19 Hoosier Banker July 2015 is time to address “residual risk” — the policies, procedures and guidelines that have already been approved by the board. To execute an ERM program, first identify your KRIs within the OCC’s top eight categories, and start tracking them. For this, financial institutions can develop — or work with a trusted third party to customize — a database or library of KRIs. Then take a look at the policies and procedures to ensure you are mitigating any risks that were identified. Think of it this way: These policies and procedures represent the existing ERM process at your bank. Effective ERM software can identify risks earlier by automatically applying KRIs to bank data and by alerting management when risks are elevated. The most advanced software solutions also create the ability to efficiently collect, store, analyze, score and report on risk data, direction and activities. This allows bank management to focus more on their day-to-day functions in taking care of customers’ needs. The time is now for banks to abandon the separative approach to risk management. Use ERM to gain holistic transparency, visibility and data aggregation, and provide your institution with a clear view of historic, current and future risk. t Young & Associates, Inc. Consultants to the Financial Industry Capital Planning System Saves Time & E ort Field Tested Has Passed Regulatory Scrutiny Allows you to: • Develop a Base Case Scenario for minimum adequacy standards • Identify and Evaluate Risk for your bank • Stress Test Capital by loan classification (as recommended by the FDIC and OCC) • Perform Contingency Planning for stressed events • Generate Your Capital Plan in as little as 1 day! Pricing First Year License Fee — $1,095 Update/Annual License Renewal — $495 35 YEARS 1978 - 2015 + Robert W. Renner, 93, retired president of Citizens State Bank, Hartford City, died May 28. He served the Indiana Bankers Association as volunteer president in 1971-72 and was founder and president of Blackford Economic Development Corp.; president of League for Economic Development; president and director of First State Bank, Dunkirk; and chairman and director of First National Bank of Columbus. A member of Grace United Methodist Church, Renner was involved in numerous community organizations, including Muncie Exchange Club, Rotary, Elks Lodge #625, American Legion Post #159, Amvets #23, United Way, Hartford City Chamber of Commerce, Blackford Historical Society and 4-H. He was a World War II veteran of the Army Air Corps and a member of the IBA Forty Year Club. t in memory of Carol Ward, secretary, First Bank Richmond NA, has completed 25 years of service with the bank. t anniversary milestone A salute to bankers with 20+ years of service
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