At a recent conference of business leaders from across the globe, Ming Soong, former Chief Risk Officer (CRO) at United Overseas Bank, was asked what he saw as the biggest challenge to global banks. In a nutshell, Ming Soong said that regulatory compliance, big data and sustainable growth are uppermost on everyone’s mind. The big challenge is taking the information from regulatory compliance and internalizing it.
“OK, I need to do all of this anyway, now how am I going to use these processes or this stress test to better run my business, to better understand my customers, to create a better environment for everybody,” explains Ming Soong.
When asked if the new regulatory environment is an added challenge for the CRO, Ming Soong turned the question around. He feels that the regulatory environment presents an opportunity for CROs to ask for resources. “Once you get the resources, turn it around and ask yourself how you can use the resources to create a better organization,” said Ming Soong. “Look to contributing to the corporate strategy, contributing to better operations.”
Ming Soong challenges risk officers and CROs to talk with their boards and executive management to use risk management teams more fully. “With that same kind of information,” he says, “What can I use it for in my organization to be a more productive organization?”
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