In sharing the news about Happy Prime’s sponsorship of Women in Credit Risk and Collections, Sasha Close at WiCRC, a good friend of Meurig’s, referred to a beer mat that she has carried around with her for the last 15 years that had the quote “We’re not here to f*ck spiders”. Understandably, Meurig had several DMs and emails from non-Ozzie friends asking what that means, so he wrote a blog about why this quote is so pertinent and why he thinks it’s important in the context of credit risk managers worldwide.
At Happy Prime Risk Consultancy, we believe in straight talk and decisive action. That is why we're fond of the colourful Australian expression, "We're not here to f*ck spiders." While we might phrase it more delicately in our boardrooms (or not), the sentiment behind this saying is crucial to our approach to credit risk and innovation.
What does it mean?
For those unfamiliar with this Aussie slang, the phrase essentially means, "We're here to do something meaningful, not waste time on pointless activities." It's a call to focus on what's important and get things done.
Applying this mindset to credit risk
For me, it means, we're not here to simply go through the motions or maintain the status quo. We're here to
Innovate fearlessly: The financial landscape is evolving rapidly. We can't afford to be timid or stick to outdated methods. We need to embrace new technologies, data sources, and analytical techniques to stay ahead of the curve.
Challenge assumptions: Traditional credit risk models have their place, but we're not here to blindly follow them. We're here to question, test, and improve our approaches continuously.
Drive real value: Our goal isn't to produce reports that gather dust or create models that no one understands. We're here to provide insights that drive actionable decisions and tangible business value.
Respond to change: The economic environment, regulatory landscape, and customer behaviours are constantly shifting. We're not here to react slowly – we're here to anticipate and adapt swiftly.
Innovation isn't optional, it's imperative
In credit risk management, there's often a tendency to play it safe. After all, we're dealing with significant financial risks. But playing it too safe can be a risk in itself. As the saying goes, we're not here to... well, you know. We're here to innovate and excel.
This means:
Embracing new data sources: From alternative credit data to real-time transaction information, we need to look beyond traditional credit reports.
Leveraging advanced analytics: Machine learning and AI aren't just buzzwords. They're powerful tools that can significantly enhance our predictive capabilities.
Improving customer experience: Innovation in credit risk shouldn't just benefit the lender. We should strive to make the process faster, more transparent, and more fair for borrowers too.
Enhancing regulatory compliance: Innovation can help us meet regulatory requirements more efficiently and effectively.
The cost of inaction
When we say we're not here to waste time, it's because we understand the cost of inaction. In the world of finance, standing still is equivalent to moving backwards. Our competitors are innovating, fintechs are disrupting the market, and customer expectations are constantly rising.
Let's get to work
So, the next time you're in a meeting about credit risk strategies or discussing the latest innovation initiative, remember: we're not here to twiddle our thumbs. We're here to make a real difference, to innovate, to push boundaries, and to excel in credit risk management.
At Happy Prime Risk Consultancy, we're committed to meaningful action and innovation in credit risk. We're here to do important work that drives our industry forward. Anything less would be, well... you know the rest.
Let's get to work. After all, we're not here to f*ck spiders.
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