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 Aggressive growth is a great business goal, but to achieve it the smart way, organizations need to have their houses in order first. One Top 25 bank was recently moving forward with a growth plan when it was stopped in its tracks by a consent order. Rather than gearing up for expansion, the company found itself needing to implement and maintain an effective Compliance Management Program (CMP) to meet consumer protection regulations – and the team charged with the effort had limited bandwidth and expertise.
Risk Management & Regulatory Compliance, Compliance 1 minute read
Change is a constant in the banking industry, with pressures coming from both internal and external directions.
Risk Management & Regulatory Compliance, Program Build Out, Change Management 2 minute read
In today’s hypercompetitive environment, every bank needs strong guardrails aimed at keeping every process well managed – and operating within the organization’s risk tolerance. At the same time, a never-slowing pace of change creates challenges on everything from internal pressures for fresh customer products to external demands from the latest banking regulations.
Change Management, Compliance, Risk Management 2 minute read
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