Philadelphia, PA (November 30, 2021), Nov. 30, 2021 (GLOBE NEWSWIRE) -- The Risk Management Association (RMA) and Strategic Risk Associates (SRA) have launched an essential risk management tool for RMA members and the industry. The RMA Risk Maturity Framework, Powered by SRA Watchtower measures the effectiveness of a bank’s overall risk management program against industry standards and regulatory guidance—and suggests action to improve performance.
RMA, which advances enterprise-wide risk management in the financial services industry, and SRA, a leading provider of enterprise risk and performance management solutions, said the Framework is structured around nine pillars and measures 45 categories of risk across a bank. In early 2022, a peer benchmarking feature will be added that allows banks to measure their maturity against similar institutions. The RMA Risk Maturity Framework utilizes SRA’s trusted Watchtower cloud-based solution, which provides a single, integrated solution to manage risk.
“Recognizing the need for a standardized way to measure a risk program’s effectiveness, SRA is excited to partner with RMA to launch this innovative solution to all RMA members,” said Michael Glotz, CEO of Strategic Risk Associates. “Gone are the days of purchasing and downloading a stale Excel framework. Our Framework lets organizations self-assess their risk program and quickly make progress on their risk maturity journey.”
New users of the Risk Maturity Framework begin by completing an evaluation and receiving scorecard results via the SRA Watchtower risk and performance management tool. The Framework allows users to quickly assign tasks to owners across each line of business and provides a clear action plan for immediate implementation.
Both diagnostic and prescriptive, the Framework helps users identify and prioritize areas for improvement, and tracks progress toward quarterly and annual goals through Watchtower’s visualization and reporting capabilities. The Framework is a powerful way to educate executive teams on risk maturity progress and will help facilitate agreement with the board risk committee on the bank’s expected maturity level. It can also inform development of a two-to-three-year risk roadmap and be used to inform regulators on the bank’s risk maturity progress.
“RMA’s partnership with SRA provides a solution that will assist RMA member institutions of all sizes in achieving a more mature risk culture,” said RMA President and CEO Nancy Foster. “The RMA Risk Maturity Framework, Powered by SRA Watchtower complements RMA’s mission of advancing enterprise-wide risk management by providing an effective way to evaluate risk maturity progress.”
The RMA Risk Maturity Framework, Powered by SRA Watchtower has pricing options for institutions of every size. For more details and purchasing information, click here.
ABOUT THE RISK MANAGEMENT ASSOCIATION (RMA)
Founded in 1914, the Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,700 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.
Media Contacts
Stephen Krasowski, skrasowski@rmahq.org, 215-446-4095
Frank Devlin, fdevlin@rmahq.org, 215-446-4137
ABOUT STRATEGIC RISK ASSOCIATES (SRA)
Strategic Risk Associates (SRA) is a technology solution provider and risk management consulting practice serving Financial Services, Insurance and Technology Industries. SRA's proprietary technology and methodology was designed and built “by bankers, for bankers” enabling clients to navigate risk and drive growth. SRA Watchtower is a risk intelligence and intuitive performance management platform built to continuously inform, enlighten, and empower banking executives and boards. SRA has helped hundreds of banks effectively navigate through significant risk events since the 2008 financial crisis. Learn more here.
Corporate Communications
Ryan Donelson
Director, Marketing and Corporate Communications
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