An Attempt to Navigate Financial Industry’s Risky Reality on an Institutional Level

Strategic Risk Associates (SRA), a leading SaaS provider of innovative risk management solutions, has officially announced the launch of a brand-new Risk and Control Self-Assessment (RCSA) module within its Watchtower platform, a holistic risk intelligence solution. According to certain reports, the stated RCSA module will essentially make it possible for financial institutions to complete comprehensive risk evaluations through an integrated platform. By that, we are referring to its ability to deliver assurance of resilience and longevity, early detection of risks, and a structured approach for implementing effective control measures. Talk about the same on a slightly deeper level, this model will bring opportunities to identify and examine risks that are specific to each unique institution. Next up, we have intuitive tools for developing and testing controls that, once ready, will prove useful when the user tries to mitigate risks. Joining the same are these risk improvement activities and action plans, both the elements incorporated into the overall ERM model to manage any identified gaps. Then, there is also a possibility for users to leverage a risk and control register, as well as flexible reporting, to generate a comprehensive insight into banks’ enterprise business process.

“SRA’s Risk and Control Self-Assessment module is simple, informative, and flexible,” said Ed Vincent, CEO at Strategic Risk Associates. “Designed to be easily adopted and used by your organization’s first line, informative for the second line, senior management, and board risk committee, and also flexible enough to adapt to your organization’s unique operations.

But how is new Watchtower RCSA any different from other risk solution technologies? Well, the answer resides in its ability to let users take full control of the self-assessment process. Alongside that, it is also suited in every single institution’s case, no matter the size or complexity. Complimenting the same would be these features and functions that can be tailored as per user requirements. Among other details, we even have the option to conceive specialized departmental, product, and process hierarchies based on how the organization views risk. Finally, there is a feature to completely eliminate the need for multiple-system management, considering the RCSA module is built right into Watchtower.

The new Risk and Control Self-Assessment (RCSA) will sit next to Watchtower risk intelligence suite’s existing line-up of solutions, such as Enterprise Risk Management (ERM), Program Risk Assessment (PRA), Risk Maturity Framework (RMF), and FinTech Risk Assessment. Owing to that, it should put together a holistic approach towards risk management.

Founded in 2008, Strategic Risk Associates’ rise stems from its solutions that have the reputation of being “built by bankers, and built for bankers.” The company’s excellence in providing a panoramic view of risk can be understood once you consider it has already collaborated with various heavyweights, including Union bank, ConnectOne, TriStar bank, Busey, Univest, Primis, MidSouth bank, Bethpage, Penn Community bank, Allegience Bank, Washington Trust, Arvest, First State bank, and plenty others.

“First State Bank utilizes SRA Watchtower to monitor our implementation of the strategic plan and to ensure we are remaining within our risk appetite. SRA Watchtower has assisted FSB in assessments of our risk profile, allowing the Bank to operate in a safe and sound manner while taking advantage of opportunities for growth. The ability to provide uniform reporting across multiple areas of risk has provided easy to understand reports that assist in identifying trends,” said Timothy W. Grooms, chief risk officer at First State Bank, Winchester, Ohio.