Integrated Technology Risk Management

Banks face a confounding challenge. They must adopt emerging technology quickly while ensuring security and compliance remain intact. However, the plethora of processes and controls banks use to keep their systems secure are inefficient and slow down innovation. Solving the development and compliance dilemma requires more than a brute-force approach. 

West Monroe’s Integrated Technology Risk Management solution helps organizations shift to proactive risk management through guardrails instead of overly prescriptive controls. Why is this ideal? 

• Scalability. Guardrails allow teams to quickly make decisions and build for evolving technology needs while remaining within the required bounds of industry rules and regulations. 
• Accessible expertise. We ensure you have the right people and resources in place to provide multidisciplinary guidance. This expertise allows you to add and update technology with confidence.  
• Better risk control. Failure to adapt to emerging technologies puts your company at risk, and so does acting outside the bounds of regulations. Integrated Technology Risk Management provides an agile controls process that keeps guardrails firm but allows for flexibility prioritize the security concerns that matter most to your bank. 

Our approach is designed to fit your needs, not the other way around. It’s adaptive and works from the information we gather from your organization. By leveraging a small sample of your organization’s data, we help you make your approach to risk management sustainable. 

Results You Can Expect

• Improved understanding of your current control alignment by product and domain 

• Reduction in the time and effort it takes to remediate adverse findings 

• Ability to scale operating model and promote a culture of compliance, accountability, and ownership  

• Enhanced visibility into potential issues and risks 

• Consolidated view of current risk posture 

• Insights that improve your existing methodologies and tools to enhance your risk program continuously

What We Offer

Risk identification and solutioning 

We help you identify risks, including what they are, how big they are, and where they are. It’s our goal to empower your team with the tools to self-manage risk in the future. 

• Detailed control maturity risk assessment. This assessment helps you uncover potential areas of weakness and gain insights from heatmap risk findings.  
• Risk methodology training. We train your team on our methodology, equipping them to self-assess in the future and enhance the value gained from the initial engagement.  

Proactive risk management enabled by expert communities 

Build the organizational foundation for proactive risk management. By reorganizing your operating model to support a guide rail approach, we can integrate technology while staying within the bounds of industry regulations.  

• Assess your operating model. We assess your people, processes, and technology to design an operating model bespoke to your organization while leveraging industry best practices.  
• Pilot the new model. Even the best laid plans can fail. So, we test the bespoke model through a pilot program to ensure a successful initiative.  
• Establish an expert community. We ensure you have the right people and resources in place to provide guidance when using guide rails to add and update new technology.  

Digital strategy, design, and build

Is your organization on the cusp of integration? This solution will help you evaluate your current state to integrate, develop, and build tech architecture in a secure and compliant manner.  

• Understand your digital landscape. We help you evaluate your organization’s digital maturity and how risks and controls impact your digital objectives.  
• Design and optimize your tech architecture. Leverage our financial institution, tech, and risk and compliance expertise to build your technology ecosystem — whether it be cloud-based or on-premises.