Magazine article The RMA Journal

New Practices and New Products Invariably Bring New Risks

Magazine article The RMA Journal

New Practices and New Products Invariably Bring New Risks

Article excerpt

As I begin my year as RMA chair, I look forward to representing the member banks and Associates of this high-quality professional association. Serving on the board for the past four years has been an honor, and I found the experience to be both fulfilling and enlightening.

First, I want to thank Glenn Wilson, our immediate past chair, for his leadership and excellent example. Next, I welcome the new directors joining the board. Our directors, like our membership, represent institutions at both ends of the size spectrum. And lastly, I want to express a special note of appreciation to Maury Hartigan, our former president and CEO, who worked with the leadership team to advance the mission of the Association. I look forward to serving with Kevin Blakely, who comes to us with a wealth of regulatory, banking, and RMA-specific experience. The future of RMA is looking very bright. We certainly are living in exciting and challenging times.

The financial services industry, like other industries today, is experiencing a period of new efficiencies not unlike the manufacturing efficiencies realized during the Industrial Revolution. Consider the difference the mainframe computer made when it was introduced into banking. Hand-posted ledger cards disappeared. Consider also the recent advent of remote capture. It opens a world of potential efficiencies to both the customer and the bank.

That said, we must not forget that new risks will surface with new practices, processes, procedures, and products. When we dive deep into the risk equation of something new, we are often surprised to find risks that we didn't expect. …

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