SCOPE OF ENGAGEMENT
A large regional bank with a footprint across eastern and mid-west states was poised for growth and expansion. But to reach its future goals, the Bank would need a stronger Operational Risk Management (ORM) program. The first step was creating a comprehensive and well documented Risk Control Self-Assessment (RCSA).
THE SOLUTION
BASG’s mandate was to review a comprehensive list of existing processes extending across the enterprise. The effort included creation of new processes maps, updating existing process maps, and thorough documentation.
Working with the CRO, key executives and stakeholders, BASG was also charged with uncovering process areas requiring additional review and making appropriate recommendations for actionable items.
Further, BASG provided the Bank needed expertise to evaluate and recommend the acquisition of a more robust and enhanced documentation/cataloging system that would ensure future updating is both user-friendly and more efficient.
THE RESULT
With a fully documented RCSA in place, the Bank could begin the lengthier process of bolstering its ORM practice. And the organization and efficiency of access to required documentation that was the result of this project, makes it possible for the internal Risk Team and relevant stakeholders to keep information current and fully benefit from what was learned during the RCSA creation.
Overall, this first step in creating a more holistic approach to Operational Risk Management positioned the Bank to continue down the path to growth, expansion and regulatory adherence.