In episode 19 of the Risk Intel Podcast, Ed Haski from our partners at the Risk Management Association (RMA) shared invaluable insights derived from his extensive career managing risk in the banking sector. Ed's journey, spanning from small community banks to major investment banks, has rendered him a seasoned expert in the realm of risk management. Read below for a condensed overview of the key takeaways from the episode, delving into crucial aspects of risk management in the banking industry.
A Remarkable Career Journey:
Ed Haski's illustrious career commenced at a modest $2 billion bank in central Pennsylvania over three decades ago. Throughout his professional odyssey, one central theme consistently emerged – a relentless focus on risk management. His career trajectory took an intriguing twist when he transitioned back from large banks to smaller community banks. Despite the allure of the community bank culture, he encountered notable disparities in terms of available resources and technological infrastructure - much like we still see today with our small bank customers.
His passion for risk management lead Ed to his current role at the Risk Management Association (RMA), which entails aiding RMA members in navigating the intricate terrain of risk management. He emphasizes the pivotal role of empathy and leveraging personal experiences to guide members towards informed decision-making.
Small Banks vs Big Banks
Smaller banks are often compelled to operate with limited personnel and resources dedicated to risk management. Ed underscored the challenge of having restricted human resources to validate decisions, a phenomenon more frequently observed in larger institutions. His experience at smaller banks frequently grappled with budget constraints, impeded his ability to invest in cutting-edge technology. This technological disparity can profoundly affect a banks risk management capabilities compared to their larger counterparts.
Ed underscores how technology tools, such as the RMA Risk Maturity Framework and risk rating methodologies, can significantly enhance the efficiency of risk management processes. These tools furnish rapid insights into risk, empowering banks to make informed decisions in a cost-effective manner.
Establishing a Common Risk Framework:
Ed emphasized the significance of forging a common risk framework within an organization. Standardized risk management practices and methodologies are pivotal for effective communication with regulators and the board. He also advocated for simplicity in risk management tools and processes.
"Overly intricate systems can lead to confusion and hinder decision-making, underscoring the value of straight forward, user-friendly solutions." - Ed Haski
Ed highlights that technology has become more cost-effective, even for smaller banks. Collaborations with organizations like SRA for products like the Risk Maturity Framework can offer accessible technology solutions, empowering smaller institutions to bolster their risk management practices. Its an affordable product or tool that any size institution can use to measure their overall effectiveness of their risk program.
Conclusion:
Ed Haski's voyage through the banking industry offers a distinctive perspective on the challenges and prospects of risk management. His experiences illuminate the paramount significance of effective risk management practices, irrespective of a bank's size, and the pivotal role of technology in realizing this objective. As the banking landscape continues to evolve, Ed's insights provide invaluable counsel for professionals endeavoring to navigate the multifaceted realm of risk management.
Emphasize your product's unique features or benefits to differentiate it from competitors
In nec dictum adipiscing pharetra enim etiam scelerisque dolor purus ipsum egestas cursus vulputate arcu egestas ut eu sed mollis consectetur mattis pharetra curabitur et maecenas in mattis fames consectetur ipsum quis risus mauris aliquam ornare nisl purus at ipsum nulla accumsan consectetur vestibulum suspendisse aliquam condimentum scelerisque lacinia pellentesque vestibulum condimentum turpis ligula pharetra dictum sapien facilisis sapien at sagittis et cursus congue.
- Pharetra curabitur et maecenas in mattis fames consectetur ipsum quis risus.
- Justo urna nisi auctor consequat consectetur dolor lectus blandit.
- Eget egestas volutpat lacinia vestibulum vitae mattis hendrerit.
- Ornare elit odio tellus orci bibendum dictum id sem congue enim amet diam.
Incorporate statistics or specific numbers to highlight the effectiveness or popularity of your offering
Convallis pellentesque ullamcorper sapien sed tristique fermentum proin amet quam tincidunt feugiat vitae neque quisque odio ut pellentesque ac mauris eget lectus. Pretium arcu turpis lacus sapien sit at eu sapien duis magna nunc nibh nam non ut nibh ultrices ultrices elementum egestas enim nisl sed cursus pellentesque sit dignissim enim euismod sit et convallis sed pelis viverra quam at nisl sit pharetra enim nisl nec vestibulum posuere in volutpat sed blandit neque risus.
Use time-sensitive language to encourage immediate action, such as "Limited Time Offer
Feugiat vitae neque quisque odio ut pellentesque ac mauris eget lectus. Pretium arcu turpis lacus sapien sit at eu sapien duis magna nunc nibh nam non ut nibh ultrices ultrices elementum egestas enim nisl sed cursus pellentesque sit dignissim enim euismod sit et convallis sed pelis viverra quam at nisl sit pharetra enim nisl nec vestibulum posuere in volutpat sed blandit neque risus.
- Pharetra curabitur et maecenas in mattis fames consectetur ipsum quis risus.
- Justo urna nisi auctor consequat consectetur dolor lectus blandit.
- Eget egestas volutpat lacinia vestibulum vitae mattis hendrerit.
- Ornare elit odio tellus orci bibendum dictum id sem congue enim amet diam.
Address customer pain points directly by showing how your product solves their problems
Feugiat vitae neque quisque odio ut pellentesque ac mauris eget lectus. Pretium arcu turpis lacus sapien sit at eu sapien duis magna nunc nibh nam non ut nibh ultrices ultrices elementum egestas enim nisl sed cursus pellentesque sit dignissim enim euismod sit et convallis sed pelis viverra quam at nisl sit pharetra enim nisl nec vestibulum posuere in volutpat sed blandit neque risus.
Vel etiam vel amet aenean eget in habitasse nunc duis tellus sem turpis risus aliquam ac volutpat tellus eu faucibus ullamcorper.
Tailor titles to your ideal customer segment using phrases like "Designed for Busy Professionals
Sed pretium id nibh id sit felis vitae volutpat volutpat adipiscing at sodales neque lectus mi phasellus commodo at elit suspendisse ornare faucibus lectus purus viverra in nec aliquet commodo et sed sed nisi tempor mi pellentesque arcu viverra pretium duis enim vulputate dignissim etiam ultrices vitae neque urna proin nibh diam turpis augue lacus.
