Streamlining Community Bank Risk Management: Rollstone Bank & WolfPAC Essentials
Synopsis:
Rollstone Bank & Trust is a Massachusetts-based financial institution that has served its customers and community for nearly 180 years. The bank adopted the WolfPAC Essentials platform to build a streamlined, integrated risk management program that provides significant value by:
- Automating manual risk assessment and reporting efforts that prevent staff from focusing on other high-value projects.
- Reducing audit and exam preparation time (and related headaches) and improving its regulatory compliance readiness.
- Providing 360-degree visibility into its 3rd and 4th party relationships.
- Consolidating multiple risk management tools into a single, integrated platform.
“I’m amazed by what we’ve accomplished in such a short time. WolfPAC makes getting started a breeze, and the platform began elevating our risk management program and saving us time from day one.” –– Client Quote
Challenges:
The client’s risk management processes initially relied on multiple tools and spreadsheets. This dynamic made risk management harder than it needed to be for Rollstone, especially when it came to risk assessments and reporting. As a result, the team wasted far too much time on manual tasks, like tracking down and consolidating information from disparate systems, when preparing for audits and examinations.
Finding the Right Solution:
The search for a unified risk management platform led Rollstone to WolfPAC Essentials, a decision influenced by several key factors.
- The bank’s Information Security Officer had a very positive experience with WolfPAC at their previous job. That relationship provided firsthand confidence in the people and platform.
- WolfPAC’s ability to consolidate multiple risk management functions into one comprehensive system aligned perfectly with the bank’s strategic goals.
- Access to expert consultants and active user groups offered the client something beyond software – a trusted partner and access to a thriving risk management community!
Implementation & Initial Value:
The onboarding process was seamless. Our world-class implementation team quickly led the client through the technical setup. In addition, our subject matter experts added value throughout the process by providing strategic guidance on broader risk management topics and methods, like setting up a proper vendor inventory procedure.
“The Essentials platform is remarkably user-friendly, allowing our team to get up and running quickly without extensive training or technical hurdles.” — Client Quote
The bank quickly began consolidating its vendor information into one comprehensive risk inventory. This effort improved visibility across departments and enhanced the bank’s ability to manage risk holistically.
Measuring Success:
The impact of WolfPAC Essentials is now resonating throughout the bank:
- Streamlined reporting has dramatically reduced the time Infosec leadership and other key personnel spend on audit preparation and annual reporting.
- Eliminating redundant tools generates immediate cost savings.
- Business users and senior leadership are becoming more engaged in the bank’s risk management process, fostering a stronger security culture.
- A stronger risk culture helps the firm uphold its nearly two-century promise of “Safety, Stability, & Security” to its customers and community.