Congratulations! If you’re reading this, you’re already ahead of the game compared to many of your peers. By working with Maple Street, you’ve prioritized vendor management at your organization.
The truth about risk management (It’s hard!)
On one level, risk management seems simple. Figure what could go wrong and determine what we’re going to do about it. But it’s neither simple nor easy.
There are many people to keep happy, from the CEO and the CFO to the examiners to various team members. Also, the universe of risks is constantly changing. Just because the institution was safe last year doesn’t mean it will be safe next year.
Risk management goals
There are three key objectives for any risk management program:
- Regulatory exams go smoothly
- The C-suite is happy with the state of risk management in the institution
- Colleagues understand how to execute risk management tasks and why those tasks are essential
In many organizations, the default attitude is that risk management tasks are secondary or even annoying. A well-run program can change that! But how do you get there? That’s where WolfPAC enters the equation.
Building the ideal risk management program
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 on 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.
Next steps
Leverage our platform to bring true enterprise risk management in-house. By adding WolfPAC to Maple Street, you ensure that areas beyond vendor management have the same visibility and rigor you have become accustomed to.
To learn more about WolfPAC, visit https://www.wolfpacsolutions.com. To find out more about how Maple Street and WolfPAC are working together to deliver results, call 800-513-6839 or email mssales@maplestreetinc.com.