The hundreds of people attending the 2017 Risk Management Summit hosted by Sageworks heard from dozens of thought leaders in the financial services industry. As a result, bank and credit union leaders came away from Denver and the three-day summit, which ended Wednesday, with a wealth of advice. They learned how to prepare for the current expected credit loss model (CECL) and leverage the change to better manage the business, and they found out about new perspectives for improving lending processes and risk management. The Sageworks Risk Management Summit is the industry’s
leading life-of-loan conference, with topics spanning business development
through portfolio risk in a CECL world. The 2018 Summit will be held Sept. 24-26, 2018, in Chicago.
Here are five of the top takeaways from the 2017 Risk Management Summit (along with presenters’ names):
1. Your institution can transform “lenders” into “bankers” and “advisors” so that you generate more full relationships with clients.
Start by clearly defining what business problems or decisions the institution wants its bankers to help clients handle better. After that, steps include clarifying what expertise is needed for team members to be able to provide that help and determining how to train and retain the people with the highest expertise. (Nick Miller, Clarity Advantage)
2. CECL Committees need to consider six key items.
As financial institutions form committees to implement CECL, establishing group objectives and milestones are important. Six key items for committees to consider are data, methodology elections (i.e., segmentation, loss rate options, forecasting etc.), possible use of a vendor, financial reporting/disclosures, audit considerations and capital planning. (Tim McPeak, Abrigo)