MISMO Winter 2014 Summit
MISMO Strategic Plan
Randy Gillis
SVP, Black Knight Financial Services
January 13, 2014
The MISMO Winter 2014 Summit Education Program is sponsored by:
The Need for Ongoing Change
• Demands are increasing as MISMO goes mainstream
• Changes are needed to keep pace with demands
• Complete reliance on volunteers restricts scope of
opportunities
• Need to broaden subscriber base in scope and
representation
• New MISMO value opportunities
• Emphasize priorities and transformational
management
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Critical Success Factors for Strategic Planning
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This Strategic Plan is based upon three pillars
 Being “The Industry Standard”
 Financial Responsibility
 Volunteer Contributor Support and Recognition
Plan must be managed closely to support transformational management
 Managed change to goals, strategies, P&Ps, By-laws, Organizations, etc.
 All pillars must be aligned
The Strategic Plan development process must evolve
 Attain greater input into the Plan from a broad array MISMO constituents
 Ensure traceability of strategy considerations
The Strategic planning communication process must evolve
Align strategic planning process with the MISMO budget and financial
calendar
The Strategic Plan must lay the foundation for the future of MISMO
 Organizational improvements
 Planning and execution capabilities (e.g., release planning)
 Driving revenue before expense
 Improving communications with stakeholders and contributors
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Strategic Plan: Being “The Industry Standard”
Be known as THE standards organization for the mortgage industry through the
timely development of high quality and comprehensive standards that are
developed in a voluntary, consensus process that is inclusive of the diverse
perspectives of the mortgage industry throughout the life of a mortgage.
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Continuously maintain and enhance the value of MISMO work products
 Define and emphasize delivery priorities such as quality, consistency, timeliness, predictability
and responsiveness to regulatory requirements
 Provide MISMO staff to execute on Core Data Structures (CDS), Architecture Workgroup
(AWG) decisions, release schedule management and communications
Expand industry adoption of MISMO standards and work products
 Investigate development of new tools and work products to increase subscriber value and
encourage adoption
 Continue to develop and enhance MISMO Education programs
 Complete development of and roll out MISMO Software Compliance Program
Proactively manage and build relationships with partners and stakeholders in a transparent
manner
 Encourage diverse participation in all aspects of MISMO
 Bring in new volunteers and members
 Direct efforts to retain existing volunteers
Provide effective communications vehicles for constituents to obtain information about
MISMO work products or actual work products
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Strategic Plan: Financial Responsibility
Create a sustainable model where annual revenue more than pays for the required
resources to maintain and grow the services that MISMO offers to subscribers and
the industry as a whole.
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Understand the level of funding required to achieve MISMO goals
 Continually analyze operational and forecast expenses
Increase existing revenue streams to the level required to fund operational and strategic
investment activities of the organization
 Substantially increase subscription revenues
 Increase MISMO Summit Registration revenues
 Expand sponsorship opportunities and revenues
Make strategic investments in new programs to generate additional revenues
 Develop and provide a full education curriculum
 Complete development and roll out of MISMO software compliance program
 Develop certification program for individuals and corporations
Invest in tools and communications vehicles to operate efficiently and communicate with
industry
 Invest in tools to aid in development, usability, and accessibility of work products
 Expand and enhance MISMO communications and information exchange tools
Invest in professional staff and/or outsourcing to operate MISMO in a cost effective manner
Rely upon volunteer and donated resources where appropriate
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Strategic Plan: Contributor Support
Create an organization that effectively attracts, develops, retains, thanks, and receives input from a
wide variety of talented individuals who will contribute their knowledge, skills and time to the
development of high quality, voluntary, consensus standards for the mortgage industry.
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Increase the level of operational support provided to volunteers to enable them to contribute
effectively to MISMO.
 Continually evaluate the areas where additional MISMO staff support is needed
 Evaluate the need for new tool(s) to improve the standards manufacturing process and ease burden on
Contributors
 Evaluate where enhancements to MISMO communications vehicles might facilitate Contributor activities
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Expand the number and breadth of individuals who contribute to MISMO
 Develop a process that identifies the need for specific knowledge/skills and supports recruitment
 Enhance outreach activities to encourage potential contributors to participate in various MISMO activities
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Develop mechanisms to enable individuals to develop their MISMO knowledge and skills while
providing leadership opportunities within the organization for those who express an interest.
 Provide orientation and mentoring opportunities for new participants
 Provide detailed education pertinent to the activities that new participants are engaged in (e.g. standards
development, etc)
 Encourage the rotation of roles and succession planning to permit new contributors to obtain MISMO knowledge
and skills while retaining the guidance of those with more experience
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Establish a Volunteer Recognition Program
 Develop mechanisms to identify extraordinary contributions by individuals
 Develop mechanisms to identify long-term contributions to the organization
 Develop programs that appropriately recognize the contributions of individuals to the organization
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Develop a communications plan that facilitates the identification and elevation of new ideas
from across MISMO while also effectively communicating decisions across the organization
and industry
 Develop a program to facilitate communications and encourage participants to share ideas
 Enhance mechanisms to communicate decisions across the organization and the industry
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Final Comments and Next Steps
• Several initiatives are already underway related to the
three pillars
• Discussions are on-going related to:
– Expanded MISMO staff support
– Work product management
– Tools and processes
• E-mail your ideas for MISMO to info@mismo.org with
the subject header: MISMO Future State Idea
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Questions?
Randy Gillis
Black Knight Financial Services
Randy.Gillis@lpsvcs.com
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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Thank You to our 2014 Winter Summit Primary Event Sponsor
Randy Gillis: MISMO Strategic Plan Overview
Winter 2014 Educational Summit & Workshops
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