OnDemand Webinar - Enhancing Risk Management: The RMA Risk Maturity Framework, Powered by SRA Watchtower
Risk

OnDemand Webinar - Enhancing Risk Management: The RMA Risk Maturity Framework, Powered by SRA Watchtower

July 18, 2023

Revolutionizing Risk Management Practices for Banks of All Sizes

In a recent on demand webinar, Shea Scarpa Gardner from The Risk Management Association (RMA) and Beth Watson from Strategic Risk Associates (SRA) came together to discuss our partnership, the challenges faced by the industry, and the co-developed RMA Risk Maturity Framework, powered by SRA Watchtower. This collaborative effort aims to address the pressing need for improved risk management capabilities and provide valuable insights for banks of all sizes.

The Strength of The RMA + SRA Partnership:

Shea Scarpa Gardner, Product Manager at the RMA, introduced the organization's long-standing commitment to advancing sound risk management principles. With over a century of experience supporting members in various risk disciplines, the RMA has established itself as a trusted authority to the banking community. Shea also highlighted how this tool has been a significant driver for our 75+ banking customers in establishing risk management excellence within their organization. Beth Watson introduced SRA, sharing our extensive risk subject matter expertise and highlighted Watchtower, the holistic risk intelligence platform. With a vast client base of over 400 organizations across the USA and a team of over 50 risk experts, SRA goes beyond being a software company, actively collaborating with partners like the RMA to enhance our offerings.

The RMA + SRA partnership was forged in 2019 in response to the need for banks of all sizes to gain a comprehensive understanding of their risk management capabilities across multiple disciplines. This collaboration led to the development of the RMA Risk Maturity Framework, which was initially a spreadsheet prototype that has now evolved into a modernized cloud-based solution called the RMA Risk Maturity Framework, powered by SRA Watchtower.

Challenges and Solutions:

During the demo, the team discussed the challenges faced by banks in managing risk maturity. Banks often find themselves being reactive rather than proactive when it comes to addressing risk management issues, mainly dealing with them during exams, mergers, acquisitions, or significant organizational changes. However, the importance of proactive development of risk culture before such events arise is the key to success.

To tackle these challenges head-on, the Risk Maturity Framework provides a comprehensive solution for banks of any size. It assists banks in identifying areas for improvement, assessing risks, and tracking the necessary metrics and activities to achieve the desired level of risk maturity. The tool is comprised of nine pillars with five attributes each, totaling 131 risk maturity consideration questions. The best part is that the framework incorporates all of the regulatory guidance with supporting links and offers a standardized evaluation of risk maturity based on an institution's asset size.

Benefits of Completing the Assessment and Creating a Risk Improvement Roadmap:

Completing the assessment using the Risk Maturity Framework fosters conversations and awareness about risk maturity levels, allowing institutions to create a roadmap for improvement. Completing the assessment using the Risk Maturity Framework not only provides banks with a comprehensive evaluation of their risk management capabilities, but also offers a range of benefits in the form of creating a risk improvement roadmap. Let's explore how this process fosters conversations and awareness, empowering institutions to enhance their risk maturity:

  1. Identifying Areas for Improvement: The assessment serves as a diagnostic tool, highlighting specific areas where a bank's risk management practices may be lacking or could benefit from improvement. By identifying these areas, banks can prioritize their efforts and allocate resources effectively to address the most critical gaps in their risk management program.
  1. Enhancing Risk Culture: The assessment process triggers discussions and promotes a culture of risk awareness within the institution. By involving key stakeholders and decision-makers, banks can foster a deeper understanding of risk maturity levels and the importance of proactive risk management. This heightened awareness creates a shared commitment to improving risk management practices across the organization.
  1. Setting Clear Objectives: The assessment results provide a foundation for setting clear objectives and defining measurable targets for risk improvement. With a roadmap in place, banks can now establish specific goals, timelines, and action plans to enhance their risk management capabilities holistically and systematically. This structured approach enables banks to track their progress, ensuring they stay on course towards achieving their desired risk maturity level.
  1. Aligning with Regulatory Expectations: Regulatory compliance is a crucial aspect of risk management for banks. The Risk Maturity Framework helps banks align their risk management practices with regulatory expectations. By identifying gaps and implementing recommended actions, banks can proactively address compliance requirements, reducing the risk of penalties and reputational damage associated with non-compliance.
  1. Driving Continuous Improvement: The risk improvement roadmap created through the assessment process serves as a dynamic tool for driving continuous improvement. As banks implement actions to enhance risk maturity, they can track their progress and evaluate the effectiveness of their initiatives. This iterative process allows for ongoing adjustments and refinements, ensuring that risk management practices remain robust and adaptable in the face of evolving risks.

In summary, creating a risk improvement roadmap through the assessment process empowers banks to identify areas for improvement, enhance risk culture, set clear objectives, allocate resources effectively, align with regulatory expectations, and drive continuous improvement.  

The RMA Risk Maturity Framework, Powered by SRA Watchtower represents a game-changing solution for risk leaders in the financial industry. Through this partnership, banks of all sizes can benefit from a comprehensive evaluation of their risk management capabilities, empowering them to address vulnerabilities, enhance risk culture, and align with regulatory requirements. By leveraging the insights provided by the framework, banks can proactively navigate the ever-evolving risk landscape and secure their long-term success in an increasingly complex industry.

OnDemand Demo

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