There are many reasons for a banker to lose sleep these days. The issues affecting banks year after year are myriad: increasing competition from traditional and non-traditional players, margin compression in the low interest rate environment playing havoc with bank income statements, ongoing saga of additional regulation means more work to an already stretched workforce.
Every bank wants the commercial lending processes to be more efficient. It seems that every loan processes runs into the same process issues and it seems like a simple deal that should take a few hours turns into a few days to get to closing. The process starts and stops with problems - questions being repeated, required documentation that has been received and misplaced, the same tasks repeated multiple times within the process and a myriad of other little things that leaves both the lending staff and bank clients wondering what is going on.
So, what are your bank’s goals for improving risk management?
It is that time of the year when we all set goals to improve health or mind with the obligatory New Year’s resolutions. So why not set goals for change within our institutions, since that is where we’ll spend the vast majority of our time? What are your bank’s goals for improving risk management?