CHICAGO, Nov. 18, 2015 /PRNewswire/ -- Many smaller financial institutions struggle with how to apply enterprise risk management (ERM) principles consistently and effectively. To help banks with assets under $5 billion handle this challenge, Crowe Horwath LLP, one of the largest public accounting, consulting and technology firms in the U.S., developed a new toolkit, Crowe ERM Simplified.
"Financial institutions are accustomed to regulators giving them comprehensive guidance on how to achieve compliance in a particular area," said Jennifer Burke, partner, Crowe Risk Consulting. "But because ERM is somewhat nebulous, and doesn't have detailed regulations, community banks can be a bit overwhelmed by what needs to be done. To help them, we developed this toolkit."
Crowe ERM Simplified consists of a series of tools that are specific to banking, as well as access to Crowe consultants who specialize in banking and risk management. Features of the toolkit include:
- An easy-to-use option for integrating ERM components while minimizing expenses and the burden on resources;
- Consulting and assistance with a gap assessment to develop a project plan and timeline, training for stakeholders and reviewing customized tools throughout implementation;
- Examples of governance structures, framework methodologies, risk assessment processes and reporting; and
- Tools to help streamline the development of a sustainable program.
"We've seen a disconnect between financial institution boards of directors asking for more senior executive leadership in ERM and many banks who are just beginning to develop an ERM process," added Burke. "Regulators continue to ask community banks about ERM, so they'll need to be prepared."
For more information, visit www.crowehorwath.com/ERMSimplified-NR.
About Crowe Horwath
Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting, consulting and technology firms in the United States. Under its core purpose of "Building Value with Values®," Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. With offices coast to coast and 3,000 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 120 countries around the world.
SOURCE Crowe Horwath LLP