Navigating Risk in the Financial Landscape

A Glimpse into Wilson Bank & Trust's Strategy from Rachel Fischer, Chief Risk Officer
In the ever-evolving realm of finance, the role of a Chief Risk Officer (CRO) becomes paramount. At Wilson Bank & Trust, this role is not just a position; it's a commitment to transparent leadership and strategic risk management. As the CRO, my responsibilities extend beyond the conventional, encompassing compliance, operational resilience, reputational safeguarding, and strategic foresight. It's a role that demands a delicate balance –not to eliminate all risk– to discern which risks align with our values and strategic vision.
Reflecting on the challenges of 2023, our proactive risk-management practices stood out. We embraced early warning indicators with agile responses in the face of economic uncertainties, rising interest rates, and inflation. Operational and compliance risks were met with resource deployment and organizational restructuring.
As we set our sights on 2024, we acknowledge potential threats like political uncertainty, challenges in commercial lending, and persistent cybersecurity issues. Our approach involves scenario planning, enhancing resilience capabilities, employee training, and heightened cybersecurity measures. Prioritizing risks is not a one-size-fits-all endeavor. It involves meticulous evaluation of potential impacts and likelihoods; directing our focus where mitigation is crucial and seizing opportunities when possible. Our commitment to a robust risk culture extends to every Wilson Bank & Trust employee. Collaboration, teamwork, and transparent communication are the pillars of an environment that fosters risk-informed decision-making.
In the regulatory landscape of 2024, heightened changes and scrutiny pose challenges that warrant attention. Wilson Bank & Trust remains dedicated to navigating these changes with resilience; ensuring our customers are well-informed about potential impacts.
At the heart of our risk-management strategy is a dedication to transparency, collaboration, proactive problem-solving, and unwavering focus on safeguarding the interests of our shareholders.
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