Supporting effective risk management across your organization.
An Overwhelming Reality
Calculating your institution’s reserves can be an overwhelming reality. The process of tracking complex financial data can be both tedious and difficult. Plus, with the current heavy regulations of the financial industry, institutions are working to comply with ever increasing laws and standards while still operating with limited budgets. Our goal is to simplify this process from the ground up. REDi’s iReserve is an integrated solution designed to optimize both the efficiency and accuracy of your Loan Loss Reserve (ALLL) management by eliminating manual processes.
Leverage Your Core Through Effective Integration
The process works by extracting data directly from the bank’s loan and collateral management platforms on a daily basis. This provides you with up-to-date loan, collateral, charge-off and recovery information right at your fingertips!
The idea is to find balance. With iReserve you have the ability to easily determine available reserves while also tracking exactly where your institution is at any given time. Additionally, daily impairment analyses can be performed thus documenting each loan’s strength and potential required reserve. This allows you to move forward with comprehensive insight of your overall ALLL management process.
A Better Path
In the financial world policy and procedures form the backbone of every institution. Yet if this is the case, then why is it that most institutions have no standardized process on how this key information should be either written or distributed to their employees?
It’s an important question. And one that becomes even more pressing when you realize that most audits find that most individuals who fail to observe policy and procedures do so because they did not have the information in the first place and did not know where to find it.
With iPolicy from REDi we put ownership in the hands of the individual. iPolicy assigns roles based on the individual’s level of authority and allows owners to make changes and input additions to existing policy and procedures as needed. Then approval of these changes is assigned to the appropriate governing body while viewing roles are assigned to each individual in the company.
The result? That each person has access to the information they need, when they need it.
One of the most difficult parts of distributing this type of information is ensuring that each person has access to the latest changes. iTrack takes care of this obstacle by sending out an email to all users each time and update is published.
Plus, in an effort to streamline the process as a whole, policy owners can review new changes right from their dashboards. The use of electronic signatures forces each individual to confirm they have reviewed the changes and are aware of the policy.
Integrated Risk Assessments
The reality is that policies and procedures are simply elaborate risk mitigation strategies. REDi understands this fact and works to ensure that each facet is fully integrated and automatically converted to a standard font and format.
In addition, each document is then broken down into smaller Policy Statements. These statements allow for more direct communication and understanding of the policy as a whole. All Procedures are also utilized as mitigation strategies in iAssess.
A New Way of Life
In today’s fast paced and ever changing business world, risk management is a way of life. It’s not if something happens, it’s when and how you handle it that culls the stable institutions from the weak.
The issue most organizations have is they are trying to fight this battle on their own. Questionnaires, audit work papers, loan review results and prior examination findings are all scattered throughout the institution as a whole, thus making it impossible to accurately evaluate the situation at hand.
Watching this trend made us think, “There has got to be a better way!”
With iAssess you have the ability to assess risk from any perspective that meets your needs. Be it specific risk programs for regulations like BSA, OFAC or GLAB or product offerings and activities like Internet Banking and Remote Deposit Capture this program is flexible enough to meet your needs.
Plus, as an added bonus the system automatically aggregates risk from an Enterprise Risk perspective. This allows you to clearly see each individual program as well as how the institution as a whole stands in terms of overall risk.
A Helping Hand
Have you ever tried to work through a risk assessment on your own? The details are simply overwhelming! So many questions and each one more complicated and detailed than the one before.
iAssess helps streamline this process as it walks you step-by-step through the assessment process. The system will guide you though adding each new threat along with any additional information needed. The result is a program that is easy to use while also offering a standardized approach to completing necessary assessments.
iAssess is delivered with predefined risk assessment programs, industry standard threats as well as the most common mitigation strategies employed to reduce risk. This is impressive enough on its own, but the data is also constantly updated. With each expansion you are given access to the collective knowledge of the entire iAssess user base, a tool with immeasurable value.
Additionally, all new data is available for immediate download from a centralized database, giving your institution access to the most up to date information possible. This approach allows you to be aware of the latest information as you work to aggressively evaluate all possible threats to the institution as a whole.
Intelligent Solutions for Changing Environments
According to the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC), banks can outsource services to a vendor, but they cannot transfer responsibility for any potential risks. This makes sense, but the problem is that most banks have a very long list of vendors and no real way to track them. This leads to a system that can quickly become overwhelmed and thus fall short of regulatory expectations.
iVendor is designed to fill this gap as it improves your overall effectiveness. With iVendor you have a complete vendor management system at your fingertips including service evaluations, vendor grading, contract management, vendor oversight and documentation along with ongoing vendor monitoring. The result is a comprehensive system that tracks all of the details and complies them for your use.
Making the Grade
Changing regulatory guidelines require that banks be more careful than ever before when it comes to their vendors. Not only should they constantly evaluate the strength of the vendor, but they must also keep an eye on the service risk associated with each account. iVendor works to simplify this proves by ensuring that the same rating scale is applied institution wide.
With each contract there is an element of risk associated with delivery of services. iVendor helps track these commitments to ensure your institution is protected as the terms of the contract are met.
To do this iVendor establishes standards for key contract elements and then ensures they are in compliance with institutional policy. This can often be a complex and tedious process yet facilitating task assignments and tracking vendor compliance is a necessary task at any institution. Utilizing the iVendor system will help you track and comply with service level agreements, commitment dates and error rates among other crucial details.
Maintaining a solid vendor management program requires documentation of the relationship and evidence of effective vendor oversight. With iVendor these tasks are automated thus freeing your time and energy. The software automatically gathers the relevant information for each vendor and then carefully tracks progress. You have the ability to pull reports at any time and will be notified when additional information is needed. Staying in compliance is literally easier than ever before with iVendor.
A Targeted Approach
For most bankers, audits and examinations have become a way of life. In fact, it is not a matter of if you get audited, but when. Anymore, these types of reviews have become so common that the biggest problem isn’t the audit its self, but keeping track of all of the related results and findings.
With iAudit from REDi you will have the ability to track the details with ease. After all, these days an Excel spread sheet just isn’t going to cut it.
A Daily Reminder
For many organizations, keeping track of when Audits are happening and how long they will last is a full-time job. iAudit helps you eliminate the guess work as it keeps track of all currently scheduled audits and examinations.
Plus, as an additional benefit, the bank can assign an owner to each audit. Results of all testing are recorded and then findings are generated and assigned to the appropriate person. In short, you will be able to easily track who needs to do what, and by when.
With iAudit, any time a task or finding is generated and assigned to an individual at the bank, the system automatically sends an email. This message outlines what they need to do and offers a timeline for the task at hand.
Then, once the finding is complete, results can be emailed back to the auditor. This type of closed loop system allows for instant direct communication while reducing confusion and improving efficiency. Finally, a full dialog of the discussion becomes part of the Audit process and it capture within the notes section.
In an effort to streamline the process as much as possible, iAudit offers a full range of reports that can be pulled at anytime. This information provides an accurate snapshot of the process and can be given to the Board or any other governing body upon request. Even External Audits can be saved and attached to the Audit Calendar. Thus offering a complete system that covers each and every detail.
See what REDi can do for you today!