The recent collapse of Silicon Valley Bank has left many employers and employees fearful that their business could be at risk. But with the right risk management protocols and personnel, future crises may be easily avoidable.
SVB’s former chief risk officer departed the company in spring of 2022 after nearly six years of tenure. The bank announced the hire of Kim Olson as its new CRO in January of 2023; these kinds of risk-focused leadership positions are intended to ensure a company’s procedures, protocols and strategies are fully implemented in order to protect the company. In the case of SVB, this kind of gap in continuity may explain the lack of safeguards in place when depositors began taking their money out in droves.
