Why Owning a Process and Knowing a Process are not Interchangeable Terms
Written by: Heather Papows- Senior Loan Servicing & Secondary Market Consultant
One of the many challenges a lending institution faces is determining the organizational structure of its departments. You’ve got multiple core teams: origination, secondary market, servicing, and collections. Then you’ve got sub-parts of those teams: sales, processing, underwriting, closing, funding, post-closing, onboarding, escrows, etc.
In setting up a successful operation, you aim to equip each team with appropriate, knowledgeable staff. But to take that one step further, the proper placement and knowledge of mid- and senior-level managers overseeing that staff can be a real game-changer.
Ownership does not always translate to knowledge
For managers overseeing functional areas or departments where they have little to no direct experience, the ownership can feel overwhelming. But a small shift in perspective allows for these managers to instead consider it an opportunity to expand their knowledge; a win-win situation that will not only serve the manager but also the team and ultimately the institution.
Evaluate to effectively align staff and responsibilities
Managers who take the time to understand and improve a team’s operational workflow (evaluating how things are done and why) and staffing (looking at individual abilities, knowledge, and capacity) will ultimately gain a better understanding of the overall operation, which can translate to better team cohesion, more effective communication, and the achievement of added successes.
Best Practices for Managers looking to pair ownership with knowledge:
Think about how you can add value to the task or team. Focus on gradually building functional knowledge as needed, and how you can leverage your areas of expertise in the process.
Ask questions and be honest with the answers. Consider what the fundamental purpose of the task or team is, what the operational goals are, and what is used to measure success.
Identify departmental risks, knowledge-gaps, and pain points, and then work to align resources with the needs.
The team at Spillane Consulting Associates collectively possesses expertise to bring forth both specialized knowledge and functional leadership growth and development, equipping your team with a strategic path to greater success and strengthened skillsets. Contact our Director, Bill Dolan, at WDolan@scapartnering.com or by phone at (617) 694-2617 to set up a conversation today.
