Susan, we have known one another for a few years now through our board membership at Gateway First Bank. But I knew you by reputation long ago as Enterprise Risk Executive for Bank of America. You have enjoyed a tremendous career in banking and leading large organizations. It has been an honor for me to get to know you and work with you in your role today as Chairperson for Gateway First Bank. Thank you for letting us profile you in our Women in Leadership executive interview series.
Faith Schwartz: Susan, can you share with us your early career interests and your path into banking?
Susan Faulkner: I had a great banking professor during college and from the time I took his class, I was “hooked on banking.” He had great relationships with many financial institutions and in his class, you learned by having to do “real projects” with “real bankers” versus only getting to read about it in a textbook. Therefore, I have always had a passion to teach and mentor because of the influence this one professor had in helping chart my business career.
I also realized in all financial transactions, the bank is in the middle making it all come together for the parties involved. And I wanted to be part of helping make this happen. It doesn’t matter where you are a consumer, small business, commercial enterprise or corporate or public entity, financial institutions help facilitate opportunities for growth and new endeavors. While it may seem very nerdy, I think banking is cool.
FS: Can you share your story on how you rose through the ranks in banking to be one of the senior most leaders at a top bank?
SF: I am not sure I ever think about my career in terms of rising through the ranks. What I know is there were many people in my journey who took a chance on me probably when I wasn’t even ready for various roles and responsibilities. I think I took full advantage of those opportunities, even when at times it seemed daunting. But I also believe you must be willing to put forth the effort and time to learn and grow in each opportunity you are given, no matter how big or small. I have always believed in the 3 L’s: Listen, Learn and Lead. I believe to effectively lead, you first must be willing to listen and learn and then find ways to add value by growing, improving, and leading from the front.
I had individuals who invested and took a chance on me, so I always ask, “who are those individuals who have the potential for greater success, with someone taking a chance and investing time and effort to guide them.” Success is about paying it forward and leaving something better than when you found it.
FS: What drove your interest in banking risk management?
SF: I am not sure I sought out banking risk management but rather it sought me out. During the Great Recession I was at Bank of America leading Consumer and Small Business Products and Operations and in a prior time, I was leading Enterprise Credit Risk. During and after the Great Recession, Banking needed to be better, more transparent and work with Banking Regulators to institute and adopt “good government and regulations”. Through the work with so many dedicated teammates across Bank of America we helped improve and respond to the changing environment and changing consumer needs. It was through this work that led to the opportunity to lead Enterprise Risk Management and help to proactively address the changing credit, operational and market risk environment. It was during this time I became very passionate in my understanding and belief that while banks have always been in the “Risk Taking Business”, it is the financial institutions that interact responsibly with transparency, and accountability with consumers and consumer finance markets (i.e., Mortgage) who will be the most successful companies.
FS: After decades of executive leadership and bank experience you transitioned to a more entrepreneurial organization, Marquis, and successfully led the company and sold the organization in an M&A transaction. Tell us what you learned in that process.
SF: Going from a $2 Trillion plus company to a small middle market company was a game changer in so many ways. I have shared with so many people that I thought it would be a “piece of cake” but what I learned is whether you are leading within a large organization or small organization, each is very complex, but the complexities are different and therefore require different leadership s, management, and decision-making skills. This was a huge learning and realization. But it was also very exhilarating, challenging, and exciting. Whether large or small, People, Process and Technology are the keys to success.
FS: Given your rich history in business, what do you do today that you wished you did more of in your early years?
SF: Exercise and practice more patience. While this is still not my greatest strength, I have learned taking moments to exhale, breathe and reflect can help bring great perspective to any situation. Earlier in my career I was sometimes in too much of a hurry that I didn’t fully enjoy and experience some of the finer moments. Ambition, strong work ethic and passion are wonderful, but I have learned having more patience allows you to persevere and make more productive decisions, often leading to greater success.
FS: Are you still learning as you continue to have top roles at Marquis and Gateway First Bank?
SF: Every Single Day. While I can reflect on my various opportunities, experiences, and learnings I have been afforded, I realize and know there is so much more to learn. That is energizing to me. But what I get passionate about is how to work with others and determine how to bring those lessons to life by adding value to others, whether clients, colleague, fellow board members or teammates. I hope I never stop actively learning. For me, that would be a very sad day.
FS: I marvel at your success. What keeps you so dynamic and engaged in how you operate?
SF: That is very kind, but I believe success is redefined every day by what you choose to do. I can honestly say I love what I do and have embraced the entire journey, the peaks and valleys. I believe finding what you love to do and then gaining as much knowledge, experience, and exposure to “that love” will make for a fantastic ride. There are so many people who are genuinely willing to help you along the way and I have learned so much from others in my life journey (and am still learning today). I hope, along the way, I have been able to pay it forward. To me that is success.
FS: Tell us something fun about yourself that most people do not know?
SF: I am an open book, but I have two big fun life goals: 1) Hike the Appalachian Trail from start to finish…about 2200 miles from Springer Mountain, Georgia to Katahdin, Maine. It takes about 5 -7 months, and 2) Go on the Amazing Race with my nephew, Hunter (a junior in High School) when he turns 18. Fun for me life doesn’t get much better than being outdoors, travelling with my husband, and tackling new challenges.
At Housing Finance Strategies, we are leading change in all things housing. By interviewing key executives like Susan Faulkner, our intent is to educate and encourage the industry to constantly grow and evolve. Susan’s drive clearly paved a path forward in banking risk management — she is an example of a powerful leader who has moved the needle in her field. What an excellent interview and example for women seeking to rise through the ranks!
Thanks so much to Susan for taking the time. And as I like to say: Grow, lead and mentor your peers!