MONTVILLE, CT--(Marketwired - Oct 24, 2013) - Risk management experts from financial institutions throughout the Northeast met to learn and discuss how to improve their UDAAP, FLRA, and regulatory compliance practices by using the latest online risk management tools offered by WolfPAC Integrated Risk Management. The meeting was part of the WolfPAC 2013 User Conference taking place at the Mohegan Sun conference center in Montville, Connecticut. The WolfPAC User Conference moves to the New York, New York conference center in Las Vegas to facilitate similar discussions and education for WolfPAC users on the West Coast.
The new UDAAP module offered by WolfPAC Integrated Risk Management ensures that a financial institution's business practices are not in violation of the most current version of the regulation and provides essential reports such as the UDAAP risk report by product, overall risk report by product category, and overall risk report by product. The Fair Lending Risk Assessment (FLRA) module is a customizable product-by-product analysis of fair lending risk associated with residential, commercial and consumer lending practices and procedures. Based on the risk factors identified in the Interagency Fair Lending Exam Procedures, and the OCC Fair Lending Handbook, this assessment identifies potential fair lending risk throughout the life of each loan product offered by a financial institution. Both the UDAAP and FLRA modules are integrated into WolfPAC's improved Regulatory Compliance Risk Assessment solution that includes a new graphical interface that is more user-friendly, intuitive, and has several new features.
"As the regulatory environment intensifies and costs associated with compliance increase, community-based financial institutions must find more efficient and effective approaches to compliance management and risk assessment," said Michael Cohn, Director of the WolfPAC Solutions Group. "Our work to improve the entire WolfPAC suite of automated online tools, and hold these important and informational user conferences, reflects our continued commitment to the financial services industry to provide innovative solutions based in the latest technology combined with expert guidance to drive down the cost of risk management."
When used with the full WolfPAC Integrated Risk Management system, the comprehensive Regulatory Compliance Risk Assessment solution adds to a robust and highly effective enterprise risk management program that provides a competitive advantage for community-based financial institutions by helping them achieve their business goals and plan for success. The WolfPAC Regulatory Compliance Risk Assessment solution is available separately or as part the WolfPAC Integrated Risk Management suite of online tools.
About WolfPAC Integrated Risk Management
WolfPAC Integrated Risk Management is a secure, hosted enterprise risk management solution used to automate the identification of risks, threats, and control gaps. Developed by financial professionals in 2004, WolfPAC provides tools to review and monitor information technology, privacy, vendor, regulatory compliance and other enterprise-wide risk assessments and programs. Quarterly methodology updates are designed to align with changing business environments and emerging compliance and examination standards. A robust suite of reports allows management to analyze their control gaps and benchmark risk profiles against peers. WolfPAC keeps institutions safe and sound, and maximizes the outcome of strategic objectives.