As financial institutions emerge from the most severe economic rupture in generations, many are struggling to respond to the heightened expectations of multiple stakeholder groups. Among these expectations is the drive captured by the regulatory agency-mandated phrase, “Getting to Strong”. While this term stems primarily from the U.S. Office of the Comptroller of the Currency’s (OCC) method for evaluating large banks’ risk management practices, the concept is broader and describes the urgent expectation of many stakeholders.
Our white paper defines Getting to Strong initiatives as “enterprisewide risk management”. We suggest three key considerations and a business case for Getting to Strong, including indicators as to how executive management, the board of directors and regulators can evaluate achievements and define sustainable progress. We’ve additionally put forward external implications and characteristics for when and how financial institutions might know if they have achieved “Strong.”