RISK ASSESSMENT Solutions

Watchtower Risk Assessment solutions include Program Risk Assessments required by regulators to offer a top-down view into the risk of your various programs. Pairing this with our extensive library of Risk and Control Self Assessments (RCSA) will create a bottom-up view of the activities executed on a day-to-day basis by your first line of defense or front-line employees. Paired together, these risk assessments can be deployed and managed via Watchtower’s risk intelligence platform, creating a holistic top-to-bottom view of your overall risk program.

Program Risk
Assessments

Program Risk Assessments focus on evaluating risks associated with regulatory requirements, for example BSA/AML, Fair Lending, and Information Security, that are frequently requested by regulators. Program Risk Assessments aim to identify and manage risks that could impact the success of the overall risk program as a whole. Watchtower customers can assess and visualize various risk elements of the regulation which gets aggregated and compared to the bank's overall risk appetite in one holistic risk intelligence dashboard, illustrated below.

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Risk and Control
Self-Assessment (RCSA)

Process Risk Assessments, also known as Risk and Control Self Assessments (RCSA), focus on the intricacies of individual processes and involves assessing risks within specific processes or activities within the bank. Examples include account opening, loan origination, and payment processing. RCSAs aim to identify vulnerabilities and weaknesses within these processes and help management ensure that controls are properly mitigating the identified risks. Users can monitor and manage the day-to-day tasks, controls, and risks in one central location.

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‍Types of Assessments Available

Approximately 700 risks and 2,000 controls to choose from currently in our library

Program Risk Assessments*

BSA/AML/OFAC
Compliance (55 Regulations)
Fair Lending
UDAAP
Information Security
Digital Banking (e-Banking)
ID Theft / Red Flags
Information Technology**
Model Risk**

*Can be purchased individually or as a package
**Ready by Q423
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Risk & Control Self Assessments*

Accounting
BSA/AML
Compliance
Corporate
Deposits
Finance
Human Resources
IT and Cyber
Lending
Risk Management
Trust

‍active reporting of risks at 1st, 2nd and 3rd Lines of Defense

Watchtower offers integrated risk management and compliance functionality to empower department-level users to perform program and process level risk assessments across the organization, business area, and product. Watchtower helps you analyze risk and control data efficiently, enabling proactive risk management and compliance monitoring.

‍Advantages and benefits of Watchtower

Watchtower’s Risk Assessment solutions can provide many benefits and mature the institution’s risk and compliance program. By leveraging Watchtower to manage and execute your risk assessments, the bank can achieve:

‍Modernize your risk and compliance program today

Retire manual excel templates by leveraging Watchtower, the holistic risk intelligence platform. Banks can streamline their risk management processes, improve accuracy, enhance efficiency, and gain better visibility into their risk landscape. Schedule an exploratory call today, to see how Watchtower Risk Assessments can help create a more effective risk mitigation and governance strategy within the organization to stay compliant.