Critical Thinking

Critical Thinking
University of Phoenix
Andreea Swisher
April 20, 2010
Francisco Jimenez

Critical thinking is a vital part of the banking industry. Decisions have to be made daily, decisions that involve finances for customers, obtaining objectives for the bank, and ensuring compliancy with internal and external agencies. The importance of critical thinking in the banking sector can have fruitful and result in long term benefits if used properly, conversely, if not properly used can have damaging effects and can also result in penalties/fines and or   conviction. "The ideal critical thinker is habitually inquisitive, well-informed, trustful of reason, open-minded, flexible, fair-minded in evaluation, honest in facing personal biases, prudent in making judgments, willing to reconsider, clear about issues, orderly in complex matters, diligent in seeking relevant information, reasonable in the selection of criteria, focused in inquiry, and persistent in seeking results which are as precise as the subject and the circumstances of inquiry permit" (1).
I have been in the banking industry for a little over a year. Since that time, I have seen my responsibilities expand, as I gain more experience and knowledge. As part of my newly acquired duties, I have been asked to oversee loan documentation. Part of my duties is to ensure that loans are compliant with bank procedures and federal and state regulations. When loans are not compliant or are missing required documents, the loan is placed on an exceptions report. This report is crucial to the bank and it is necessary to ensure that any loans on this report are cleared. After that taking over this task, my branch had fifteen outstanding exceptions. Some of these exceptions are as recent as two months ago, and some as old as two years ago. One of the glaring issues that I noticed was the abundant amount of exceptions that needed to be cleared. To put things into...