Creating a compliant risk methodology in banking with ERM Lite

 

15

Areas identified for risk monitoring

 

43

Regulatory gaps eliminated

 
 

At a glance

 

Client

A company with high regulatory focus

 

Industry

Banking

 

Our role

Implementing risk assessment process

 

Our solution

Achieved client’s compliance needs

 
 
 

Developing trusted processes to mitigate risk

 
folder icon

Scenario

A community bank needed to strengthen its risk management processes to ensure they would pass muster with regulators.

gears icon

Approach

Grant Thornton performed a careful analysis of the bank’s processes and conducted in-depth interviews with bank personnel.

graph icon

Result

Through the ERM Lite analysis, Grant Thornton identified 43 gaps and helped the bank establish risk management processes that satisfied regulators.

 
 

Scenario

 
 

Leaders of a community bank needed to create a holistic risk assessment process to be able to confidently report to their regulators that they had a full understanding of their risks.

 

After being told by other providers that they would have to spend massive amounts of money for an assessment and then pay even more for software, leadership settled on Grant Thornton’s ERM Lite offering as a more cost-effective solution that would provide easy-to-implement recommendations.

 
 
 

Approach

 
 

Grant Thornton professionals worked closely with key personnel in a risk assessment of the full enterprise to understand the task at hand.

 

After analyzing the situation, Grant Thornton helped the company set up an internal risk management practice with 15 areas for monitoring that has the rigor needed to meet regulators’ requirements for risk reporting.

 

The risk management processes also help the company understand the varying risks within each of those areas and prioritize its mitigation activities for 43 newly identified gaps.

 

“The client’s regulators have appreciated this risk management program because it intuitively meets their regulatory requirements. And management loves it because it has helped the organization more readily understand risks and identify regulatory gaps. More importantly, it has allowed them to better allocate time and spend on the most critical areas to meet regulatory expectations.”

 

Shawn Stewart

Rick Advisory Services Principal,

Grant Thornton Advisors LLC

 

How we can help you

 
 

INDUSTRY

Banking -->

 

 

Ready to talk? We’re ready to listen.

Request a meeting -->
 
 

Result

 
 

After helping the bank establish 15 areas for risk monitoring, Grant Thornton assisted the company in an initial assessment of risk within three of the domains.

 

The client then conducted risk assessments in the remaining 12 domains with limited input from Grant Thornton. The risk management process is easy to use and provides leadership with a better understanding of their risks and reporting that stands up to regulatory scrutiny.

 

The organization continues to successfully use Grant Thornton’s methodology, having passed several rounds of ERM regulatory reviews with no adverse findings and with an enhanced ability to proactively identify and address risks in an economically responsible manner across the enterprise.

 

Related Resources

 
 
 
 

Connect with our team

 
 
Content disclaimer

This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.

Grant Thornton Advisors LLC and its subsidiary entities are not licensed CPA firms.

For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.

 

Ready to talk? We’re ready to listen.

 

Request a meeting and a member of our team will be in touch to see what we can do to meet your needs.

 

Want to submit an RFP? Please submit your request through our RFP submission page.

 
 
 

Our fresh thinking

 

Follow us