Changing the Risk Management Status Quo

"Changing the Risk Management Status Quo"

While in a meeting with a potential client last week we were discussing all the various methods in which the risk management team was retrieving data to produce reports for the senior management team.  Between the data from their core system, reports from 3rd party vendors, risk assessments done internally, risk assessments done by outside consulting firms, internal audit reports, and other spreadsheets and word documents used to track various risk and compliance related functions it's not surprising managers go home at night wanting to throw down a few glasses of wine. 

Although I don't work in a bank or credit union, I can certainly relate to what this prospective client was going through.  As a past Vice-President of a twenty-five million dollar business unit, I was constantly bombarded with data from many different sources. Consolidating the data was a challenge and if it wasn't for the supportive admin team that organized and consolidated the information I would have struggled presenting to the executive team. 

However, the reality facing many smaller banks and credit unions is the lack of resources and subsequently they are left with one of two options: maintain the status quo or seek outside vendors for assistance. Personally, I prefer to look beyond the status quo because if you're not constantly searching for ways to improve your business model and streamline operations you will either become a takeover target or go out of business. The larger goal should always focus on forward progress. The problem most managers face with bucking the status quo trend is senior management. Senior management is trying to limit expenses while you are caught in the middle trying to do more with less. They realize it's not just an investment of dollars, but also time. Does that sound familiar?  

As I was finishing writing this week's article I learned that this potential client is now a customer. I shared this story because I'm sure many of you reading it can relate. Changing the status quo is not an easy task, especially in today's business environment.  

If your institution is contemplating changing the status quo for your ERM program, consider FI Compliance Solutions. Let our team share with you how our solution, ERM 365 can change the status quo by combining Software, Services, and Support - Progress for your institution starts at just $250 per month.

Sincerely, 

Eric Strohl
President & CEO
FI Compliance Solutions