Risk Assessments require the knowledge, expertise, and dedication of time to complete this critical piece of your Information Security Program, Risk Management Program, and Compliance Management Program.  Understanding your institution’s cybersecurity posture, and regulatory environment, investigating where there may be gaps, and addressing the issues is critical and could mean the difference between a compromise or business as usual. 

AppliedCS collectively has more than 200 years of experience with bank operations supporting multiple financial institutions.  We understand how to establish and shore up the foundation of your program so you can avoid the common pitfalls many institutions struggle to avoid.

Our process for completing a comprehensive Risk Assessment involves several strategies, including interviews with key personnel and a review of the Information Security Program, Risk Management Program and Compliance Management Program. The controls are then reviewed, allowing the assignment of Residual Risk.

Several of the items we review:

• Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) Risk Assessment
  
  
• Office of Foreign Assets Control (OFAC) Risk Assessment (this can sometimes be included in the BSA RA)
  
  
• Fair Lending Risk Assessment
  
  
• ACH Risk Assessment (this is also an annual requirement for 3^rd Parties partnering with banks as a Fintech etc.)
  
  
• Wire Transfer Risk Assessment
  
  
• Enterprise-Wide Risk Assessment (ERA or EWRA)
  
  
• Vendor Management Risk Assessment
  
  
• Community Re-investment Act (CRA) Risk Assessment
  
  
• Ransomware Self Assessment (R-SAT)
  
  
• Cybersecurity Assessment Tool (CAT)
  
  
• Institution-wide IT Risk Assessment

AppliedCS has developed a scalable Risk Assessment Framework, allowing for a complete overhaul of your Risk Assessment Program or an update to an existing Risk Assessment Program, which will meet your regulatory needs. 

Please give us a call if you're considering outsourced Risk Assessment and you need quick, professional assistance.