The article below is taken from our new ebook: Managing Modelling – How to run an effective modelling team – you can download the full ebook here.
Modelling should be a collaborative team-based activity, not an individual activity.
Building team spirit and a collaborative environment is fundamental to the role of a financial modelling manager.
For a modelling team to be effective, it cannot operate as a loose collection of individuals doing their own thing. It needs to be brought together as a real team, with a feeling that the members are ‘all in it together’ and will help each other out as much as possible.
Fostering a collaborative environment is an excellent way to enhance the effectiveness of your modelling team.
A collaborative team environment will help to:
– Manage peaks of workload by having multiple team members collaborating on a single model.
– Play to the strengths of individuals within your team.
– Share best practice within the team to constantly improve quality of output and develop robust operating processes.
– Increase team spirit and boost morale.
– Provide continuity.
Adoption of a shared modelling standard is key to achieving a truly collaborative modelling environment.
In addition, as a modelling manager, you should facilitate regular share-and-learn sessions, where team members present to the rest of the team on hot modelling topics.
You should understand the strengths and weaknesses of individuals within your team and use them effectively.
For example, you may have someone who is extremely methodical and who is well-suited to quality assurance tasks. You may also have someone who is skilled at model structuring. A collaborative approach will allow the skills of each to be brought to a single assignment.
Finally and most importantly, the modelling manager must lead by example and never leave a team member struggling alone, modelling against a tight deadline.