Banks, of course, are in the money business. But banks are also in the change management business.
Whether facing internally or externally driven demands, banks are constantly implementing, revising, and expanding processes to introduce new customer offerings or abide with regulatory requirements. And each tweak you make – even something you think is so tiny and inconsequential – opens the door for some level of risk.
Spinnaker’s recent whitepaper, Turning a Solid Risk Management Framework into a Competitive Advantage: How increasing resiliency and adaptability can help differentiate your bank, underscores how forward-looking organizations invest the time, money and resources into driving and promoting a risk-aware culture. When you look at this as a strategic move, you exit with a repeatable framework for navigating swiftly, efficiently and decisively through any change; everyone in your organization is on the same page and striving to the same goal: consistency in how you approach risk-based decision-making that follows the rules and serves customers’ best interests.
Having a vision for a risk management framework requires tactical direction to make it a living, breathing part of your culture. We’re here to walk you through the key steps to embed meaningful change management capabilities into your organization.
We’ll be completely transparent: Pushing an entire organization to pivot its mindset and plant a stake that puts risk management front and center can be a tough sell. At the same time, it should be the highest priority for your senior leaders. When you promote a culture that recognizes and mitigates risk in every single action – beyond our focus right now just on change – you are turning an ordinary part of doing business into something extraordinary.
How so? A risk-aware culture is more than just part of your enterprise DNA; it’s your competitive advantage as you go to market faster than your peers or integrate (and comply with) new regulations ahead of agency deadlines. Consider these key steps that will get you started:
Change is hard. Changing how you manage change is even harder. That’s why we’ve developed a playbook to make this process easier and will support better implementation. We walk you through every stage, outlining best practices and flagging potential pitfalls to avoid.
Every organization approaches risk differently, from assigning a tolerance level to determining how to escalate issues. Because of that, you can’t expect a universal risk framework to fit every organization.
Based on our experience across all three lines of defense in the banking industry, we have seen firsthand how making this a priority will elevate your organization. A good place to get started is by downloading your copy of Making Risk Management a Way of Life: How to build a risk-aware culture that enhances your business. We’re here to guide you on how to turn your risk management approach into an integral part of your business strategy.
Change is a constant in the banking industry, with pressures coming from both internal and external directions.
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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.
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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.
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