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Five Steps to a Stronger Credit Culture
Creating a credit culture is an evolutionary process requiring periodic review and enforcement. A financial institution can take 5 steps to revive its credit culture: 1. Make credit quality a strategic objective. 2. Appoint a chief credit officer, and encourage open communication about credit issues...
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Published in: | Commercial lending review 1992-04, Vol.7 (2), p.3 |
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container_title | Commercial lending review |
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creator | Barr, Ann McWhorter, R P |
description | Creating a credit culture is an evolutionary process requiring periodic review and enforcement. A financial institution can take 5 steps to revive its credit culture: 1. Make credit quality a strategic objective. 2. Appoint a chief credit officer, and encourage open communication about credit issues. 3. Strengthen credit policies and procedures by, for example, requiring that exceptions to policy be infrequent, properly justified, and carefully documented. 4. Train lending officers to identify and address important credit issues, and establish credit training as a continuous process. 5. Establish responsibility and accountability. Once the building blocks of a sound and prudent credit culture are in place, continued success depends on a board of directors, senior managers, and stockholders who endorse and enforce the new culture. |
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A financial institution can take 5 steps to revive its credit culture: 1. Make credit quality a strategic objective. 2. Appoint a chief credit officer, and encourage open communication about credit issues. 3. Strengthen credit policies and procedures by, for example, requiring that exceptions to policy be infrequent, properly justified, and carefully documented. 4. Train lending officers to identify and address important credit issues, and establish credit training as a continuous process. 5. Establish responsibility and accountability. 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A financial institution can take 5 steps to revive its credit culture: 1. Make credit quality a strategic objective. 2. Appoint a chief credit officer, and encourage open communication about credit issues. 3. Strengthen credit policies and procedures by, for example, requiring that exceptions to policy be infrequent, properly justified, and carefully documented. 4. Train lending officers to identify and address important credit issues, and establish credit training as a continuous process. 5. Establish responsibility and accountability. Once the building blocks of a sound and prudent credit culture are in place, continued success depends on a board of directors, senior managers, and stockholders who endorse and enforce the new culture.</abstract><cop>Riverwoods</cop><pub>CCH INCORPORATED</pub></addata></record> |
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identifier | ISSN: 0886-8204 |
ispartof | Commercial lending review, 1992-04, Vol.7 (2), p.3 |
issn | 0886-8204 |
language | eng |
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source | ABI/INFORM global |
subjects | Accountability Banks Collateral Commercial Lending Officers Communication Competitive advantage Corporate Credit Services Corporate culture Corporate objectives Credit Credit management Credit policy Employees Financial institutions Guidelines How-to Implementations Incentive plans Loan Policies Loan review Management training Marketing Officer Training Officers Performance appraisal Performance evaluation Quality management Retail Credit Services Training Trends |
title | Five Steps to a Stronger Credit Culture |
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