like every day something new has emerged with the way identities are being stolen. When thinking about continuous versus the discontinuous changes there are a few tweaks that can be made but there will never be a 100 percent guarantee to solving this problem. The only thing that SunTrust can do is stay on top of their game and become more proactive than reactive. One way to incorporate this is to utilized biometric in conjunction with passwords. Another is to utilize a password manager that will allow members to store passwords encrypted.
External Change Agent As a financial institution in a much regulated market, external influences such as government policies and economic conditions stimulate change regularly. A bank like Sun Trust must frequently adapt to the rapidly growing and changing industry. More recently concerns have spread regarding predatory lending by larger institutions. Wells Fargo and Bank of America both have been subjected to heavy fines from the government due to unlawful practices in lending. In order for other banks like Sun Trust to avoid similar consequences, strict training and guidelines are developed. To elaborate further, a banking representative is required to present or extend some kind of product referral after every conversation. The representative makes the referral and phrases something incorrectly. If the consumer misinterprets the information and later disputes the validity of a debt, a lawsuit will arise. Most of the time, if the expense is petty, a firm will pay out a demand without dispute. If the issue goes to court and is pursued, the conversation between the representative and the consumer will be reviewed and interpreted in favor of the consumer. As a result of common complacency issues, the government imposed regulations to reduce the frequency of claims. Preventing unnecessary suits, fees, or fines is a priority amongst all financial institutions and Sun Trust should have incorporated such external influences in their risk register along with contingencies to resolve the issues and implement preventative measures.
Internal Change Agent
Internal change agents are normally used to work on long term outcome changes. They have relationships built with many people from different departments of the organization. Internal agents have the current vision and what’s expected for the future. They have knowledge of how the systems currently work and what’s expected later as technology change. They understand the direction the organization is headed in and what support is needed to get there. Internal change agents understands the company’s jargon, has gained to be trust worthy overtime, and job promotion is a key measure of success, having the opportunity to see the change implemented is such an accomplishment in its self. Humans are creatures of habit and change throws off our normal routines and operations of how we do things. “Internal change agents have advantages in that they have a working understanding of the organization in regards to people, culture, behavioral norms, etc. Their difficulty comes in with their credibility and their ability to change something that is already in motion” (Lotich, 2011).
How One or Both Can Be Used in This Scenario
In the progressions being made at Sun Trust Bank choosing whether to utilize an inner or outer operators could be an intense choice. Contingent upon the level of progress that would be occurring would be the distinction in what sort of specialists would be acquired. In the event that it was a basic change to the approaches and strategies of distinguishing clients recognizable proof was occurring you could simply utilize an inner change specialists. A straightforward change would not prompt acquiring an outside specialist to watch and train on littler basic preparing needs. At the point when the execution of another framework or an inverse methodology was achieved, then an outside change specialist would be a smart thought. When somebody is gotten to direct another methodology, individuals frequently listen and retain the preparation a considerable measure more. Additionally amid these huge changes that may happen there may be times where you would have an inner and outside change specialists cooperating to achieve the same basic objectives. The outside change operators may not be accessible at all times for all workers. So by having an inner operators working firmly together it would accelerate the execution and have a second topic master there to help the procedure of progress.
Conclusion (Megan)
In order for SunTrust Bank to implement changes to prevent identity theft they must first change the company culture and its people. The chain of processes employed at SunTrust will ensure that essential changes be carried out in a systematic and controlled manner. This process will help in overcoming resistance to change and increase achievement and engagement of the organization’s aim to implement changes to continuous effectively prevent identity theft. SunTrust management team must be aware of what mistakes and pitfalls could happen and what solutions to utilize to avoid failure when implementing identity theft changes. The management team at SunTrust is committed to making additional changes to ensure security of its customer’s personal information remains protected. Customers will be provided assistance at no cost to clients who have had accounts opened in their name fraudulently. Change at SunTrust is a continuous process based on the company strategic goals, vision, and its mission.

References
Information systems and technology. (n.d.). Retrieved on August 21, 2015, from https://ist.mit.edu/security/identity_theft SunTrust. (2015). Retrieved on August 21, 2015, from https://www.suntrust.com/FraudAndSecurity/IdentifyFraud/IdentityTheft Lotich, P. (February 2011). What is a change agent-a change agent can help with change efforts.
Retrieved from http://thethrivingsmallbusiness.com/what-is-a-change-agent-achange- agent-can-help-with-change-efforts/
Your Privacy is Our Priority. (2015). Retrieved on August 24, 2015, from
https://www.suntrust.com/Privacy