BRENTWOOD, Tenn (September 8, 2021) |
Ncontracts, the leading provider of integrated risk management and lending compliance solutions for the financial services industry, announced that Ncontracts' founder and CEO Michael Berman has published a new book, The Upside of Risk: Turning Complex Burdens into Strategic Advantages for Financial Institutions.
Building off research, historical examples, and the most current enterprise risk management framework, he discusses why good risk management is not about risk avoidance but rather risk awareness, which empowers financial institutions, mortgage companies and fintechs to be prepared, protected, and positioned for opportunities. The goal of risk management is not to eliminate risk—it is to understand it. In The Upside of Risk, Berman shows readers why risk management and strategic planning are inseparable.
"I am thrilled to make this book available and provide lessons learned from the financial crisis all the way through to the recent COVID-19 pandemic to ultimately help financial institutions and mortgage companies turn risk management into a strategic advantage," said Berman. "Outdated risk management is a serious challenge that many financial organizations face—and the worst part is they might not even realize it. The most successful financial organizations approach risk management with curiosity and an open mind, leveraging their discoveries to make smarter decisions that support long-term strategic goals."
Properly managing risk can have a tangible impact on a company's bottom line. In fact, according to a study published in The Journal of Risk and Insurance, companies with mature enterprise risk management programs are valued 25 percent more than their peers. Additionally, banks that embrace risk management are more resilient, according to research from the Federal Reserve Bank of St. Louis. This underscores the importance of having a strategic risk management framework in place.
Karl Nelson, CEO of KPN Consulting remarked, "This is the best and most descriptive view of enterprise risk management in print today. Make time to enjoy Michael's timely exploration of risk and risk management, and you will be well on your way to enhancing how you manage risk. More importantly, you will find new ways to ensure your own survival in the coming years."
Berman added, "The Upside of Risk should be helpful to anyone in the financial industry who wants to create value and build resilient institutions. Thank you to everyone who made this book possible. I look forward to the value it will offer."
The Upside of Risk is available on Amazon, in both soft cover and eBook formats. The book will also be available at the upcoming Ngage user conference, which will be held in Nashville, TN on September 28-29, 2021.