•Simplify & Streamline
- Eliminating redundant activities
- Adopting common methods / terminology
- Coordinate efforts across functional silos
•Develop an Active & Consistent Dialogue
- Frame conversations in relevant terms (e.g. discuss underwriting and documentation improvements as it relates to improvements in credit quality)
- Meet on “their turf” to develop greater understanding and buy-in
•Measure & Monitor
- Agree on a few key risk indicators
- Monitor relentlessly
The webinar provided much more information about how to use operational risk management practices and supporting technologies to manage risk in a cost-effective manner that will translate into a major competitive advantage. To learn more about how Wheelhouse Advisors can help your company, visit www.WheelhouseAdvisors.com.
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