The Ticking Time Bomb in Your Risk Management Program
What impact would the departure of a key employee in your risk department have on your risk management program?
Here are some key things to consider:
#1: The Great Resignation Isn’t Over.
- Almost half of all employees are currently considered “job seekers.”
- 79% of employed job seekers think they can make more money by switching jobs.
- In 2022, bank turnover at the nonofficer level reached 23.4%—its highest level since 2019.
As a result, the people managing your risk efforts may leave your organization in the next 1 – 3 years. What then?
#2: Siloed Risk Processes + Turnover = Trouble.
Hiring and training new employees to manage the process of doing risk assessments and creating relevant reports is an expensive and time-consuming undertaking. Things get even more problematic when no one is left to teach newcomers. If hands-on training and mentorship are the extent of your contingency plans, you may be in trouble.
#3: Spreadsheets Are Limited & Difficult, or Even Impossible, to Hand Off.
Risk management is too complex and important to live in a tool with low transparency that is ill-suited to collaboration. Does your company fall into either of these two categories?
- You’re using spreadsheets as your primary risk management tool.
- Losing a key employee in your risk department would cripple your risk management program.
If so, now is the time to be proactive. The truth is that critical team members are likely to leave, and spreadsheets will fail you at some point. So, don’t wait for the inevitable to happen before you centralize, formalize, and automate your risk management program!
WolfPAC Makes the Hard Work Associated with Risk Management Easier
We provide everything you need to manage risk in one fully integrated platform. Our online software platform is affordable, easy to set up and use, and accessible to anybody in your organization—no more silos, spreadsheets, and manual systems that falter when key staffers move on.
Check out our two core offerings:
- WolfPAC Pro: Over the past two decades, hundreds of financial institutions have used the WolfPAC platform to take their risk management programs to the next level. Our legacy offering is a fully integrated suite of software and expert advisory services designed to identify the true threats to your business and manage risk across your entire organization.
- WolfPAC Essentials: Created for lean organizations, Essentials gives you everything you need to build a sophisticated risk management program in three core areas: (1) Information Technology, (2) Third-Party Relationship Management, and (3) Business Continuity Planning. Our latest offering is the fastest, easiest, and most affordable way to automate and improve your risk management program. New users can try it free for 45-days.
Our online software offering is affordable, easy to set up and use, and accessible to anybody in your organization—no more silos, spreadsheets, and manual systems that falter when key staff move on.
Do you want to learn more about how we help organizations like yours build modern, scalable risk management programs that stand up to the threats of today and tomorrow, including employee turnover? Contact Us Today!
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