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Improving risk-management practices with business self-assessment: The First Union Home Equity Bank story

Guardado en:
Udgivet i:Bank Accounting & Finance vol. 12, no. 2 (Winter 1998/1999), p. 34-42
Hovedforfatter: Cable, Tim
Udgivet:
CCH INCORPORATED
Fag:
United States > US
Case studies
Self evaluation
Risk management
Workshops
Audits
Equity
Balanced Scorecard
Financial institutions
Internal auditors
Meetings
Measurement techniques
Copper
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Resumen:Business self-assessment (BSA) is a business-unit self-monitoring process that identifies and documents the risk profile of a business activity and provides a mechanism to verify that those risks are appropriately controlled. First Union Home Equity Bank was the first business unit to implement a formal BSA program in First Union Corp. In early January 1997, the FUHEB BSA team held concept meetings to construct the FUHEB BSA program. The BSA team based the program on 3 core principles: 1. to educate teams to self-monitor risk, 2. to build a quantitative risk-scoring methodology, and 3. to create frequent results reporting. The success of any BSA program is measured by the performance improvement achieved by a functional unit. If properly implemented, the program offers the unit the capability to analyze performance trends, then enact change to significantly reduce potential risk. The problem assets team at FUHEB accepted the challenge by admitting its operational problems, learning a new method to monitor performance, and improving its control environment.
ISSN:0894-3958
Fuente:Accounting, Tax & Banking Collection