Press Release: SRA Enhances Watchtower with an Integrated Risk and Control Self-Assessment (RCSA) Module
RCSA

Press Release: SRA Enhances Watchtower with an Integrated Risk and Control Self-Assessment (RCSA) Module

February 27, 2024

Watchtower Risk Intelligence Suite Offers a Holistic Approach to Early Detection and Proactive Risk Management

Richmond, VA (February 27, 2024) – Strategic Risk Associates (SRA), a leading SaaS provider of innovative risk management solutions, announced today the launch of a Risk and Control Self-Assessment (RCSA) module within Watchtower, The Holistic Risk Intelligence PlatformTM.  

The new RCSA module empowers financial institutions with the ability to complete comprehensive risk evaluations through an integrated platform. Watchtower’s risk intelligence suite includes Enterprise Risk Management (ERM), Program Risk Assessment (PRA), Risk Maturity Framework(RMF), FinTech Risk Assessment, and now Risk and Control Self-Assessment (RCSA), offering financial institutions a holistic solution to manage risk.

Watchtower RCSA provides financial institutions and corporate risk departments with the assurance of resilience and longevity, early detection of risks, and a structured approach for implementing effective control measures.

Improved awareness and proactive risk management – integrated within Watchtower, The Holistic Risk Intelligence PlatformTM.

Watchtower RCSA offers:

  • Opportunities to identify and examine risks that are specific to each unique institution
  • Intuitive tools to develop and test controls that mitigate risks
  • Management of any identified gaps using Risk Improvement Activities and Action Plans incorporated into the overall ERM model
  • Insight into banks’ enterprise business process via a risk and control register and flexible reporting

Unlike other risk solution providers, Watchtower RCSA is designed to:

  • Empower users to take full control of the self-assessment process
  • Adapt to any institution, regardless of size or complexity, with features and functions that can be tailored to user requirements
  • Create departmental, product, and process hierarchies based on how the organization views risk  
  • Eliminate the need for multiple-system management, as the RCSA module is built into Watchtower
"SRA's Risk and Control Self-Assessment module is simple, informative and flexible," stated Ed Vincent, CEO at SRA. “Designed to be easily adopted and used by your organization’s first line, informative for the second line, senior management, and board risk committee, and flexible enough to adapt to your organization’s unique operations.  We integrated our RCSA into Watchtower, yielding a truly holistic view of risk.”

As financial institutions and corporate risk management departments strive to adapt to evolving regulatory requirements and market dynamics, the Watchtower Risk and Control Self-Assessment (RCSA) module serves as a strategic asset for enhancing risk management practices and driving sustainable growth.

For more information about Watchtower RCSA, visit: www.srarisk.com/watchtower/rcsa

About Strategic Risk Associates

Strategic Risk Associates (SRA) is a leading SaaS provider of innovative risk management solutions, serving the financial services industry and beyond. Our suite of proprietary technology solutions and methodologies were built “by bankers, for bankers” and designed to help customers navigate risk and drive growth. Watchtower, The Holistic Risk Intelligence PlatformTM provides practitioners, executives and the Board with a panoramic view of risk to make informed decisions and drive performance. As a forward-thinking company, we recognize that risk is not just an obstacle, but can also be a catalyst for growth. Learn more at www.SRArisk.com or follow SRA on LinkedIn.

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