Now We Know: Why Silicon Valley Bank Imploded or Failed…
“The bank waited too long to address its problems and, ironically, the overdue actions it finally took to strengthen its balance sheet sparked the uninsured depositor run that led to the bank’s failure,” said Barr (Federal Reserve Vice Chair), adding that there was “inadequate” risk management and internal controls.
- How adequate/robust is your risk management framework?
- How effective are your internal controls?
- On what/whose basis are your responses to the above questions based?
- Why wait any longer to find out?
The above questions apply to YOUR organization and industry, whether financial or non-financial. And yet, many of us will see no correlation/causation/comparison between the above and “our world”. It’s time, maybe, we put on some different goggles and start to re-think, I respectfully submit my friends.
As organizational psychologist and bestselling author Adam Grant stated: “In theory, confidence and competence go hand in hand. In practice, they often diverge”.
Cheers