Insights

Parking Spaces and Risk Management

Parking Spaces and Risk Management


Mar 16, 2016
Financial Institutions

Looking back, 2015 was an eventful year for me and my family, with the most important and exciting thing being my daughter’s wedding. I remember the planning started nearly a year in advance. Anyone who has been through this knows how complex the issues, processes, and procedures can become. Check, double check, and plan for every possible scenario to ensure everything is perfect. You would think with that much time to plan and attention to detail, nothing could go wrong, but when the big day comes, of course, it does.

The wedding was held in a small church on the Northeast side of Milwaukee, not far from downtown. Although parking can sometimes be difficult in that area, we were told by the minister that we could use a parking lot located just a block away from the church. When that beautiful June day arrived, however, we learned there was also a huge bike race going on in the neighborhood the same day. Since the parking lot was inside the race area, it would not be available to us. To add insult to injury, the beautiful weather and crowds there for the race put street parking at an even higher premium. So to try to accommodate the wedding party, family, and guests, the father of the groom and I arrived at the church an hour and a half before the wedding to put out chairs to reserve parking spots as cars left, wondering the whole time where more than 150 invited guests were going to park. Luckily, in the end it all turned out fine and people were able to find parking spots on the street within a two- to three-block radius of the church.

One important takeaway here is that even with careful planning, unexpected issues can come up. Many well-run financial institutions approach their short- and long-term goals with the same level of meticulous detail that goes into planning an event such as a wedding. A successful risk management program doesn’t just happen, and even with careful design and implementation, most every business encounters situations that can potentially derail even the best-laid plans. Risk can involve a lack of available parking at the church or a concern related to internal controls, information technology, regulatory compliance, or much more. Providing for unexpected issues is a fundamental part of risk management, and Wipfli’s team of talented professionals stands ready to assist financial institutions with risk mitigation. Let us know what’s on your mind by contacting your Wipfli relationship executive or emailing us at WipfliFIpractice@wipfli.com.

 

Author(s)

Utter_Ken
Ken Utter, CPA
Senior Manager
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