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Risk Management & Regulatory Compliance, Program Build Out, Change Management

2 minute read

Creating a Risk-Aware Culture that Readies Your Organization for Change

May 19, 2021

Written by: Cara Williams

Change is a constant in the banking industry, with pressures coming from both internal and external directions.

Within the organization, you’re looking to launch new products and services that align with customers evolving needs (and next-generation technology that unlocks new capabilities for your bank to boost revenue in today’s low-rate environment). You’re also responsible for keeping up with regulatory requirements, particularly with looming expectations that post-pandemic regulatory scrutiny is on the way.

In any scenario, even the smallest adjustment can have a downstream impact. But when you launch change management with a framework deeply rooted in the best risk management practices, you’re starting from a position of strength in protecting your customers, your reputation and your bottom line. The cornerstone of that framework is developing a culture where every employee has a role in identifying, managing and mitigating risk.

Everyone Plays a Role in Risk Management

During a recent Spinnaker Consulting Group webinar on “Creating a Risk-Aware Culture that Readies your Organization for Change,” I offered lessons learned from working in the financial services industry in a variety of first- and second-line risk roles, where I witnessed how a risk-aware culture can turn risk management into a competitive advantage for an organization.

Joining me to share the in-house banking perspective was Roland Brooks, senior vice president and deputy enterprise risk management director at Huntington National Bank; he’s got his hand in numerous enterprise risk areas from helping establish risk governance frameworks to managing reputational risk and supporting new products and services. In more than 25 years with Huntington, this one-time accountant has worked in first-line risk and every major operational area of the bank.

Moderating our conversation was another industry powerhouse: Ryan Rasske, senior vice president for Risk and Compliance Markets at the American Bankers Association. 

 Some highlights of our discussion included:

  • The importance of leadership setting the tone for this cultural shift and empowering every team member to play a part.
  • Understanding the right systems and processes banks must have in place to drive and promote a risk-aware culture and prepare themselves for nimble change.
  • Establishing consistent guardrails across the enterprise and creating lines of sight so that everyone understands your organization’s risk tolerance and their unique role in playing within the established boundaries.
  • Tips for getting started or optimizing your existing risk management framework. Trust me: You’ll always find room for improvement. We talked through tools and resources to have in place before a challenge arises so that you can react faster and not have to start at square one each time. We also discussed some imminent changes posed by a post-pandemic workforce that will likely employ a hybrid work model.

The Client Benefits

The information shared in this digital event can help you arrive at the right risk framework for your business and ultimately empower a change management approach that allows you to respond nimbly, strategically and accurately to internal or external opportunities and pressure. Download your copy and listen now.