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December 31, 2018

Enterprise Risk Management Software As A Defensive And Offensive Tactic

Banks Looking to Spend their Tax Savings Are Discovering the Highest ROI Investments

Rob Nichols President ABAAt the 2018 ABA National Conference for Community Bankers (NCCB), ABA President Rob Nichols discussed how banks are already spending based on savings they'll see under the new tax plan. According to their polling, banks are reinvesting their projected tax savings in everything from employee programs to new technology.

Where should you invest? The possibilities are endless, but your budget is not. So how do you decide what investment(s) will be most impactful? 

Use ERM to Drive Informed Decisions

A robust enterprise risk management (ERM) program can help. Many banks and businesses are realizing that their enterprise risk management helps them play both offense and defense. It helps satisfy regulators and it calls out potential disasters before the bank is hit with financial, legal and reputational consequences. On the offensive side, it’s possible to quickly see what lines of business, departments, processes, products, applications and activities play the biggest role and have the greatest weaknesses. These banks are able to make investment decisions that strengthen their most valuable assets and protect them from potential risks, whether those risks be strategic, operational, reputational, liquidity, credit, price, interest rate, or compliance related.

Wouldn’t it be nice if you could glance at a few, simple dashboard and reports and quickly see the top areas for improved performance and what major areas need attention? Now is the time to consider developing or expanding your enterprise risk management program. 

Contact us if you’re not sure where to start. Procipient® simplifies enterprise risk management, and we can also help you with Strategic Planning, an often-overlooked benefit of good risk management.