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
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.
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.
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Shawn Stewart
Principal, Risk Advisory Services
Grant Thornton Advisors LLC
Shawn Stewart is a principal in Grant Thornton’s Risk Advisory Services practice. Based in Los Angeles, he has more than 18 years of experience and provides process design, internal audit, risk consulting, IT consulting, regulatory compliance, and M&A services to financial services clients.
Orange County, California
Industries
- Construction & real estate
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Not-for-profit & higher education
- Asset management
Service Experience
- Advisory
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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.
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