Change is about the only constant in banking today. Inside the organization, you’re processing a steady stream of requests for new products or customer services. Coming from the outside are regulatory updates and unpredicted pressures, such as the COVID-19 pandemic.
Knowing that a new demand is always just around the corner, taking time to nurture a culture in which every employee plays a role in managing risk will set your bank up to act nimbly, consistently and confidently every time.
To assist you in navigating this challenging journey, I outline the critical pieces you’ll need and the steps for implementation during a recent American Bankers Association podcast. I speak with Ryan Rasske, the ABA’s senior vice president for Risk and Compliance Markets. This episode builds on an earlier podcast discussion, in which Ryan and I spoke about how you can turn a solid risk management framework into a competitive advantage.
In this latest 10-minute podcast, I present the three key components to put in place:
Implementing these key components is not a one-time exercise. Dedicate time to regularly review and update these elements to match the evolving needs of your organization. Two related tools – a regulatory inventory and a process inventory – can help you further cultivate this desired culture and inform risk-based decisions when you face the next change. I detail what these tools are and how to best use them in an accompanying white paper, Turning a Solid Risk Management Framework into a Competitive Advantage.
A risk management framework isn’t a one-size-fits-all approach: What works for a major national bank doesn’t match what a regional bank needs. Listen now to the podcast, where I drill down deeper into the key components of an effective risk framework. My goal is to give you the insights to introduce sustainability and best practices in how you identify, manage and address risk.
The Big Picture We remember spending hours (if not days) each month in mind-numbing tedium as junior analysts, producing regular reporting for our business lines. The recurring exercise had us piecing together data from various sources, manually updating Excel files and praying fervently that none of the associated formulas got corrupted along the way. Excel would generate new graphs, which we transferred over to PowerPoint, and, more often than not, further manipulation would be required to fit them into the approved templates to avoid formatting glitches. Copy-Paste was both our dearest friend and greatest foe.
Business Analytics & Data Management, Compliance, Data Analytics 2 minute read
Too often, banks – and their employees – think of traditional risk management teams as the heart of your organization’s defense. After all, aren’t they the ones responsible for making sure you follow the rules, mitigate risks and fix things when they go wrong (especially when it’s a big regulatory issue)?
Risk Management & Regulatory Compliance, Change Management, Compliance, Risk Management 1 minute read
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