Cornerstone Bank & WolfPAC Solutions: Vendor Risk Management Case Study
Background:
Cornerstone Bank is a Massachusetts-based community bank with over 150 years of history, ten branches, and more than $1.5 billion in assets under management. The bank leveraged Wolf & Company’s WolfPAC Integrated Risk Management software and Virtual Vendor Management Officer (vVMO) service to help modernize and streamline its vendor management program.
As a result, Cornerstone Bank is now optimally positioned to:
- Effectively manage every aspect of its vendor ecosystem (including contracting & due diligence);
- Address a growing range of third-party risks; and
- Meet the rising expectations of regulators and its audit committee.
“The entire project has been a major success, not only regarding risk management but also because it helped streamline our vendor relationships and ensure that our vendor agreements align with the bank’s needs and standards.”
– Cornerstone Bank SVP & Chief Risk Officer Michael Roy
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About WolfPAC:
WolfPAC is a fully integrated suite of software and expert advisory services designed to identify the true threats to your business and keep your organization safe. Our platform lets you move beyond spreadsheets and silos and build a modern, scalable risk management program that stands up to the threats of today and tomorrow.
The WolfPAC platform focuses on the three keys to risk management:
- Inherent Risk: A technology, a vendor, or even a process introduces risk into your organization; answer a few questions, and we’ll tell you how much.
- Controls: There are hundreds of ways to reduce/mitigate risks; you may have forgotten some, and we help ensure you do identify all the important ones.
- Residual Risk: A fundamental understanding of risk so that you can stay ahead of new standards and emerging threats.
How it Works:
In a nutshell, WolfPAC connects controls to the actual threats to your business. In addition, all the modules within the WolfPAC platform are fully integrated (a huge timesaver). Together, they create a centralized risk management solution that is streamlined and efficient. Our system is built on industry standards and continuously updated to reflect regulatory changes. As a result, all the risk assessments within the platform are dynamically constructed and intuitive.
Why implement WolfPAC and focus on Risk Management?
Community banks and credit unions love our platform because it helps them:
- Provide a comprehensive and integrated risk management program that protects them from threats.
- Protect vital financial and information assets and reduce the frequency and intensity of regulatory scrutiny.
- Promote a fundamental understanding of risk so that they can stay ahead of new standards and emerging threats.