Community bank receives $38 million government grant and raises stakeholder confidence to an all time high

Our Client's Need

Sunrise Banks, an $850 million asset community bank, with seven branches throughout Minneapolis and St. Paul, Minnesota, set out to gain a greater measure of trust and confidence from regulators and other stakeholders to better differentiate themselves from the competition and help drive their business forward. Part of achieving this goal was a commitment to exceed their current market standard for risk management and board governance disciplines and have them be clearly demonstrable for all stakeholders.

Solomon365 Solution

Sunrise Banks utilized the Solomon365 solutions to transform their risk management and board governance disciplines into a competitive advantage to set them apart in the saturated and highly competitive banking industry.

Results Achieved

Leveraging Solomon365 capabilities, Sunrise Banks saw their risk management and board governance grow stronger than ever and lead to substantial improvement across the organization.

"We began to see immediately, using the Solomon365 platform, how the implementation of a stronger and more integrated risk discipline is allowing us to make faster and better-informed decisions for the organization."

- Chief Operations Officer

Confidence, respect and trust levels are at an all time high from regulators due to the bank's ability to tangibly demonstrate a new level of sophistication and integration of their risk management and board oversight. Sunrise is now sustainably equipped to operate repeatable and measureable risk management and board oversight disciplines to assist them in navigating their mission and strategy more effectively. These enhancements allow them to be more agile and informed in their decision-making, better shape their message to regulators and proactively support their positions on strategic risk-taking and capital requirements.

"It has changed the conversation with our regulators so that we are shaping the message, not just reacting to their questions."

- Chief Risk Officer

As an added benefit of their commitment to governance excellence, the bank has enjoyed enhanced financial performance and was recently awarded a $38 million government grant to accelerate their progress in serving the traditionally underserved, based in large part to their ability to differentiate their capabilities.

Interested in seeing how Solomon365 can bring these type of results to your organization? Watch a Solomon365 Platform Preview today.

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TAGS: Sunrise, Bank, Case Study, Risk Management

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