SAI Global Compliance and ErmsCo combined forces to provide financial institutions with a comprehensive enterprise risk management solution, complete with predefined risks, risk controls, key risk indicators, and risk rating methodologies.

An effective ERM program can take thousands of hours to develop and require significant effort to devise a strategic plan, set up organizational structures, identify risks, and define effective controls. Due to the difficulties and complexities involved in building a risk management program from the ground up, many financial institutions end up with an ERM program that falls short of the initial objectives and produces a weak risk management practice with an incomplete view of risk exposure.

Automation of the ErmsCo ERM Framework in Compliance 360 enables financial institutions to implement their risk management programs and support them through the automation of enterprise-wide risk assessments. The result allows for the linking of risks to strategic objectives and compliance programs, monitoring risks, and managing response strategies. This out-of-the-box risk management solution provides a global view of all risk-related activities through executive dashboards, enabling managers to quickly assess problem areas, proactively adjust processes, and track the progress of corrective actions.

The integrated solution includes a predefined inventory of risk definitions, functional risk controls, and risk indicators to enable an institution to manage risks in a proactive, strategic way. The ERM Foundation Library includes more than 500 risks, 1,500 risk controls, key risk indicators, and risk rating methodologies.

"Based on more than 30 years of experience and success in defining and implementing risk management programs for banks, we developed the ERM Foundation to specifically address the unique challenges of financial institutions," says John Drew, president and director of ERM services, ErmsCo.

"Working with the banking experts at ErmsCo, we discovered that the structure of the predefined assets in their ERM Foundation and the design of Compliance 360 were highly compatible," says Steve McGraw, GRC president, SAI Global Compliance. "Our robust capabilities for consuming and automating regulatory and risk management content enabled us to complete the integration in a matter of days, with no development resources involved."

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