TheMReport — News and strategies for the evolving mortgage marketplace.
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Feature executive sponsor must fully understand both the risk of change— and the risk of living with the status quo. He or she must also be prepared to address internal resistance that may arise because, by its very nature, that resistance can pose a risk to the successful execution of needed changes. Risk can also be well-managed by utilizing a variety of strategies to make sure it is clearly identified, communicated, and planned for. When risks are well-defined and understood by everyone engaged in the project, precise mitigation plans and actions can be developed in advance of any risk event occurring. For example, one important strategy for helping to minimize risk is for the executive sponsor to establish consistent status routines for interim deliverables throughout the project. This helps determine bumps in the road before they become pitfalls that affect the least to most serious, and project it is important, and what role the probability of the risk occurinitiative's timeline and budget. team members are expected to ring at each of those impact levels. play; execution risk is identified Status routines also provide the It will also carefully document opportunity for the executive and actionable mitigation plans the mitigation measures at each sponsor to ask questions, such as, are in place; and that there is level, identify responsible team "What are you accomplishing? clear and effective communication members, and establish the proAre we on track? Where are your throughout the engagement. It's a tocols for action, decision-making, risks? What's coming up next? tall order, but the right executive reporting, and results monitoring. Are we getting what we thought leader will rise to the challenge we would be getting at this point and work with both the internal in the investment?" Having solid It's Crystal team and external partners to help routines in place along the way C.L.E.A.R. orchestrate the expected outcome. can help identify potentialsubscription to MReport! Receive a free issues It is inevitable that change will earlier rather than later. e have had the privicontinue to occur in the mortAnother important risk lege of working with gage industry, requiring new management strategy is for the executive sponsors who exhibit operational changes to ensure executive sponsor to ensure that the C.L.E.A.R. characteristics that companies are performing at free subscription, contact Jason Myers at 214.525.6700 when For more information on your seen the remarkable risks are identified, the and have a high level and achieving their development and utilization of results in terms of successful Jason.Myers@TheFiveStar.com. business goals. When the right fully documented mitigation plans project management, strong risk executive sponsor is selected and are just as much a part of the mitigation, and the successful engaged, the project will run overall project plan as any other accomplishment of project goals more smoothly because commuelement. A risk mitigation plan and return on investment. These nication is strong, the best team will include a thorough descripindividuals are vital to ensuris engaged, and the right checks tion of the identified risk, discuss ing that everyone on the team the levels of possible impacts from knows what the project is, why and balances are in place. W news and strategies for the evolving mortgage market themreport.com June 2013 On Your Side: Mortgage Banking News, Done Better 63 43 O r i g i n at i O n a n a ly t i c S Fear Not, LeNDers evoLutioN oF risk maNagemeNt Leaders have to tow a fine line in order to remain ahead of the competition, and are resorting to new strategies and tools to ensure they are successful in their efforts. Although it may seem a herculean task, complying with the CFPB's new rules and regs shouldn't be cause for alarm. 53 76 Servicing gobbLiNg uP tHe getaways SecOn dary market moviNg Past coDePeNDeNcy With prices for vacation homes finally starting to rally, would-be buyers are packing up their bags after packing in the deals. Building a Better The GSEs once counted on the Treasury for their survival, but now that the roles have been reversed is it prudent to use them as the Treasury's shoulder to lean on? Community Homebuyers Look to Piece togetHer tHeir Dream LocaLes as tHe recovery takes sHaPe theMReport.com Origination | Servicing | Analytics | Secondary Market Experts you trust. People you know. News you want. MReport brings today's housing finance headlines into focus. You know mortgage banking, and we know you, which is why you can count on MReport to provide insight into the latest industry innovations. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage marketplace. Because the American Dream is evolving . . . are you? Subscribe now! Call 214.525.6700 or connect with us online at TheMReport.com. The M Report | 29 or