Solving the Silo Effect

Solving the Silo Effect

For the most part, silos are seen as impediments to success.  An American Management Association survey shows that over 80% of executives feel that silos exist in their companies and have a negative effect on their business. The prevailing wisdom is to tear down the negative effect of silos through the training of management and staff.  Hoping to change the cascading effect of the territorial reaction, an instinctive behavior of most silo dwellers.  However, a provincial attitude is difficult to change.   If you are part of a silo, it will eventually evolve into groupthink, making decisions as a group, which minimizes individual responsibility and as a result, diminishes creativity.

Silos aren’t caused by the functions they house but more likely by the lack of information.  Information that is cloaked in policies, data, communications, procedural decisions, and ultimately within undefined effects.  Silos are a major cause of problems within organizations of all sizes.  Organizational silos isolate operating or business units from understanding each other’s needs and as a result the overall corporate needs. Eventually they break down policies, communications, and the sharing of data, causing cumbersome or loss touchpoints and diminished creativity.

The solution to silos or isolation is the injection of digital pathways into the business processes.  These network pathways change the calculus of reason with the ability to automatically and dynamically connect each silo function with corporate governance in the form of policies, data availability, communications, and procedural decisions all effecting decisions through the delivery of information.  Ultimately individual confidence is gained and trust in one’s self leads to the open exchange of ideas and a positive effect on your business.

To avoid normal gaps in functions and the disconnect that naturally would occur, the solution should bring all these silos under one digital map, affording everyone utilizing the solution to have policies automatically known and enforced, communications automatically sent, data automatically available, processing decisions directed automatically, with all changes automatically written to an audit file resulting in a dynamic process.  The benefits are extensive; dynamic response to correspondence and FIU/UAF, risk models automatically updated, etc.  Yes with RiskCALM₄ your efficiency will increase, your service in-branch and online will improve, your compliance will be less costly, and regulatory issues more transparent.

RiskCALM₄ will also help with the challenge of vetting all existing members by:

• Automating the vetting process via an online portal that will provide a convenient way for a member to share:
  • Updated data for identification
  • Photos or PDFs of identification such as Passports, Driver’s License, National ID Cards
• Members using the online portal will be rewarded with exclusive promotional offers
• Minimize the vetting time within your branch to a face to face verification
• Updated data will be used to:
  • Vet against Sanction and PEP lists
  • Identify FATCA or CRS requirements
  • Confirm that data and documentation provided is within policy or note policy exceptions

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Additionally, explore the benefits of providing more member services through:

• Promotions
• eCommerce
• Community outreach
• Increased revenues