Are you curious about high-risk banking, but worried about having the right tools and supports in place? In this episode, we talked with Kristin Parker, Director of Compliance, and Ryan Mclnerny, Sr. Compliance Manager at RiskScout, a provider of scalable, technologically efficient compliance solutions, about how financial institutions can explore high-risk banking opportunities through the lens of safety and strategy.
Hey there, buddy! I just had the most mind-blowing conversation with Kristin Parker and Ryan McInerney on my podcast. We kicked things off talking about high-risk banking in today's crazy world – you know, how to tackle risks head-on and keep things steady in the financial whirlwind.
Kristin and Ryan spilled the beans on their impressive backgrounds, and let me tell you, it sets the tone for their deep insights. We dived into the intriguing realm of high-risk banking in the States, especially in the cannabis game. Can you believe it's legal in 47 states and DC? Yeah, that caught me off guard too!
Picture this: over 680 financial institutions hustling in the high-risk banking arena. But what exactly is high-risk banking, you ask? Well, turns out it's not as one-size-fits-all as we might think. Kristin and Ryan shared some jaw-dropping stories of industries that actually fall into the 'risky' category. And guess what? Most of them aren't out to do any shady stuff – it's just that misconceptions are rife.
Hold onto your seat, my friend, because Ryan's got some personal stories up his sleeve. His dad was deep in the banking scene, tackling tricky money services in Texas, and you won't believe the kind of stuff they faced with the regulators.
Ever wondered about red flags that bankers notice? Trust me, Kristin and Ryan unveiled some eye-opening insights that make you rethink everything. They pulled back the curtain on how RiskScout is changing the game. We're talking about setting up processes to face risks head-on, and boy, the tricks they shared – pure gold!
You know what's even crazier? We got into the nitty-gritty of dealing with different departments in high-risk situations. Kristin spilled the beans on the magic software that smoothens out the whole customer relationship mess. Plus, you won't believe the importance of subject matter experts. They're like the unsung heroes of the high-risk banking scene.
But wait, there's more! We dove into best practices for compliance that'll knock your socks off. Whether it's navigating cease and desist orders or building rock-solid relationships with regulators – Kristin and Ryan spilled the secrets that every banker needs up their sleeve.
And hold up, managing multiple high-risk programs? RiskScout's got the answer, my friend. Kristin and Ryan cracked open the vault on collaborative approaches, building a network within institutions, and understanding the true heartbeat of modern banking.
Trust me, this episode's a rollercoaster of insights. You've gotta tune in to soak up all the wisdom, stories, and game-changing strategies Kristin Parker and Ryan McInerney dropped on "The Ncast". This stuff's pure podcast gold!