C1 Bank's Success in Enterprise Risk Management
Region
- America
Country
- United States
Product
- Not mentioned
Tech Stack
- Not mentioned
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
About The Customer
C1 Bank is a prominent community provider throughout Florida and has been acclaimed as the 6th fastest growing bank in the US. The bank's CEO, Trevor Burgess, won Ernst & Young Entrepreneur Of The YearR 2013 in Florida in the Financial Services category. In 2015, C1 Bank was acknowledged as a recipient of the RMM Recognition Program for its dedication to mature enterprise risk management practices. The bank's success in ERM is attributed to the continued support of upper-level management. The ERM program was developed alongside an Enterprise Risk Management Committee, with the board and leadership investing in technology, staff, and training to build out a strong risk management program quickly and efficiently.
The Challenge
C1 Bank, a rapidly growing bank in the US, had developed an Enterprise Risk Management (ERM) program with the support of upper-level management. The bank had invested in technology, staff, and training to build a robust risk management program. The risk team had implemented best practice frameworks, including the Risk Maturity Model (RMM), to establish processes for risk identification, assessment, and monitoring. However, the bank was facing a significant challenge in the coming year. It was about to undergo a merger with Bank of the Ozarks, which would require a shift in focus from maturing existing processes to ensuring a smooth transition of the ERM program to a much larger entity.
The Solution
To address the challenge of the upcoming merger, C1 Bank planned to reassess the risks of the enterprise as a whole and incorporate the processes, tolerances, and appetites of the two institutions. The bank believed that the transition would be made easier through the continued support of management and the Board of Directors, and the ability of the risk management process to prove its worth to the combined institution. The bank also planned to use the Risk Maturity Model (RMM) during this process. The model had been an integral aspect in the development of the bank's maturity assessment and goal setting, enabling the bank to focus its resources at the enterprise level on those areas that were most in need of improvement.
Operational Impact
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