Biggest Challenges Faced by a VP Compliance and Operational Risk at a Large Bank
Karin's biggest challenge as VP, Compliance and Operational Risk at a large bank is demonstrating the value of compliance initiatives, such as "quality control assurance and risk assessments," to a revenue-focused organization. This requires making a strong business case for allocating resources, often needing to justify significant budget requests like "30% of the budget for this project."
Executive/Leadership, Overcoming Challenges, Workplace Challenges, Industry Realities, Problem-Solving
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Karin Lin
VP, Compliance and Operational Risk
Large Bank
UC Berkeley, 2005
UCLA - Anderson School of Business / MBA
Political Science, American Studies
Finance (Banking, Fintech, Investing)
Finance
Honors Student, Scholarship Recipient, Pell Grant Recipient, Took Out Loans, Immigrant, Worked 20+ Hours in School, First Generation College Student
Video Highlights
1. Demonstrates the value of compliance and operational risk management to a revenue-focused business.
2. Highlights the challenge of justifying the cost (time, money, human capital) of compliance initiatives to leadership.
3. Emphasizes the importance of risk assessments and quality control in ensuring business processes are effective and identify gaps.
Transcript
What is your biggest challenge in your current role?
The biggest challenge in my current role is showing the value of writing procedures and automating certain tasks. There's value in quality control, assurance, and doing risk assessments.
Risk assessments help a company evaluate its processes, determine if they're working, identify gaps, and all of these are tedious. These processes can take up time, money, and human capital.
Generally, businesses focus more on generating revenue. Compliance and risk are not revenue-generating teams.
A lot of times, we have to make the business case for taking 30% of a project's budget and explain why it's important. That's the biggest challenge.