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January 6 – Terrance A. (“Terry”) Shirey has been named president and CEO of Nevada State Bank, a division of ZB, N.A. He succeeds Dallas E. Haun, who has served as Nevada State Bank’s CEO over the course of the past decade. Mr. Haun will continue to serve as Nevada State Bank’s Chairman. Mr. Shirey joined Nevada State Bank in 2008 as its chief financial officer, and most recently has served as the bank’s president and chief operating officer.
November 16 – The Federal Deposit Insurance Corporation (FDIC) and the U.S. Small Business Administration (SBA) have announced enhancements to Money Smart for Small Business, a resource that provides practical guidance for starting and managing a small business.
By Julia Johnson, Senior Manager, Human Resource Consulting
Jack Welch, former CEO of General Electric, once said, “If we don’t get the people thing right, we lose. It’s the most important thing in all of our businesses.” Ultimately, people, the right people, are your competitive differentiator and advantage. So what are you doing to develop your emerging leaders and strengthen your business?
Your executive officers are charged with long-range thinking: Where do you want to be in the future? What values do you want to demonstrate? What systems do you need to take you there? What types of people do you need to fuel your future?
Your challenge, and obligation, is to develop a culture that embraces and celebrates a multigenerational work environment. Diversity builds depth and strength.
And there can’t be a whole lot more generational diversity than what we have today! We have five generations in the workplace.
Whenever the next generation enters the workforce, speculation abounds as to what is going to be different. How is the new workforce going to change the work environment or how we conduct business? Will the next generation be ready to assume positions of leadership and influence?
The events and conditions each generation experiences during their formative years determine the lens through which they see and perceive things around them. As a result, each generation adopts or, more accurately, is labeled with a generational “personality.” Lancaster and Stillman, authors of When Generations Collide, characterized four generational personalities quite succinctly. Traditionalists have the generational personality of “chain of command,” Baby Boomers of “change of command,” Xers of “self-command,” and Millennials of “don’t command; collaborate.” A generational personality has not yet evolved for the recently emerging Generation Z, but perhaps it will be “demand collaboration, technology, and diversity.” Financial institution leaders must understand and execute a focused plan to gain the benefits of a generationally diverse workforce.
Baby Boomers are transitioning into retirement and/or alternative work arrangements at an increasingly rapid pace. As such, the next generation of leadership is being called on to assume higher levels of responsibility, often without the benefit of focused development opportunities. In addition, just on the basis of pure numbers, Millennials are leapfrogging over Xers and Boomers, thereby creating opportunities for conflict and miscommunication. Therefore, it is important to establish an intentional, systematic strategy to support and utilize the inherent differences and strengths of each generation. The challenges are to build an integrated culture of “us” and to recognize the capability and capacity of each employee to drive short- and long-term business results.
Emerging leaders need your commitment to help them develop. Consider the following areas for concentrated and focused development:
- Strategic direction
- Organizational structure and role alignment
- Competencies and performance standards
- Learning and development
- Receiving and giving effective feedback
- Performance management
- Rewards and recognition
- Talent assessment
- Succession management
It is no secret that the single most important factor of any successful financial institution is the quality of its management. Emerging leaders must be agile. They must be able to execute strategy, promote accountability, reward implementation, remain responsive to changing business conditions, and proactively pursue innovation and do so with great emotional and social intelligence.
To support the development of emerging leaders, CEOs may wish to engage an executive coach to provide emerging leaders with a thought partner and confidant to increase self-awareness, establish specific development goals, engage in problem solving, and receive encouragement when expanding skills and competencies in unfamiliar areas.
By the very virtue of the Millennial personality, which embraces collaboration and partnering together to achieve outcomes, business and industry have a very bright future.
About Wipfli LLP
With more than 1,700 associates, 37 offices in the United States, and 2 offices in India, Wipfli LLP ranks among the top 20 accounting and business consulting firms in the nation. For over 86 years, Wipfli has provided private and publicly held companies with industry-focused assurance, accounting, tax, and consulting services to help clients overcome their business challenges today and plan for tomorrow. For more information, visit www.wipfli.com/fi
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October 24 – Remarking that “novel products” are creating challenges to the “regulatory framework,” Richard Cordray, director of the Consumer Financial Protection Bureau offered highlights to attendees of the Money 20/20 conference in Las Vegas of a reporting detailing the CFPB’s Project Catalyst initiative.
September 20 – The FDIC has launched a mortgage guide and online resource center to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises. (more…)
By Bryan Ridgway and Kenneth M. Levey
Managing business and financial performance in today’s challenging and constantly evolving financial environment is critical for any bank to achieve its short-term and long-term goals. The ability to manage business and financial performance is directly dependent upon an institution’s understanding of the drivers of that performance and the ability to effectively quantify projected business strategies. Evolving the planning and budgeting process from a stagnant, annual process to one that enables more timely strategic decision making is essential to accomplish this objective.
2016 Authentication/Fraud/Cybersecurity Solution Honorable Mention –
Reputation Monitoring from G2 Web Services
CFPB enforcement actions increased 56 percent from 2014 to 2015. Most relate to UDAAP, “Unfair, Deceptive, or Abusive Acts and Practices.” Consequently, banks are finding it increasingly important to monitor the conduct of their business customers.
Multi-million dollar fines in 2014 and 2015 issued to banks with less than $700MM in assets could have been avoided had the banks monitored complaints and declining business customer reputation.
The DOJ found one community bank “ignored warning signs and numerous complaints” in a consumer fraud scheme. The FFIEC Examination Manual states banks should note “consumer complaints…that suggest a payment processor’s merchant clients are inappropriately obtaining personal account information.”
CFPB Director Richard Cordray testified in February he does not have legal authority to treat small institutions differently when enforcing regulations.
G2 Web Services’ Reputation Monitoring reports leading indicators of fraud and deceptive practices:
- Complaints Monitoring reviews multiple leading sources, including BBB, CFPB Consumer Complaints, and consumer feedback databases. It provides summary statistics, links to detailed complaints, and recommends which business customers to investigate further. It monitors continuously for signs of worsening reputation that may expose banks.
- Negative News/WatchList Monitoring scans over 100,000 unique sources of adverse media, identifying fraud, money laundering, bribery, regulatory actions, business crimes and misconduct. It also checks over 400 watchlists. It enables upfront and ongoing scrutiny through G2’s expert analysts who screen out false positives.
G2’s Reputation Monitoring helps community banks:
- Manage risk: (1) avoid boarding customers engaging in anti-consumer activities, (2) apply enhanced due diligence to higher risk customers, (3) exit relationships with fraudulent businesses faster.
- Follow regulator best practices: (1) abide by FFIEC recommendations, (2) adhere to CFPB Enforcement Action guidance, (3) produce consistent documentation every time.
- Operate more efficiently: (1) obtain information faster and more cost-effectively than internal analyst reviews, (2) scale faster, (3) avoid IT implementation costs.
G2 Web Services