WolfPAC Integrated Risk Management—a secure, web-based enterprise risk management solution utilized to automate the recognition of risks, threats, and control gaps—has launched their latest upgrade to the WolfPAC, Enterprise Risk Management (ERM) 4.0 module. This enhanced module is architected for chief risk officers and risk management officials at financial institutions who require connecting risk management to calculated initiatives and the risk structure of their companies—all without changing ERM tools and processes.
With technological evolution there is an increase in risks which are emerging at an unprecedented rate, making it difficult for risk officers to find a more competent way to separate the layers of risk assessment data and depict conclusions swiftly for their officials, management and examiners. An efficient ERM program should navigate through those emerging risks into opportunities and, eventually, protect and compel tactical growth for the company. Presenting these risk results to the management and other officials is a gradual and sluggish characteristic of a chief risk officer’s responsibilities—but with WolfPAC’s ERM 4.0, chief risk officer now has a smoother way of communicating threats, controls, and control gaps.
The new ERM module comprises—such as WolfPAC’s global library of risk indicators and presentation indicators—proactive risk management for management and regulatory/examiner committees. Chief risk officers can rapidly understand and converse the health and operations of a risk management program and can reveal safety within the organization’s risk structure—anytime, anyplace. New tiered, appropriate questionnaires are vigorously structured on interpretive logic, permitting users to control new threats framework and highlight immediate concerns without overpowering resources. Once the process is absolute, management can bring forth the results of risk assessments by displaying the board the highest level threats, along with the residual risk for acceptance through configurable reports.
According to the General Manager of WolfPAC Integrated Risk Management, Ron Tache the risk managers have been looking for a path to understanding risks in a complete way, and for a way to allocate the most important features of their risk management programs. ERM 4.0 has been built for those managers, so they can without any difficulty navigate the increasingly multifaceted needs of their institutions. The ERM’s modules integrate with other WolfPAC modules ensuring consistency of reporting while clarifying the tasks of everyone concerned.