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"It is Never Wrong to Do the Right Thing" (Mark Twain)

By Jeffery Schmid, FIPCO Director of Compliance and Management Services - ShareFI

I remember the first time this quote really sank into my psyche. The new president of my bank had just come to my office soliciting feedback on the next strategic move in our efforts to improve the safety and soundness of our bank. At that time, every decision was an important one as we were working our way back from the depths of the latest recession. Whatever our decision was going to be would either have negative consequences on the bank’s balance sheet or a negative impact on the reputation of the bank. To make no decision would impact them both. After much deliberation, he referenced the quote from Mark Twain by saying “Jeff, it’s never the wrong time to do the right thing” and then left my office. From that point on, we managed much of the bank’s decisions by that simple phrase.

As banks are continuing to struggle with the myriad of cumbersome regulations, stricter controls on consumer protection and tighter reigns on profitability, knowing what the right thing to do can be tricky, and knowing when to do it can be even harder. But doing nothing or doing it the same way as before because “that’s the way we have always done it” can also spell trouble.

Sometimes, doing the right thing may involve ditching your current software or license and exploring better options. It is a tough decision to make, but one that could have long-term benefits. I remember my time as an operations manager often changing programs or processes even though the change or exit strategy was expensive. Instead of taxing my staff and resources to deploy work-around solutions only to deliver a less than satisfactory product or subjecting our bank to regulatory criticism, it was never the wrong time to make the right decision. And in the long run it paid off.

So, what is the right thing? It all depends. For example, if your bank is struggling to replace an outgoing compliance officer or internal auditor, your mortgage processing is taking your bank longer to close than your competition, you just received your last Report of Examination and it was less that satisfactory, or you find your bank paying too much in third-party fees with no value-added benefits to show for it, you might want to reconsider what is the right thing for your organization. Because it is never the wrong time. That is where ShareFI and its team of professionals can help. 

With more than 80 collective years of managing efficient bank operations, maintaining regulatory and risk-based knowledge, and strategically implementing effective strategies, Jeff Schmid, Michelle Haslam, and Kris Mertins-Elliott can help your bank identify what is that right thing to do. 

Please contact me today at jschmid@fipco.com to explore your needs. There is value in ShareFI.