As the pace of business quickens, is your organization keeping up?
Spinnaker Consulting Group helps Fortune 500s get to where they’re going, faster.
The Big Picture Regulations might be written in black and white, but how they are interpreted is up to bank leadership. In the case of a Top 30 bank, its interpretation of the Military Lending Act meant that it could not allow active military members in collections to pay by remotely created checks (RCCs). However, ongoing operations monitoring revealed that a third-party supplier, intended to help take online payments, was at times generating checks that were out of compliance.
Ask Elizabeth Snyder what her preferred form of transportation is, and she’d be hard-pressed to decide between a horse and her vintage Volkswagen convertible Bug. A second-generation rider, Elizabeth today prefers trail riding on American Saddlebreds, one of the first domestic horses bred specifically to help Kentucky doctors ride to patient homes. Similar to how a successful rider needs be attuned to the horse’s experience, effective risk leaders use customers’ perspectives to proactively manage risk.
As the world braces itself for the economic impact of COVID-19, banks are looking to credit risk models in an attempt to quickly understand and forecast the effects of such rapid change. But putting these models to work is no easy task.
Spinnaker is a management consulting firm that ranks #160 on the Inc. 500. #1 on Consulting Magazine’s Fastest-Growing Firms. Member of the Forbes Finance Council. RTD Best Place to Work.