Risk Management in Payments

Send us a text. (email us if you need a response) Episode Summary ​​In this episode, Joe Casali sits down with Sean Carter, the top man at Neach Payments Group. They dive deep into the world of risk management in payments. Sean emphasizes the power of interpersonal skills and the value of curiosity in the industry. The talk shifts to the intricate dance between Enterprise Risk Management (ERM) and Strategic Risk Management (SRM). Both play pivotal roles in shaping the future of payments. Sean shares insights on how these concepts intertwine and their impact on the broader payment landscape. Tune in to grasp the nuances of risk management from an industry leader. It's a conversation packed with expertise and actionable insights. Guest-at-a-Glance Name: Sean Carter What he does: President & CEO Company: NEACH Noteworthy: Sean Carter: Newly minted Accredited Payment Risk Professional (APRP). Where to find Sean: LinkedIn Key Insights The Power of Imagination in Risk Management Sean Carter emphasizes the importance of operations personnel in risk management. These individuals possess a wealth of institutional knowledge, allowing them to predict potential issues based on past experiences. Sean suggests that a combination of strong communication skills and the ability to envision various scenarios (imagination) can be invaluable. This imaginative foresight helps in anticipating challenges, especially those not immediately obvious. The Role of Interpersonal Skills in Operations Sean highlights the significance of interpersonal skills in preventing blindsides in operations. Building good relationships across departments and consistently asking questions can prevent unexpected challenges. Being inquisitive and maintaining open channels of communication can preemptively address potential issues. Moreover, making others feel important can lead to more open sharing of information. Understanding Risk Appetite vs. Risk Tolerance The distinction between an organization's risk appetite and risk tolerance is crucial. While risk appetite is the overall level of risk an organization is willing to accept, risk tolerance pertains to the degree of risk they're willing to take for a specific goal. Effective communication is essential to ensure everyone understands these concepts, aligning individual actions with the organization's broader risk strategy. Remember to subscribe and send your comments to [email protected]