Week 1 as a Banker: Questions to Ask Right Now

What to Ask in Week 1 as a Banker

Starting a new Banker role? Don’t waste time on generic questions. This article provides a targeted question framework to quickly assess project health, stakeholder alignment, and potential risks. You’ll walk away with a checklist to guide your first week, a script for initial stakeholder meetings, and a rubric for evaluating project documentation.

What You’ll Walk Away With

• A 10-item checklist to guide your first week, ensuring you focus on the most critical areas.
• A copy/paste script for your initial stakeholder meetings, setting expectations and gathering key information.
• A rubric to evaluate project documentation, identifying gaps and potential risks early on.
• A decision framework to prioritize your actions based on potential impact and urgency.
• A list of quiet red flags that signal potential project issues, allowing you to proactively address them.
• A ‘language bank’ of phrases to use when discussing project status and risks with stakeholders.

Scope: What This Is and Isn’t

• This is: A guide to asking the right questions to quickly understand a project’s health and your role within it.
• This isn’t: A comprehensive training manual on banking processes or technical skills.

The Core Mission of a Banker

A Banker exists to ensure the successful execution of projects for clients while controlling risks and maximizing profitability. This involves managing budgets, timelines, and stakeholder expectations.

Quick Red Flags

These are the things that should immediately raise concern.

• No clearly defined project scope.
• Lack of documented project plan.
• Unclear stakeholder roles and responsibilities.
• Absence of risk management plan.
• No established communication protocols.

Week 1 Checklist: What to Prioritize

Focus on understanding the project landscape and establishing key relationships.

1. Review project documentation: Understand the project scope, objectives, and deliverables.
   • Output: Documented understanding of key project elements.
2. Meet with key stakeholders: Establish rapport and gather insights on project status and challenges.
   • Output: List of key stakeholder concerns and expectations.
3. Assess project risks: Identify potential threats to project success and develop mitigation strategies.
   • Output: Preliminary risk register.
4. Review budget and financials: Understand the project’s financial health and identify potential cost overruns.
   • Output: Documented understanding of project budget and financial performance.
5. Evaluate project schedule: Assess the project timeline and identify potential delays or bottlenecks.
   • Output: Documented understanding of project schedule and critical path.
6. Understand governance structure: Know who makes decisions and how issues are escalated.
   • Output: Documented understanding of decision-making processes.
7. Review existing contracts and agreements: Identify potential contractual obligations and risks.
   • Output: Summary of key contractual terms and obligations.
8. Assess team capabilities and resources: Understand the team’s skills and identify any resource gaps.
   • Output: Assessment of team capabilities and resource needs.
9. Establish communication channels: Set up regular communication channels with stakeholders and team members.
   • Output: Communication plan.
10. Document your findings and recommendations: Summarize your initial assessment and propose any necessary actions.
    • Output: Initial assessment report.

Language Bank: Phrases for Initial Stakeholder Meetings

Use these phrases to set the right tone and gather critical information.

Use this during your first meeting with the Project Sponsor.

“To ensure alignment, can you briefly outline your key priorities and success metrics for this project?”

Use this when discussing potential risks with the Project Team.

“What are the top three potential roadblocks you foresee, and what mitigation strategies are currently in place?”

Use this when reviewing the project budget with the Finance team.

“Could you walk me through the key budget assumptions and any potential areas of concern regarding cost management?”

Stakeholder Focus

Tailor your questions to each stakeholder’s priorities and concerns. For example, the CFO will focus on budget and ROI, while the client PM will emphasize deliverables and timelines.

Evaluating Project Documentation: A Rubric

Use this rubric to assess the completeness and quality of project documentation.

Key documentation includes: Project Charter, Project Plan, Risk Register, Communication Plan, Financial Reports.

Assessment Criteria:

• Completeness: Are all required documents present and up-to-date?
• Clarity: Are the documents easy to understand and free of jargon?
• Accuracy: Is the information presented accurate and consistent across all documents?
• Relevance: Do the documents address the key project objectives and risks?
• Actionability: Do the documents provide clear guidance and actionable steps?

What a Hiring Manager Scans for in 15 seconds

They’re looking for someone who can quickly assess a project’s health and take decisive action.

• Asks pointed questions about budget variance.
• Identifies missing risk mitigation plans.
• Probes about stakeholder alignment on key deliverables.

The Mistake That Quietly Kills Candidates

Failing to ask probing questions about potential risks. This signals a lack of proactivity and attention to detail. Instead, demonstrate your ability to identify and address potential threats to project success.

Use this phrasing to show you’re proactive.

“Based on my initial review, I see potential risks related to [specific area]. What are the current mitigation plans, and how frequently are they reviewed?”

Failure Mode

A common failure mode is assuming that everything is on track without thoroughly investigating. This can lead to missed deadlines, budget overruns, and stakeholder dissatisfaction.

FAQ

What are the most important documents to review in the first week?

Prioritize the Project Charter, Project Plan, Budget, and Risk Register. These documents provide a comprehensive overview of the project’s objectives, scope, timeline, financials, and potential risks.

How do I handle conflicting information from different stakeholders?

Acknowledge the conflicting viewpoints and facilitate a discussion to clarify expectations and align on a common understanding. Document the agreed-upon resolution and communicate it to all stakeholders.

What if I don’t have access to all the necessary project documentation?

Escalate the issue to your manager or the project sponsor and request access to the missing documents. Explain the importance of having complete information to effectively manage the project.

How do I build trust with stakeholders in the first week?

Be proactive, responsive, and transparent in your communication. Listen actively to their concerns and demonstrate your commitment to addressing their needs. Follow through on your commitments and provide regular updates on project progress.

What if I identify a major risk that wasn’t previously recognized?

Document the risk in the risk register and assess its potential impact and probability. Develop a mitigation plan and communicate it to the relevant stakeholders. Escalate the risk to your manager or the project sponsor if necessary.

How do I prioritize my tasks in the first week?

Focus on the tasks that have the greatest impact on project success, such as reviewing critical documentation, meeting with key stakeholders, and assessing project risks. Use a prioritization matrix to rank tasks based on urgency and importance.

What are some common mistakes to avoid in the first week?

Avoid making assumptions, failing to ask questions, and neglecting to build relationships with stakeholders. Also, avoid being overly critical or judgmental of the existing project team or processes.

How do I establish clear expectations with stakeholders?

Communicate your role and responsibilities clearly and concisely. Set realistic expectations for project deliverables and timelines. Establish regular communication channels and provide frequent updates on project progress.

What if I disagree with a decision made by a stakeholder?

Express your concerns respectfully and provide supporting evidence for your viewpoint. Be willing to compromise and find a solution that meets the needs of all stakeholders. Document the decision and the rationale behind it.

How do I handle scope creep?

Document all change requests and assess their potential impact on project scope, timeline, and budget. Obtain approval from the project sponsor before implementing any changes. Communicate the approved changes to all stakeholders.

How do I manage budget overruns?

Identify the root causes of the budget overruns and develop a plan to reduce costs. Communicate the budget overruns to the project sponsor and request additional funding if necessary. Implement cost-saving measures and track their effectiveness.

How do I recover a project that is behind schedule?

Identify the critical path activities that are causing the delays and develop a plan to accelerate their completion. Add resources to the project team if necessary. Communicate the schedule delays to the project sponsor and request an extension if needed.

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