WolfPAC Integrated Risk Management Blog

Aligning Your ERM Governance and Risk Appetite Statement

Last month, the Western Independent Bankers (WIB) hosted the first in a three part Enterprise Risk Management webinar series with Randy Marsicano presenting on the Keys to an Effective ERM program. On February 15th, Drew Coveney, CIA and Internal Audit Supervisor for Wolf & Company will be presenting the second installment:

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| Author Stephanie Vogel, tagged in Enterprise Risk Management, Risk Appetite Statement, ERM, Risk Governance

Evolving the IT Risk Assessment

Last week, Bharat Nair and Manny Centeio hosted a webinar about the new evolution of the WolfPAC IT Risk Assessment module. During the webinar, Manny walked through many of the administrative functions that cover every IT assessment. Part of this demonstration showed you how to utilize the robust common control framework built into the system. This means that the controls implemented across every technology are only input once, and no longer have to be entered for each individual assessment.

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| Author Stephanie Vogel, tagged in Information Technology, IT Risk Assessment, IT Risk

New York Transaction Monitoring and Watch List Filtering Program Set to Take Effect

Starting on January 1st, New York chartered and regulated bank and nonbank institutions will be required to implement and maintain a Transaction Monitoring Program and a Watch List Filtering Program. The purpose of these programs will be to monitor and filter transactions for potential violations to the Bank Secrecy Act (BSA) or Anti-Money Laundering (AML) regulations. This will also work to prevent transactions with sanctions entities.

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| Author Cynthia Boehmer, tagged in BSA, Regulatory Compliance, Bank Secrecy Act

How The WolfPAC Information Technology Risk Assessment is Changing

Last month at our 2016 User Conference, Bharat Nair spoke about some exciting changes in the works for our Information Technology Risk Assessment solution. Changes like the new contextual questionnaire format will allow you and your team to complete risk assessments for technologies in just a fraction of the time you normally spend. The new threat and control architecture helps you think strategically about activities you may be missing, while streamlining the documentation within the system with common controls. Built with multi-framework and multi-industry support, we have created a module that delivers both efficiency and strategy in a whole new way.

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| Author Stephanie Vogel, tagged in Information Technology, IT Risk Assessment, IT Risk

3 Biggest Insights From the 8th Annual WolfPAC User Conference

Whew! We’ve been running around the country for the last two weeks hosting our 8th Annual WolfPAC User Conference, and the turnout was incredible. Over 100 people from more than 65 different organizations came to one of our two locations to share their experiences and gain valuable insight from our team and other experts. We are so proud to be able to bring this community together to help strengthen risk management within the financial industry as a whole, as well as our individual clients. Thank you to all that attended, for a truly wonderful event.

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| Author Stephanie Vogel, tagged in Enterprise Risk Management, ERM, WolfPAC User Conference

Understanding UDAAP as it Relates to Marketing and Advertising

UDAAP, or the Unfair, Deceptive, Abusive Acts or Practices policy, was put in place to protect customers from being unwittingly harmed by misleading or overtly deceitful actions by financial institutions. Often there is a misconception that UDAAP and regulatory regulations at large are the sole responsibility of the risk manager, and that can lead to miscommunications that inadvertently trickle down to the customer. Marketing and advertising is an area where there needs to be close collaboration between the risk management department and the marketing department to ensure these issues aren’t occurring, and that everyone understands their role in adhering to UDAAP regulations. Here are a couple best practices that can assist in making sure your marketing tactics are on the up-and-up:

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| Author Stephanie Vogel, tagged in UDAAP, Compliance Risk Assessment, Regulatory Compliance

New Updates to WolfPAC's Regulatory Compliance Module

The WolfPAC Integrated Risk Management suite is designed to align with the changing needs and regulatory guidelines of the financial industry. Part of the way we honor our commitment to streamlining the risk management process and enable risk managers is by keeping our solutions up to date with compliance standards through monthly updates to our assessments and functionalities.

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| Author Cynthia Boehmer, tagged in NACHA, Compliance Risk Assessment, Regulatory Compliance

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