Sundry Edition
A Biweekly Newsletter by Salt of the Earth Consulting, LLC
Vol. 19 | May 24, 2023
At Salt of the Earth Consulting, we created Sundry Edition as a way to further our mission to be a trusted and beneficial partner within our community. Each newsletter includes a curated list of articles that fit a theme within the financial services industry. And, because at SOTE we each share a passion for music, we always include a few song recommendations!
The Necessity of Risk Management
By now everyone in the financial services industry is well aware that one of the factors leading to the Silicon Valley Bank (SVB) collapse was that for about eight months of 2022 they did not have a Chief Risk Officer (CRO). Risk management is a crucial component of any financial institution’s success, one of our main areas of expertise at Salt of the Earth Consulting, and the topic of this week’s Sundry Edition.
If you missed our previous newsletters on SVB, you can find: Part 1 here, Part 2 here and Part 3 here.
Earlier this week, The Wall Street Journal published an article (linked below) about the importance of financial institutions hiring the right people for their board-level risk committees. Last month Harvard Business Review shared a similar sentiment in their guide on ‘How Banks Can Finally Get Risk Management Right’. Both pieces stress the value of a strong CRO, risk committee, and risk assessments.
We are also learning of new tools that may be “game changers” for risk management professionals. In a recent Sundry Edition we started the conversation on generative AI’s emergence in the financial services industry. A recent Financial Times article (linked below) details how this technology can be used as a virtual assistant for risk officers by performing tasks such as “collat[ing] financial market and investment information and … offer[ing] advice on strategies to mitigate risk.”
Salt of the Earth is a boutique consulting group that offers bespoke solutions and quality advice to people, companies and associations. While we strive to keep our finger on the pulse of all aspects of the financial services industry, you can read about the specific services we offer here.
What We’re Reading…
What We’re Listening To…
Another One Goes By
The Walkmen
Tightrope
WALK THE MOON
The Resolution
Jack’s Mannequin
Salt of the Earth Consulting 