Every bank, credit union, and fintech is in a battle for customers. The winners either launch new products faster, become more aggressive with mergers and acquisitions, or move quickly to develop new markets, channels, and partnerships.
High-performing firms have risk and compliance teams that take a seat at the table and play a strategic role. Once risk and compliance plugs into growth and strategy, the business gains the confidence to act with speed.
Risk and compliance teams need to grow risk confidence exponentially without inflating costs. To accomplish this goal, they need to start speaking the business team’s language.
With spreadsheets and point solutions, risk and compliance never sees a view of risks and controls that makes sense to the business team. Without a common perspective, communications between the two lines break down. The first line hits the gas while the second line pumps the brakes, and neither line understands what the other is doing or why.
The right platform can finally bring your two lines together and get them working in harmony, but only if it’s designed for your industry and with your needs in mind.
Despite all the investment in GRC tools and technology, most banks, credit unions, and fintechs aren’t making real progress toward integrated risk management. Meanwhile, the promise of a platform that can enable truly integrated risk management has stayed continually out of reach.
Here’s why the usual GRC approach fails:
Generic GRC platforms are like model houses. They look great when you tour them, but if you sign on and buy, you get an empty space that requires a lot more investment before you’re happy with it. Crowe IRM-as-a-Service comes populated with the content you need, so it’s like a fully furnished home — you may want to make changes over time, but it’s ready for you to move in on day one.
When you implement a GRC system, it’s easy to go down the rabbit hole and overengineer until your ROI disappears. We designed Crowe IRM-as-a-Service based around the use cases that small and mid-sized banks need, and we know how to set up each use case in a practical way to meet the spirit and objectives of guidance without going overboard.
With intuitive, business-oriented views and organization options, risk and compliance can view risks and controls in terms of products, services, and business processes. When you work with the first line, your team can single out the relevant risks and controls and frame them in a context that both lines understand.
Crowe IRM-as-a-Service is a fully hosted and managed platform that’s ready for you to adopt without a long customization process. We’ll get your platform up and running with the content you need so that you’ll see the benefit in weeks, not months or years.
If you don’t have the resources you need, you can tag us in and expand your capacity with a few simple clicks in your Crowe IRM-as-a-Service platform. You get a deep bench of dedicated risk management professionals, available at any time to help with activities including:
Crowe IRM-as-a-Service not only gives you a platform but provides everything you need to adopt it right away. The platform is completely hosted, so there’s no need to focus on running it. And the content and workflows you need come preloaded.
Crowe IRM-as-a-Service includes the functionality that’s foundational to integrated risk management:
Crowe Risk Curator creates an easy way to identify business-relevant standards, risks, and controls. You can use it to gather a working library of GRC content in a matter of days.
Typical scenarios where you need to curate risk and control content:
Build out a risk and control library
Get immediate content that’s relevant to lines of business, products, and processes.
Benchmark risks and controls
Compare your content to industry standards.
Enable “what if” risk planning
Anticipate risk for new initiatives like product launches and mergers.
Identify post-merger risk
Assess risk and create controls in response to a merger or acquisition.
Assess risk at all levels
Map business processes to products, lines of business, risks, and controls.
We’re here to make it easier.
We know risk and compliance can be a thankless job, even though it’s critical to the health and survival of your institution. We’re here to help you get back to work that adds value to your first line of defense while keeping your organization and customers out of harm's way.
Get in touch with us and let us show you how affordable and practical the path to integrated risk management can be.
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