October 29, 2014 - In order to ensure full compliance with the latest regulatory requirements, examiners are now demanding that financial institutions address risk management comprehensively across the entire institution, instead of managing it through individual departments.
As an answer to the need for Enterprise Risk Management (ERM) capabilities, Computer Services, Inc. (CSI) (CSVI), a provider of end-to-end financial technology solutions, has introduced SmartRisk IQ, which provides financial services companies with a holistic approach to risk management.
Based on real-time snapshots of a bank's risk profile enterprisewide, SmartRisk IQ delivers the tools and insights necessary for institutions to make confident decisions regarding effective risk strategies. Users additionally gain access to CSI's regulatory experts to help reduce time spent on managing compliance.
"As regulatory pressure continues to build across the financial industry, we saw a definite need for a new approach to bank risk management in order to provide a more complete picture of risk and how it affects performance," said Paul Koziarz, president and general manager of CSI Regulatory Compliance. "With SmartRisk IQ, financial institutions gain greater insight into their current risk across the entire institution, empowering them to make more informed business decisions, engage their management team and educate their board of directors."
Through SmartRisk IQ, financial institutions can provide examiners with proof that their institution is proactively managing risk by securely collecting, storing, analyzing, scoring and reporting on risk data, risk direction and mitigation activities. To help institutions fulfill examiner expectations and best understand their current risk, SmartRisk IQ measures institutions against the eight key risk categories outlined by the Office of the Comptroller of the Currency (OCC), including compliance, credit, interest rate, liquidity, operational, price, reputation, and strategic.
Additional benefits of SmartRisk IQ include:
Quick and easy assessment with pre-loaded questionnaires and smart content
Advanced risk calculations to inform risk decisions
Simplified storage of attachments and notes to prove compliance
In-depth reporting
Easy sharing of assessments to the institution's board
Complementing the industry-leading ERM software, SmartRisk IQ also provides on-site assistance from CSI's renowned risk and compliance experts, who can assist in the initial risk assessments, as well as complete and monitor established Key Risk Indicators (KRIs) for each institution's ERM strategy. CSI's ERM experts also will check in with each institution on a regular basis to answer any risk management-related questions, enabling financial institutions to reduce time spent on managing compliance.
"The continued introduction of new regulations in the financial industry has caused compliance pressure to grow exponentially," Koziarz said. "Through SmartRisk IQ, we provide a suite of tools and expert guidance to not only simplify the overall compliance process, but also enable banks to channel more of their time and energy into maintaining positive relationships with customers."
