BOSTON, Feb. 25, 2019 /PRNewswire/ -- WolfPAC Integrated Risk Management—an integral part of the Risk Management Services provided by Wolf & Company, P.C.—has launched their newest upgrade to WolfPAC, the Enterprise Risk Management (ERM) 4.0 module.
The upgraded module is designed for chief risk officers and risk management professionals at financial institutions who need to connect risk management to strategic initiatives and to the risk appetite of their organization—all without reinventing ERM processes and tools.
Emerging risks (or the "concept of unknown") keeps risk officers challenged to find a more efficient way to sift through layers of risk assessment data and draw conclusions quickly for their board, executives, and examiners. An effective ERM program should steer those emerging risks into opportunities and, ultimately, protect and drive strategic growth for the organization. Reporting these risk results to board members and other executives is a time-consuming aspect of a chief risk officer's responsibilities—but with WolfPAC's ERM 4.0, CROs now have a streamlined way of communicating threats, controls, and control gaps.
New ERM module features—such as WolfPAC's global library of risk indicators and performance indicators—provide proactive risk management for board and regulatory/examiner committees. Chief risk officers can quickly understand and communicate the health and operations of a risk management program, and can demonstrate safety within the organization's risk appetite—anytime, anywhere.
New tiered, contextual questionnaires are dynamically built on interpretive logic, allowing users to leverage new 'threat and controls' framework and highlight immediate concerns without overwhelming resources. Once the process is complete, management can present the results of risk assessments by showing the board the highest level threats, along with the residual risk for acceptance through configurable reports.
"Risk managers have been asking for a way to understand risks in a more comprehensive way, and for a way to share the most important aspects of their risk management programs. ERM 4.0 was built for those managers, so they can successfully navigate the increasingly complex needs of their institutions. The module's integration with other WolfPAC modules ensures consistency of reporting, while simplifying the tasks of everyone involved," says Ron Tache, General Manager of WolfPAC Integrated Risk Management.
To learn more about enterprise risk management best practices—and to reap the benefits of ERM 4.0 so risk managers can stay ahead of emerging risks—visit www.wolfpacsolutions.com.
About WolfPAC Integrated Risk Management
WolfPAC Integrated Risk Management is a secure, web-based enterprise risk management solution used to automate the identification of risks, threats, and control gaps. Developed by financial professionals in 2004, WolfPAC provides tools to review and monitor information technology, privacy, vendor, and other enterprise-wide risk assessments.
SOURCE WolfPAC Integrated Risk Management