WolfPAC Integrated Risk Management Blog

Don't Let Business Continuity Break Your Bank

Is your Business Continuity Plan as comprehensive as it can be? Is it constrained by the budget that you have to spend? It can be difficult to get the budget and time necessary for a truly robust, risk-based Business Continuity Plan. Fortunately, our Business Continuity expert, Tracy Hall, has created an article that outlines how utilizing automated Business Continuity Planning software can help you and your team create a more efficient program. Here is an excerpt from the article, Making a Business Continuity Plan That Doesn't Break Your Bank:

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| Author Stephanie Vogel, tagged in Business Continuity, Business Continuity Planning

The Importance of Profit and Loss Statements in Enterprise Risk Management

Having recently attended the Risk Management Association’s Advanced Operations Risk Conference, I am overflowing with ideas on how community based financial institutions can adopt world class risk practices and compete more effectively in the industry. We are experiencing the metamorphosis of enterprise risk management as community banking emerges from the recession and reinvents itself. Unfortunately, operational risk blind spots impact a risk manager’s holistic view of their institution, hindering this strategic change. That is why I have created a three part series to dig into three important areas of operational risk that should not be overlooked: Profit and loss statements, excessive growth, and completeness of the assessment process.

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| Author Mike Cohn, tagged in Enterprise Risk Management, ERM, Risk Management, Operational Risk

How Automating Your Business Continuity Solution Can Help Your Institution

A business interruption is detrimental to your bottom line and reputation. Having a business continuity plan created and tested can help to mitigate losses during a disaster scenario, but developing and maintaining a plan takes time you don’t have to spare. Here are some reasons why automating your business continuity solution can help save your limited resources, while creating a strong, risk-based plan.

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| Author Tracy Hall, tagged in Business Continuity, Business Continuity Planning

An Easier Way to Meet Your NACHA Requirements

For any institution utilizing the ACH network, annual changes to the operating rules and guidelines can be cumbersome to implement. In order to ensure you are utilizing the current requirements, you need to buy and download the newest version of the rules and guidelines, then sift through hundreds of pages with a fine toothed comb to find the few changes from the previous year. If you opt for a free version, you may find it not particularly user friendly. Additionally, the rules are different based on your role in the transaction as the Originator or the Receiver, meaning you have to make changes based on any side of the transaction in which your institution participates. Likely, you’re using spreadsheets to organize everything, and it takes time you just do not have to put toward NACHA rules for transfers.

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

What Your Institution Needs to Know to Create a Comprehensive Risk Governance Strategy

It is important to the success of your institution to have a robust risk governance strategy that allows you to better manage changing regulatory demands and the introduction of new products and services. Here is a breakdown of the important components necessary to build strong risk governance in your institution.

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| Author Stephanie Vogel, tagged in Risk Appetite Statement, Risk Governance, Key Risk Indicators

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