Insights

Batter Up!

Batter Up!


May 11, 2016
Financial Institutions

I am a lifelong, loyal fan of the Chicago Cubs. This is said with all due respect to Chicago’s South Siders and other baseball fans from coast to coast who support many great teams. For most Cubs fans, hearing about the curse of the goat and “wait ‘til next year” are so normal, it’s easy to just shrug off such banter. Discussions about rebuilding have been taking place for years, but we still haven’t made it to the World Series. Completely Useless By September (CUBS). Yeah, we know. And so it goes.

It’s still early in the season, but this year, the stats speak for themselves, and the Cubs are off to a great start. The stands at Wrigley Field are filled with fans sporting blue and red Cubs shirts and hats, sales for hot dogs and peanuts are just fine, and beer consumption is right on target for those hardworking vendors who trek up and down the stairs hawking their goods. 

Hundreds of people fulfill behind-the-scenes roles to make game day at Wrigley Field happen. The Ricketts family is at the helm of the operation, and the Ricketts siblings work hard in the business of baseball. The risks in the business are constant and range from contract negotiations to injuries, weather to municipal relationship concerns, safety inspections to ticket fraud, and much more. But Wrigley Field tends to be packed game after game. Looks like when it comes to game day, they’ve figured it out.

Managing enterprise-wide risk is part of the Ricketts’ strategy. It means tending to business long before the players arrive and long after the last light is turned off. It means dealing with risks and opportunities and aligning an appropriate risk appetite to the strategy employed to address the risks that come with the business. And with an ongoing baseball season, it means being prepared to deal with unexpected and emerging issues when they occur.

Financial institutions have their own unique risk management issues and concerns. By identifying and proactively addressing risks and opportunities, institutions protect and create value for their stakeholders including owners, employees, customers, regulators, and society overall. Learn more by clicking here to read my recent article.

Will the Cubs make it to the World Series this year? Only time will tell. Batter up!

Author(s)

Jerry Miller
Jerry Miller, CRM, CRP, CRCM, AMLS
Partner
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