Pub. 13 2024 Issue 2

VACB 47th ANNUAL CONVENTION & TRADE SHOW October 6-8, 2024 Kingsmill Resort Williamsburg, VA SAVE THE DATE are identified and addressed promptly, maintaining the health and integrity of the institution’s portfolio. Streamlining and standardizing this process can significantly enhance operational efficiency and decisionmaking accuracy. Consistent processes are critical for increasing operational efficiency, especially amid talent shortages, and they help avoid oversights or missing information. Adopting technology for these processes can help aid in identifying loans in need of review, speed up the time it takes to complete the review and ensure accuracy of reviews by aggregating data from multiple cores and systems. Technologies that offer integrations into imaging systems would further streamline the review process and workflows. The right approach not only simplifies the internal loan review process but also ensures it is consistent and trackable across the entire organization, whether it’s a small team within a single region or a larger department across multiple states. EMBRACING AUTOMATION AND CONTINUOUS MONITORING Bankers should not consider these measures as a response to negative outcomes or difficult times, but rather as having the tools in place to remain ahead of the curve. It’s easy to not worry about the bad times when things are going well, which is where automation of these processes adds an extra benefit. Automating these processes not only increases the efficiency and accuracy of portfolio management, but also allows institutions to easily stay on top of their portfolio and uncover any potential surprises before they become problematic. Staying mindful of the benefits of early detection, risk mitigation and portfolio optimization will help foster a proactive culture and maintain business strategy. In doing so, institutions can ensure the stability and health of their portfolios, safeguarding against the unforeseen and securing their future regardless of the economic environment.

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